Plant-based Meat Substitute for the Food Service Market (Source - Soy, Wheat, Pea, and Others; Product - Burger Patties, Sausages, Strips and Nuggets, Meat Balls, and Others; Food Service (End User) - Restaurants, QSR, Hotels, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2030

A recent report published by Infinium Global Research on plant-based meat substitute for the food service market provides in-depth analysis of segments and sub-segments in the global as well as regional plant-based meat substitute for the food service market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional plant-based meat substitute for the food service market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global plant-based meat substitute for the food service market.

Market Insight:

The global plant-based meat substitute for the food service market was valued at USD 5.73 billion in 2022 and is expected to reach USD 12.49 billion in 2030, with a CAGR of 10.31% during the forecast period 2023-2030.

The global plant-based meat substitute for the food service market is projected to grow at a CAGR of 10.31% between 2023 and 2030, from USD 5.73 billion in 2022 to USD 12.49 billion in 2030. The global plant-based meat substitute for the food service market features the demand for plant-based meat substitute products in the food service over the period of 2022 to 2030. A plant-based meat substitute for the food service industry refers to a culinary ingredient or product crafted from plant-derived sources, engineered to resemble traditional animal-based meats' taste, texture, and appearance. These substitutes are tailored specifically for use in restaurants, cafeterias, catering services, and other food service establishments, offering chefs and food service professionals versatile options to create meat-free dishes that cater to the preferences of customers seeking sustainable, ethical, and nutritious dining choices. The report identifies the opportunities in developed markets such as the U.S., Canada, Germany, and the U.K. among others. Moreover, several countries with a growing focus on sustainability to create significant opportunities for plant-based meat substitute products for the food service over the next six years.

This research has been performed by using excessive primary and secondary research methods. The primary research has been conducted by interviewing several executives and consultants operating in plant-based meat substitute products and allied industries. The information has also been collected using the questionnaires to collect the required information. Moreover, the secondary research has helped us validate the research findings through primary research. The analysts have browsed through several industry publications and company publications about new product developments and revenues/orders. The market size has been identified and triangulated using both bottom-up and top-down approaches. In the bottom-up approach, the revenue of the company operating in the market has been identified based on the orders it has received, revenue generated through orders, and the production of plant-based meat substitute products. This helped us to accumulate the regional market size followed by the global market size. While performing a top-down approach the global estimated market size was split among the regions and the key segments in the market. The revenues were distributed among the sub-segments in the plant-based meat substitute for the food service market in regional markets such as North America, Europe, Asia-Pacific, Latin America, Africa, and the Middle East. The revenue distribution in the segments was based on the orders/revenues of the products in each segment and each region. This approach helped us to triangulate the market and estimate the global as well as regional market size of the plant-based meat substitute for the food service market.

The market for plant-based meat substitutes in the food service industry is growing due to changing dietary choices and increasing emphasis on healthier eating habits. As people become more health-conscious, they are seeking alternatives to traditional meat products that offer the familiar flavors and textures of meat without the associated health risks. This trend is particularly popular among Gen Z and Millennial households, with 33% of households in the United States having at least one member who follows a vegan, vegetarian, pescatarian, or flexitarian diet. Plant-based proteins are a compelling solution for these individuals. Rising environmental concerns and animal welfare are also driving the growth of this market. The environmental impact of traditional meat production is becoming more widely recognized, and many consumers are concerned about the ethical treatment of animals in the food industry. Traditional animal agriculture is responsible for around 20% of the world's greenhouse gas emissions and is the biggest source of methane emissions. By switching to plant-based meat, these emissions can be reduced by 80-90%. Additionally, plant-based meat substitutes are effective in fighting antimicrobial resistance. Antibiotics are crucial in modern medicine, but their overuse has rendered common illnesses untreatable and routine surgeries life-threatening. For instance, it is reported that the overuse of antibiotics causes approximately 133,000 deaths in Europe every year. A significant amount of antibiotic use, accounting for 50% of all antibiotic consumption in Europe, is in animals. This misuse of antibiotics contributes to the growth and spread of antibiotic resistance. Plant-based meat production, on the other hand, does not require the use of antibiotics, which stimulates market growth. However, the expansion of the plant-based meat substitute market may face obstacles due to elevated operational expenses. While there is growing consumer demand for plant-based alternatives, businesses operating in this market often face higher production costs compared to traditional meat products. Sourcing high-quality plant-based ingredients can be costly, as can the use of sophisticated technologies and equipment. Organic and sustainably sourced ingredients, which are often preferred by consumers, may further increase production costs. Nonetheless, partnerships and collaboration between plant-based meat substitute companies and restaurant chains can provide opportunities for growth in this market. For instance, Beyond Meat, Inc. has established a strategic agreement with McDonald’s Corporation on a global scale. Beyond Meat will be the preferred supplier for the patty used in the McPlant, a new plant-based burger being tested in select McDonald’s markets across the globe.

Europe is expected to grab a significant share of the global plant-based meat substitute market for the food service industry. Europe generated USD 2130.60 million in revenue in 2022 and it is projected to reach USD 5676.19 million in 2030. It is expected to grow at the highest CAGR of 13.05% over a forecasted period of 2023-2030. The demand for plant-based meat substitutes in Europe has been driven by various factors, including increasing consumer interest in plant-based diets and meat substitutes, health consciousness, environmental concerns, and ethical considerations related to animal welfare. Consumers in Europe are looking for plant-based alternatives to traditional meat products, leading to a robust demand for plant-based meat substitutes in the food service industry. Moreover, the overconsumption of red and processed meat has resulted in diet-related ill health in the region, which is among the top 10 diet-related risk factors for both ill health and death in Europe. Plant-based meats have emerged as a viable solution for individuals seeking to reduce their intake of processed meats and incorporate more nutrient-dense, plant-based alternatives into their diets. This has further contributed to the growth of the market in the region.

Report Scope of the Plant-based Meat Substitute for the Food Service Market:

Segment wise revenue contribution in the global plant-based meat substitute for the food service market

The report on global plant-based meat substitute for the food service market provides a detailed analysis of segments in the market based on Source, Product, and Food Service (End User).

Segmentation Based on Source

·       Soy

·       Wheat

·       Pea

·       Others

Segmentation Based on Product

·       Burger Patties

·       Sausages

·       Strips and Nuggets

·       Meat Balls

·       Others

Segmentation Based on Food Service (End User)

·       Restaurants

·       QSR

·       Hotels

·       Others

Company Profiled:

·       Beyond Meat Inc.

·       Impossible Foods Inc.

·       Schouten

·       Heura Foods

·       Meatless Farm

·       The Vegetarian Butcher (Unilever)

·       Quorn

·       Redefine Meat Ltd.

·       Nestlé

·       Moving Mountains

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the plant-based meat substitute for the food service market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.