Plant-Based Meat Market to Continue Strong Growth after Recent Challenges

Press Release
Oct 24, 2022

ROCKVILLE, Md., October 24, 2022 -- Increasing concerns about health, animal welfare, and the environment are causing more consumers to turn to plant-forward diets. Some consumers are abstaining from animal products by going vegan or vegetarian, but many more are simply reducing consumption of animal products with a flexitarian or semi-vegetarian diet.

Eating plant-based meat, poultry, and seafood alternatives is an easy way to switch diets toward plant-based foods without needing to rethink meal structures. Plant-based meat alternatives are more environmentally friendly and better for animal welfare than conventional meat. Many consumers also think that plant-based meat is healthier than conventional meat and may turn to these alternatives for reasons of health.

Packaged Facts’ August 2022 National Online Consumer Survey indicates that 24% of consumers report eating plant-based meat, poultry, or seafood products. 40% of these consumers say that a factor affecting their decision to eat plant-based meat alternatives is that they like the way plant-based meat tastes, while 35% are trying to eliminate or reduce meat consumption for health reasons. Concerns about animal welfare issues and the environmental impact of animal farming are also common reasons for consuming plant-based meat products (31% and 30% of plant-based meat eaters, respectively).

In 2020, double-digit growth in the plant-based meat market accelerated because of rapid expansion in consumer adoption and an overall favorable environment for grocery purchases as consumers spent more time at home during the pandemic.

However, according to Packaged Facts’ new report Meat, Poultry, & Seafood Alternatives: Plant-Based and Cell-Cultured Types, 2021 and 2022 have been challenging years for plant-based meat products. Supply chain hurdles and high inflation have led to some consumers reducing their plant-based meat consumption in favor of other foods. Additionally, some consumers who tried plant-based meat products in 2020 have not become repeat buyers, meaning that growth prospects now look dimmer after such fast growth led to a larger base of sales in 2020.

Nonetheless, Packaged Facts forecasts healthy sales growth will return, with sales gains accelerating by 2024 as supply chain issues and inflation ease.

This Packaged Facts report analyzes the dynamics of the current landscape of the plant-based meat alternatives market. Consumer demographics, perceptions, motivations, and behavior are examined as pertaining to dietary choices and consumption of plant-based meat, poultry, and seafood alternatives. Effects of the COVID-19 pandemic on consumers are also analyzed (in a broad sense), including in the context of plant-based meat alternatives.

Market forecasts for the retail plant-based meat alternatives market from 2022 to 2027 and 2032 include breakouts by meat type (beef, chicken, pork, seafood, turkey, fruit and vegetable non-analogs, non-specified meats, and other meat types), meat form, and storage method (refrigerated, frozen, or shelf-stable).

This report also provides foodservice market estimates for plant-based meat alternatives by meat type from 2022 to 2027 and 2032.

Additionally, projections for the cultivated (or cell-based, cultured, clean, slaughter-free, etc.) meat market are made to assess the potential for these products in 2027, 2032, 2037, and 2042.

The reasons for, and implications of, shifts in consumer perception and behavior are analyzed in the context of present and future market opportunities.

Additionally, the report has dozens of tables showcasing numerical survey data on consumer demographics and psychographics and numerous marketing photographs. This report goes in-depth on COVID-19 trends affecting the food and beverage market.

For more information see the Meat, Poultry, & Seafood Alternatives: Plant-Based and Cell-Cultured Types report page.

Particular attention is dedicated to the market impact of e-commerce and the coronavirus pandemic.

About Packaged Facts  

Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer demographics and shopper insights, the food and beverage market, consumer financial products and services, consumer goods and retailing, and pet products and services. Packaged Facts also offers a full range of custom research services. Reports can be purchased at our company website and are also available through MarketResearch.com.

For more essential insights from Packaged Facts be sure to follow us on Twitter (@packaged_facts), LinkedIn, and YouTube.

Media Contact: cgangloff@marketresearch.com  

Report Purchases: jmiller@marketresearch.com

Press Contact:
Corinne Gangloff
+1 440.842.2400
cgangloff@marketresearch.com

SOURCE Packaged Facts

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