Plant-Based Meat Market

Market Overview:

The global plant-based meat market size reached US$ 10.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 42.7 Billion by 2028, exhibiting a growth rate (CAGR) of 25.64% during 2023-2028.

Plant-based meat refers to a meat-like, vegan alternative that resembles meat products in color, texture, appearance, and flavor. Generally, it is produced by mixing plant protein isolates, starch, vegetable extracts, edible oils, and various other seasonings. These raw materials are further processed with additives and coloring agents to attain flavor and texture, similar to animal meat. Plant-based meat products help in reducing meat intake, thereby minimizing the risks of cardiovascular diseases, lowering blood cholesterol, maintaining calories, and increasing protein consumption. Furthermore, the meat variant is also considered to be ecologically sustainable as it helps in reducing the high consumption of meat produce. Owing to this, plant-based meat products are widely available across restaurants, cafes, fast food joints, hypermarkets/supermarkets, convenience/specialty stores, and other catering platforms.

The prevalent trend of veganism coupled with the rising concerns towards animal welfare and protection has led to the increasing demand for meat alternatives, such as plant-based meat. Furthermore, the growing consumer health concerns along with the high prevalence of obesity, diabetes, etc., have also augmented the product demand owing to its low calorie and high-protein content. Additionally, changing consumer inclination from non-vegetarian diet towards plant protein-sourced foods along with the rising adoption of flexitarian and vegetarian diet, particularly across North America and Europe, has also catalyzed the market growth. Across several emerging economies, such as India, China, Brazil, Turkey, etc., the rapid urbanization coupled with the elevating consumer living standards have increased the per capita expenditures on premium-quality food products, such as vegan food. Apart from this, the introduction of several awareness programs by various animal welfare organizations, such as PETA, for reducing excessive animal killing for meat consumption, also propels the product demand. Moreover, owing to the changing consumer tastes and preferences, several manufacturers are introducing vegan meat products with better aroma, texture, longer shelf life, and high nutritional value. Additionally, various prominent food companies are entering into strategic partnerships with several vegan meat producing start-ups for expanding their product portfolios, thereby leading to product premiumization. Furthermore, the rising adoption of these meat products across several cuisines, including Chinese, Thai, Italian, etc., will continue to fuel the growth of the global plant-based meat market in the coming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global plant-based meat market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type, source, meat type and distribution channel.

Breakup by Product Type:

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

Breakup by Source:

• Soy
• Wheat
• Peas
• Others
   

Breakup by Meat Type:

• Chicken
• Beef
• Pork
• Others
   

Breakup by Distribution Channel:

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

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
     

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the top plant-based meat companies are 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: