Global Plant-Based Meat Market to Grow at 25.64% During 2023-2028, Impelled by Increasing Concerns Toward Animal Welfare

September 20, 2021 | Food & Beverages

According to the latest report by IMARC Group, titled "Plant-Based Meat Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global plant-based meat market reached a value of US$ 10.8 Billion in 2022. Plant-based meat is a vegan meat alternative that is commonly consumed to reduce the intake of meat products. It mimics the flavor, texture and appearance of conventional animal meat by processing starch, vegetable extracts, edible oils, plant protein isolates and seasonings with colorants, additives, and flavor-enhancing agents. It is a rich source of protein, vitamins, minerals and other essential nutrients with low calories. As a result, its consumption aids in lowering blood cholesterol levels and minimizing the chances of developing cardiovascular disorders (CVDs). It is increasingly being used across cafes, fast food joints and restaurants as a preferred substitute to meat products.

Global Plant-Based Meat Market Trends:

The global market is majorly driven by the rising trend of veganism. With the increasing health consciousness among individuals and the growing awareness regarding the adverse health effects of excessive meat consumption, there has been a considerable rise in the adoption of vegan and vegetarian products in daily diets of the masses, thereby boosting the uptake of plant-based meat. Moreover, the increasing concerns towards animal welfare and protection have also provided an impetus to the demand for meat alternatives across the globe. This is further supported by the numerous awareness campaigns led by multiple animal welfare organizations, such as the People for the Ethical Treatment of Animals (PETA), to reduce the instances of animal killing and cruelty. The market is also driven by the rising adoption of plant-based meat products by multiple established fast-food brands. For example, Burger King, the American-fast food chain, has introduced the Impossible Whopper, a burger prepared using plant-based patties, which is gaining widespread popularity among the masses. Some of the other factors contributing to the market growth include product premiumization offered by key players and the inflating disposable income levels of the masses. On account of the aforementioned factors, the market is expected to grow at a CAGR of 25.64% during 2023-2028.

Market Summary:

  • On the basis of the product type, the market has been divided into burger patties, sausages, nuggets and strips, ground meat, meatballs, and others. Among these, burger patties represent the most preferred product type.
  • Based on the source, the market has been classified into soy, wheat, peas and others, wherein soy is the dominant source of plant-based meat products.
  • On the basis of the meat type, beef is the most preferred product.
  • Based on the distribution channel, the market has been segmented into restaurants and catering industry, supermarkets and hypermarkets, convenience and specialty stores, and online retail. supermarkets and hypermarkets represents the dominant distribution channel in the market.
  • On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Netherlands, Sweden and others), Asia Pacific (China, South Korea, Australia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa (Turkey, Saudi Arabia, the United Arab Emirates and others). Among these, North America holds the leading position in the market.
  • The competitive landscape of the market has been examined in the report with the detailed profiles of the key players operating in the market. Some of these players include Amy's Kitchen, Inc., Beyond Meat, Inc., Boca Foods Company (Kraft Foods, Inc.), Garden Protein International (Conagra Brands, Inc.), Impossible Foods Inc, Maple Leaf Foods Inc., MorningStar Farms (Kellogg Na Co.), Quorn Foods, The Vegetarian Butcher, and VBites Foods Limited.

Report Scope:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Product Type, Source, Meat Type, Distribution Channel, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, United Kingdom, Germany, Italy, France, Netherlands, Sweden, China, Australia, South Korea, Brazil, Mexico, Turkey, Saudi Arabia, UAE
Companies Covered Amy's Kitchen, Inc., Beyond Meat, Boca Foods Company (Kraft Foods, Inc.), Garden Protein International (Conagra Brands, Inc.), Impossible Foods, Inc., Maple Leaf Foods, MorningStar Farms (Kellogg Na Co.), Quorn Foods, The Vegetarian Butcher and Vbites Food Limited
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Plant-Based Meat Market to Grow at 25.64% During 2023-2028, Impelled by Increasing Concerns Toward Animal Welfare
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