February 22, 2024

Plant-Based Beef Market Share: Flexitarian Consumers Drive Growth 2030

The global plant-based beef market is experiencing remarkable growth, fueled by a rising awareness of health concerns such as obesity, diabetes, and heart diseases. In response to these concerns, a growing number of individuals are embracing a semi-vegan lifestyle, with flexitarian consumers and millennials leading the charge. These discerning consumers are increasingly turning to plant-based beef products due to their superior nutritional value and exceptional taste. According to a recent survey conducted by the Institute of Food Technologists (IFT), a staggering 36% of the U.S. population identifies as flexitarian. This trend is not confined to the United States; it is rapidly spreading across regions and is expected to continue driving the growth of the plant-based beef market.

A Plethora of Choices Ignites Sales of Plant-Based Beef

Consumer preferences for diverse flavors and healthier food options have become pivotal factors propelling the sales of plant-based food products. In response to these preferences, manufacturers of plant-based beef are introducing an array of products, ranging from sausages and nuggets to meatballs. These offerings are meticulously crafted to meet the highest standards of quality and nutritional value, all while delivering a delightful texture and flavor experience. Additionally, plant-based beef products offer a lifeline to individuals with traditional beef allergies. In summary, the availability of a wide range of plant-based beef products tailored to meet consumer preferences is expected to be a key driver of market growth.

Price Differential Poses a Challenge

While plant-based beef products excel in taste and nutrition, pricing remains a critical factor affecting market growth. Plant-based beef and its products typically come at a higher cost compared to their animal-based counterparts. In the United States, for example, the average price of plant-based beef stands at approximately US$10 per pound, whereas traditional beef averages around US$4.5 per pound. This price differential is likely to have a significant impact in price-sensitive developing countries like South Africa, India, and China. In response to this challenge, manufacturers of plant-based beef are diligently working to reduce production costs, with the aim of alleviating the financial burden on consumers. However, pricing is expected to remain a substantial hurdle to overcome.

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COVID-19 Fuels Surge in Plant-Based Beef Sales

The COVID-19 pandemic has disrupted businesses worldwide, but it has also presented opportunities for the plant-based beef market. As offices and restaurants shuttered during lockdowns, sales of plant-based beef through online channels and grocery stores experienced a substantial surge. In the United States, for instance, grocery sector sales in March 2021 saw a remarkable 26.9% increase compared to the previous month, with grocery stores reporting a more than 230% increase in plant-based product sales year-over-year. This shift in consumer behavior towards home-cooked meals, whether purchased in-store or online, can be attributed to the pandemic’s impact. Despite the challenges of 2020, the outlook for plant-based beef sales in the coming years appears promising.

North America Solidifies Its Dominance in the Plant-Based Beef Market

The demand for plant-based foods in developed North American countries has played a pivotal role in propelling the growth of the plant-based beef market. In the United States, the market for plant-based products has already surpassed US$7 billion, with a staggering US$14 billion opportunity projected for plant-based meat in the near future, according to analysis by the Good Food Institute. As consumers increasingly opt for meat substitutes, the sales of plant-based beef products are expected to witness a significant upswing. Moreover, the region has been grappling with rising obesity rates, with the CDC reporting an obesity rate of over 42% in the United States in 2018. This alarming statistic has prompted a shift towards healthier lifestyles and diets, further accelerating the demand for plant-based beef in the region.

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Leading players in the plant-based beef market include Impossible Foods Inc., Gardein by Congra Brands, Symrise, Kellogg’s, Archer Daniels Midland Company, Tyson Foods, and Beneo GmbH, among others.

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/plant-based-beef-market

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