Plant-Based Meat Market Size
The Global Plant-based Meat Market reached USD 5.6 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 21.7 billion by 2031. The market is expected to exhibit a CAGR of 20.2% during the forecast period (2024-2031).
Vegan diets are increasing including plant-based meat, and adopting a vegetarian lifestyle free of animal-based meals is becoming the norm. Some consumer groups choose vegetarian ingredients to avoid animal cruelty and to consume sustainable food and beverage goods, while others are oriented towards veganism for health and ethical reasons. These factors are responsible for driving the demand for the plant-based meat market.
In addition, soy contains all nine of the standard amino acids, which are necessary for the development of the human body. The need for soy in plant-based meat products is projected to increase in the next years due to its capacity to improve the end product's water absorption, emulsification, solubility, viscosity, anti-oxidation and texture, which in turn, is driving the plant-based meat market growth.
Market Scope
| Metrics | Details |
| CAGR | 20.2% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Product, Meat Type, Source, End User, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Type Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics and Trends
Increase in Health Consciousness Among Consumers to Encourage the Demand for Vegan Food.
With the growing consumer awareness of the health advantages of veganism, the market for plant-based meat has increased across the world during the past several years. There is an increasing desire for vegetarian foods that are low in processed saturated fats, and high in fiber, vitamin C and iron. Additionally, it is anticipated that the plant-based meat market might expand as a result of manufacturers' nonstop efforts to produce a product with a longer shelf life, better texture and aroma, and improved nutritional profiles.
The popularity of many plant-based meat alternatives is increasing, which broadens and diversifies the plant-based meat market. In addition to plant-based beef, there is a growing demand for plant-based hog, poultry, and shellfish. Over the plant-based meat forecast years of 2023–2030, the exponential expansion of chilled plant-based meat is likely to continue. It indicates a change in the plant-based industry's merchandising tactics as well as product innovation.
The Increasing Population Followed by Rising Demand for Meat
The over-slaughtering and depletion of animal sources are being caused by the rising demand for meat, which is being driven by an increase in population and consumer preferences for meat products. This is leading to the development of sustainability as a key consideration for consumers, especially among millennials and Gen X. Demand for meat replacements is being driven by consumer concerns about the environment and animal welfare.
The plant-based meat growth is also attributed to the advantages of plant-based diets in terms of health. Vegetarianism and veganism are gaining in popularity, which offers the market tremendous future growth potential. There will be 79 million vegans in the globe in 2021. In the US, almost 9.7 million people consume only vegetarian food, which is a key factor responsible for the growth of the plant-based meat market during the forecast period.
Market Segment Analysis
The global plant-based meat market is segmented based on product type, meat type, source, end user and region.
Rising Demand for Plant-based Burgers is Expected to Drive the Product Type Segment Growth
The global plant-based meat market has been segmented by product type into burgers, sausages, crumbles, nuggets, meatballs, and others. The burgers held the largest plant-based meat market share of 46.7% in 2022 in the plant-based meat market analysis report. The plant-based burgers' ingredients make an effort to mimic the flavor, texture and scent of beef.
The Impossible Burger, a product of Impossible Foods, is manufactured with a genetically modified form that imitates the natural heme-iron found in an animal and gives it a distinct, meaty flavor. Some of the companies that provide exceptional plant-based burgers include Kellogg's NA Co., Quorn, Amy's Kitchen, Inc., and Beyond Meat.
Source: DataM Intelligence Analysis (2023)
Market Geographical Share
The High Demand for Plant-based Meat in North America.
The North American plant-based meat market held the largest market share of 44% in 2022 in the plant-based meat market analysis. This is owing to the rising prevalence of obesity and diabetes; people are seeking healthier food and beverage options. The plant-based meats have fewer calories than animal meat products, so these are included in many food options as a healthy alternative. According to the survey conducted by Harvard University Roughly two out of three U.S. adults are overweight or obese (69 %) and one out of three are obese (36%).
Source: DataM Intelligence Analysis (2023)
Market Companies
The major global players in the market include Beyond Meat, Impossible Foods Inc., Amy's Kitchen, Inc., Garden Protein International, Inc., Quorn Foods, Inc., Lightlife Foods, MorningStar Farms (The Kellogg Company), Tofurky, VBites Foods Limited, and Before the Butcher.
COVID-19 Impact on Plant-Based Meat Market
Global Recession, Ukraine-Russia War, COVID-19 and Artificial Intelligence Impact Analysis:
After the COVID-19 outbreak, the global market for plant-based meat has grown as an increasing number of individuals adopt vegan diets as a result of greater health awareness. For example, according to the Vegan Society, the organization registered an impressive 16,439 products with the Vegan Trademark in 2021.
A McKinsey survey conducted in 2020 found that nearly 70% of respondents were willing to spend more time and money to buy safer and more environmentally friendly products and that nearly 60% were more likely to adopt healthy eating habits as a result of the crisis.
ProVeg International, a food awareness organization, conducted a poll of European plant-based businesses to learn more about how the conflict in Ukraine is affecting the plant-based meat sector.
The analysis, which polled residents of 31 European nations between April 1 and 20, reveals that 61% have noticed an increase in the cost of raw materials and that a similar percentage have experienced supply problems.
Key Developments
- In April 2023, Meat. The End, an Israel-based food-tech company that manufactures texturized proteins along with a range of meat analogs that includes nuggets and burgers which are offered at Burger King Israel, and the company stated that it has developed the first-ever burger made from texturized chickpea protein.
- In April 2023, The U.K. based company, Greggs launched a new edition of the vegan option, the Mexican Chicken-Free Bake, that contains the chicken-style pieces produced by meat brand THIS, which also worked with Greggs for Vegan Turkey and Baguette.
- In July 2022, A line of plant-based meats has been introduced by Tata Consumer Goods. Tata Consumer Product Types (TCPL), a USD 9 billion company and one of India's top FMCG companies, has started selling their new 'TATA Simply Better' range of plant-based meats throughout India through their store on Amazon Prime and Flipkart.
Why Purchase the Report?
- To visualize the global plant-based meat market segmentation based on product type, meat type, source, end user, and region, as well as understand key commercial assets and players.
- Identify commercial opportunities in the market by analyzing trends and co-development.
- Excel data sheet with numerous data points of plant-based meat market-level with all segments.
- The PDF report consists of a cogently put-together market analysis after exhaustive qualitative interviews and an in-depth market study.
- Product Type mapping is available as Excel consists of key products of all the major market players.
The Global Plant-based Meat Market Report Would Provide Approximately 93 Tables, 109 Figures and 190 Pages.
Target Audience 2024
- Manufacturers / Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
