Plant based meat products include burger patties, nuggets, sausages, etc. These products are made using plant proteins such as soy protein, wheat protein, and pea protein. Plant proteins offer similar texture and flavor as animal meat products. The surging trend of veganism owing to increasing empathy for animals and growing sustainability concerns is driving the plant based meat products market. Moreover, changing dietary preferences of consumers due to increased health concerns is driving the demand for plant based meat products.
The vegetarian population, especially the vegan population, has grown significantly in recent years. People are increasingly switching to vegetarian diets, owing to increased health concerns. Many dieticians and health practitioners recommend reducing meat consumption and switching to a vegetarian diet to reduce the risks of chronic health issues, such as obesity, heart diseases, high blood pressure, and digestive disorders. According to Google Trends, veganism was one of the Top 5 searched terms on Google in 2019 in the UK and across the world. Thus, the surging trend of veganism and vegetarianism boosts the plant based meat products market progress.
According to The Insight Partners Plant Based Meat Products Market is expected to reach US$ 14,527.55 million by 2028 Plant-based meat is also much less damaging to the climate in another critical way because its production causes up to 90 percent fewer greenhouse gas emissions than conventional meat. Many kinds of water pollution and nutrient pollution associated with conventional meat production are also almost entirely eliminated by plant-based meat.
Plant-based meats can be healthier since they contain no cholesterol whatsoever while containing high amounts of fiber — a nutrient sorely missing from many meat-centric diets, since conventional meat lacks fiber entirely. Plant-based meat companies are also able to amplify their products’ nutrient profiles by fortifying them with various vitamins and minerals, just as conventional dairy is fortified with nutrients like vitamin D. In addition to this, plant-based meats are not filled with the antibiotics and hormones that are fed to animals in factory farms. This is particularly important since antibiotic resistance is a serious and growing problem around the world.
Due to the rising awareness regarding the negative impacts of the meat and livestock industry on the environment, consumers are rapidly switching to plant based meat and dairy products. The consumption of plant based meat products helps minimize carbon footprints, save water and other natural resources, and reduce overall environmental impacts. Thus, the rising importance of environmental sustainability is significantly driving the growth of the plant based meat products market.
The COVID-19 pandemic brought unprecedented challenges for many industries, including the food & beverages industry. Lockdowns, border restrictions, travel bans, plant shutdowns, and other government-led safety protocols disturbed the operations of manufacturing companies. The World Health Organization (WHO) published a recommendation for food products that should be consumed during the COVID-19 pandemic. The guideline suggested limiting red meat consumption due to its high percentage of saturated fat. Moreover, people focused on reducing their overall meat consumption shifted to vegetarian and vegan diets to improve immunity. Thus, the plant based meat products market players experienced the mixed impact of the COVID-19 pandemic.
Aside from protein components in grains and legumes, fibers and starches are also used in extruded plant-based meats to help make products more like animal meat. Whole muscle meat products can achieve a more realistic fibrous composition thanks to these ingredients, which can also be used to create realistic sausage casings.
The livestock industry is one of the key contributors to anthropogenic greenhouse gas emissions. According to the Food and Agriculture Organization (FAO) of the United Nations (UN), the worldwide livestock industry emits 7.1 gigatons of carbon dioxide per year, accounting for 14.5% of all human-caused greenhouse gas emissions. As per industry experts, livestock production emits more carbon dioxide than the whole transportation industry combined. Due to the rising awareness regarding the negative impacts of the meat and livestock industry on the environment, consumers are rapidly switching to plant based meat and dairy products. The consumption of plant based meat products helps minimize carbon footprints, save water and other natural resources, and reduce overall environmental impacts. Thus, the rising importance of environmental sustainability is significantly driving the growth of the plant based meat products market.