Plant-Based Meat Market

Global Plant-Based Meat Market Size:

The global plant-based meat market size reached US$ 13.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 87.9 Billion by 2032, exhibiting a growth rate (CAGR) of 22.4% during 2024-2032. The rising popularity of sustainable food options, owing to the increasing consumer ethical and animal welfare considerations, the wide availability of plant-based meat via online platforms, the growing culinary diversity, etc., are some of the primary factors driving the market growth across the country.

Global Plant-Based Meat Market Analysis:

• Major Market Drivers: The rising consumer awareness towards the benefits associated with plant-based diets is propelling the demand for plant-based meat, as they have enhanced nutritional profiles compared to traditional animal meat. Moreover, various restaurants, fast-food chains, mainstream grocery stores, etc., are also offering plant-based meat products, such as soya burgers and sausages, to cater to the evolving culinary preferences of consumers, thereby augmenting the overall plant-based meat market growth.
• Key Market Trends: Strategic partnerships between food service establishments and vegan meat producers provide a positive outlook on the plant-based meat market share. Additionally, such collaborations are making these vegan meat alternatives more accessible to a wide array of customers. Besides this, regulatory changes by government bodies to promote sustainable and ethical practices are expected to bolster the plant-based meat market in the coming years.
• Competitive Landscape: Some of the major market players in the global plant-based meat industry include 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, among many others.
• Geographical Trends: North America accounted for the largest region for plant-based meat production, owing to the rising presence of innovative plant-based brands. Moreover, the growing number of partnerships and collaborations among restaurants and retailers is contributing to the growth of the market in North America. Apart from this, the escalating demand for ethical dietary choices among consumers living in the region is further impelling plant-based meat market outlook.
• Challenges and Opportunities: The increasing need among leading producers for addressing the unique tastes and preferences of various cultures and educating individuals about the potential benefits of consuming vegan meat is hindering the growth of the market. However, significant opportunities, including diversification of product offerings, the widespread adoption of sustainable practices, the rising popularity of plant-based diets, etc., will continue to bolster plant-based meat industry growth across the globe.

Global Plant-Based Meat Market Trends:

The Growing Number of Health-Conscious Individuals

The expanding flexitarian and vegetarian population, accounting for around 4.98 million vegetarians worldwide, who aim to minimize the risk of chronic diseases, is augmenting the use of plant-based meat. In addition, out of these, 3.8 million were from India, a country where individuals generally prefer to consume meat-like texture products as a healthy alternative to meat. Furthermore, the growing expatriate population in numerous countries and the elevating number of new start-ups, including Fazenda Futuro, KBW ventures, Vbites, etc., are attracting customers towards plant-based meat, which is acting as another significant growth-inducing factor.

The Rising Need for Environmental Sustainability

In a survey conducted in the U.S., 71% of consumers were concerned about climate change, and 67% were conscious of the impact of food production on climate change. In addition to this, 47% of the respondents preferred plant-based meat, as it generates less carbon dioxide emissions and has a significantly less environmental impact when compared to animal meat. Consequently, the widespread adoption of sustainable practices is also positively influencing the purchasing decisions of consumers across the globe. Moreover, one research study used life cycle assessment (LCA), where ground beef was replaced by plant-based protein sources. The substitution of 25%, 10%, and 50% of ground beef with plant-based burgers at the national scale resulted in reductions in annual GHG emissions, water consumption, and land occupation. This, in turn, will bolster the future of the plant-based meat industry.

The Increasing Animal Welfare and Ethical Considerations

The growing concerns among individuals across the globe about the living conditions and treatment of animals in industrial farming systems are acting as significant growth-inducing factors. This has prompted individuals to seek alternatives that do not contribute to such practices. Moreover, government bodies across the globe are promoting the use of labels. For example, according to the survey, labels, such as “organic,” “natural,” and “locally produced,” were perceived as conveying a positive impact on climate change, with around a 42% share. Also, as stated by the Good Food Institute, the Food Safety and Standards Authority of India (FSSAI) is setting a regulatory framework for the approval of cell-based foods, including cultivated meat and seafood. Also, BECA, a committee on treating cancer, is promoting plant-based meat products as an alternative to meat consumption, owing to the increasing mortality rate of cancer, accounting for 1.9 million deaths.

The Elevating Popularity of Plant-Based Meat Variants

The rising emergence of textured vegetable protein (TVP) that is prepared from various sources, including soy, wheat, peas, etc., is acting as another significant growth-inducing factor. For example, among women, a soy-rich diet is scientifically proven to pose a lower risk of breast cancer, which affects approximately 2.3 million women worldwide. Consequently, tempeh is widely used, as it is often fortified with vitamin B12, which is not bioavailable in plant-based foods, making it an alternative to animal-derived meat accommodated in their diet plan. This is expected to shape the plant-based meat worldwide demand analysis.

