Global Plant-Based Meat Market to Reach US$ 87.9 Billion by 2032, Propelled by Emerging Trend of Veganism

The latest report by IMARC Group, titled "Plant-Based Meat Market Report by Product Type (Burger Patties, Sausages, Nuggets and Strips, Ground Meat, Meatballs, and Others), Source (Soy, Wheat, Peas, and Others), Meat Type (Chicken, Beef, Pork, and Others), Distribution Channel (Restaurants and Catering Industry, Supermarkets and Hypermarkets, Convenience and Specialty Stores, Online Retail), and Region 2024-2032," finds that the global plant-based meat market size reached US$ 13.6 Billion in 2023. Plant-based meat is a meat-like, vegan alternative that resembles meat products in texture, color, appearance, and flavor. It is produced by mixing plant protein isolates, vegetable extracts, starch, oils, and seasonings and processing with additives to attain animal meat flavor. These products help minimize the risks of cardiovascular diseases, maintain calories, and increase protein consumption. Owing to this, plant-based meat products are widely adopted in cafes, fast food joints, restaurants, and other catering platforms and are consumed by individuals across the globe.

Global Plant-Based Meat Market Trends:

The market is primarily driven by the emerging trend of veganism across the globe. In addition, the growing prevalence of chronic diseases such as obesity and diabetes among individuals represents another major growth-inducing factor. Besides this, various animal welfare organizations, such as PETA, are introducing several awareness campaigns to reduce excessive animal killing for meat consumption. This, coupled with the elevating consumer living standards and the changing consumer inclination from a non-vegetarian diet toward plant-sourced foods, is positively influencing the market growth. Moreover, prominent food companies are entering into strategic partnerships and collaborations with vegan meat-producing start-ups to expand their product portfolios, thus creating a positive market outlook across the globe. Looking forward, IMARC Group expects the market value to reach US$ 87.9 Billion by 2032, exhibiting a CAGR of 22.4% during the forecast period (2024-2032). 

Market Summary:

• Based on the product type, the market has been categorized into burger patties, sausages, nuggets and strips, ground meat, meatballs, and others.
• On the basis of the source, the market has been classified into soy, wheat, peas, and others.
• Based on the meat type, the market has been segmented into chicken, beef, pork, and others.
• On the basis of the distribution channel, the market has been segregated into restaurants and catering industry, supermarkets and hypermarkets, convenience and specialty stores, and online retail.
• Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa (Turkey, Saudi Arabia, UAE, and others).
• The competitive landscape of the market has been examined in the report, with some of the key players being 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.

Report Coverage:

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