Global Plant-Based Meat Market Segmentation

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on product type, source, meat type, and distribution channel.

Product Type Insights:

• Burger Patties
• Sausages
• Nuggets and Strips
• Ground Meat
• Meatballs
• Others
   

The report has provided a detailed breakup and analysis of the market based on the product type. This includes burger patties, sausages, nuggets and strips, ground meat, meatballs, and others. According to the report, burger patties represented the largest segment. The rising popularity of plant-based burger patties as an alternative to chicken, beef, or pork-based patties is one of the key factors propelling the market growth. They also offer resemblance in texture and consistency to meat, high protein content, easy availability, and quick preparation. For instance, Beyond Meat introduced its Beyond Burger 3.0, which was made with a blend of mung beans, peas, rice, etc. The company has also partnered with fast food chains, such as KFC, McDonald's, and Taco Bell, to provide plant-based menu options. In line with this, Nestle also developed its Awesome Burger in the United States, which was made with a soy and wheat protein blend. The company has also announced plans to launch a plant-based tuna product under its popular brand, Garden Gourmet.

Source Insights:

• Soy
• Wheat
• Peas
• Others
   

The plant-based meat market report has provided a detailed breakup and analysis of the market based on the source. This includes soy, wheat, peas, and others. According to the report, soy represented the largest segment. The escalating demand for soy-based meat products, owing to their ability to replicate the taste and texture of animal-derived meats, is propelling the global market. For example, around 50% of Indonesian soybean consumption is in the form of tempeh. The increasing need for imported soybeans to produce soya-based products, including tempeh, in Indonesia is expected to reach 3 million metric tons per year.

Meat Type Insights:

• Chicken
• Beef
• Pork
• Others
   

The plant-based meat market research report has provided a detailed breakup and analysis of the market based on the meat type. This includes chicken, beef, pork, and others. According to the report, beef represented the largest segment. The elevating popularity of plant-based beef signifies a shift in the dietary preferences of consumers. In addition, they demand meat-centric dishes but opt for a more ethical and sustainable choice. Consequently, companies are introducing these variants, which is augmenting the market growth. For example, Beyond Meat developed steak and bacon alternatives to its existing line of vegan sausage and beef products for its flexitarian consumers.

Distribution Channel Insights:

• Restaurants and Catering Industry
• Supermarkets and Hypermarkets
• Convenience and Specialty Stores
• Online Retail
   

The report has provided a detailed breakup and analysis of the market based on the distribution channel. This includes restaurants and catering industry, supermarkets and hypermarkets, convenience and specialty stores, and online retail. According to the report, supermarkets and hypermarkets accounted for the largest market share. The wide accessibility of plant-based meat in supermarkets and hypermarkets, as these retail facilities facilitate ethical and sustainable choices, is also augmenting the market growth.

Breakup by Region:

• North America
  • United States
  • Canada
• Europe
  • United Kingdom
  • Germany
  • Italy
  • France
  • Netherlands
  • Sweden
  • Others
• Asia Pacific
  • China
  • Australia
  • South Korea
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
  • Turkey
  • Saudi Arabia
  • UAE
  • Others
     

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (United States and Canada), Europe (United Kingdom, Germany, Italy, France, Netherlands, Sweden, and others), Asia Pacific (China, Australia, South Korea, and others), Latin America (Brazil, Mexico, and others), Middle East and Africa (Turkey, Saudi Arabia, UAE, and others). According to the report, North America accounted for the largest market share, due to the growing consumer awareness towards environmental sustainability is promoting various players to develop restaurants that offer plant-based meat products. For instance, Amy’s Kitchen Inc., a US-based vegetarian and vegan foods manufacturer opened a third plant-based and vegan-friendly “Amy’s Drive-Thru” restaurant in Walnut Creek, California.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the major market players in global plant-based meat industry include:

• 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
• Vbites Food Limited

Global Plant-Based Meat Market News:

• March 2024: Chunk Foods, a biotechnology company, introduced a 6-oz steakhouse cut, 4-oz steak, and pulled meat products. These variants are formulated from cultured soy and wheat protein and fortified with B12 and iron.
• March 2024: Coperion, a leading company that offers services, including extrusion and compounding, introduced the latest model in its MEGAtex cooling die series for manufacturing plant-based high-moisture meat analogs (HMMA).

Plant-Based Meat Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the plant-based meat market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global plant-based meat market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the plant-based meat industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.