Enjoy complimentary customisation on priority with our Enterprise License!
The plant-based meat market size is projected to increase by USD 27.29 billion at a CAGR of 36.92% between 2023 and 2028. Market growth is fueled by several factors, including new product launches, increased investments by vendors, and the growing number of individuals adopting a vegan lifestyle. Fresh product launches stimulate consumer interest and cater to evolving preferences, driving market excitement and expansion. Rising investments from vendors signal confidence in market potential and facilitate innovation, enhancing product offerings and market competitiveness. Additionally, the increasing adoption of the vegan lifestyle reflects a broader trend towards health-conscious and sustainable living, creating opportunities for plant-based products and alternative food options.
The market shows an Accelerate CAGR during the forecast period.
To get additional information about the market report, Request Free Sample
The market is experiencing significant growth due to the increasing consumer interest in plant-based diets, driven by ethical considerations for animal rights. Key plant-based food alternatives include Wheat, Chickpeas, Soy, Corn, Rice, and Oats. These plant-based sources provide essential amino acids necessary for human nutrition. Plant-Based Meat companies like Impossible Foods have made strides in creating realistic textures, viscosities, and emulsifications, closely mimicking the taste and feel of Animal-Based Foods such as Chicken, Beef, Pork, and Seafood. These products undergo processes like water absorption, solubility, anti-oxidation, and refrigeration in the food supply chain. Plant-Based Chicken, for instance, is made from Soy and Wheat proteins, while Plant-Based Beef is often derived from Peas and Rice. Plant-Based Pork can be made from Soy and Corn, and Plant-Based Seafood from Algae and Soy. These alternatives offer a Vegan diet or Vegetarian lifestyle choice while maintaining the desired nutritional values and textures.
The new product launches are notably driving the market growth. Due to the growing health awareness of consumers and environmental concerns, the demand for products is increasing. Animal meat production causes a significant amount of greenhouse gases. For example, for every gram of beef produced, 221 grams of carbon dioxide are released.
Moreover, to meet the growing demand for products, vendors around the world are launching new products. Successful new product launches increase suppliers' revenue streams and market share. One such new product launch includes two new iterations of its plant-based burger, with one version offering a more meaty experience and the other being a more nutritious version of its burger, by Beyond Meat. Such factors will drive the market growth during the forecast period.
Changing consumer demographics is an emerging trend in the market. The growing health consciousness of consumers is increasing the demand for healthier food and beverages. In recent years, the incidence of chronic health problems such as diabetes, indigestion, allergies, and obesity has increased among consumers worldwide. Therefore, people have become health conscious and want to follow a healthier diet that prevents or reduces the risks of these diseases.
A health-conscious population is looking for foods that contain fewer calories but the right combination of essential nutrients. Thus, the growing popularity of healthy eating has increased the demand for healthy food ingredients, which is expected to drive the growth of the global market during the forecast period.
Increasing consumption of animal meat is a major challenge impeding market growth. Consumption of animal meat and related products is expected to increase during the forecast period due to population growth, an increase in disposable income, and an increase in demand for protein-rich foods. Consumption of meat such as pork, beef, and chicken is increasing in several countries such as the United States, China, India, and Russia.
In quantitative terms, the US was the largest beef market in 2020. Beef consumption in the US grew significantly between 2019 and 2020. Quantitatively, chicken consumption increased by more than 2% in the United States and 1% in China in 2019-2020. Thus, increasing consumption of animal meat products will negatively affect the growth of the global market during the forecast period.
The market share growth by the frozen segment will be significant during the forecast period. The demand for plant-based protein products, including plant-based beef, is on the rise due to growing health consciousness among consumers. Vendors are launching new plant-based beef products to meet this demand. For instance, Beyond Meat introduced its Beyond Steak plant-based beef, and Nestle collaborated with Nomoo to develop vegan beef products. However, competition from traditional beef and cell-based meat products may pose challenges to the segment's growth. Nevertheless, the increasing launch of new plant-based beef products is expected to drive growth during the forecast period.
The frozen segment was valued at USD 1.38 billion in 2018 and continued to grow until 2022.
For a detailed summary of the market segments Request for Sample Report
The Impossible Burger, a popular genetically modified form, contains heme iron, which adds a meat-like taste and texture. Plant-based sausages, veggie bacon, and nuggets also exhibit similar look, sizzle, and consistency. Startup ventures, hotels, fast food chains, and casual dining venues have embraced these meat alternatives, recognizing their potential in reducing carbon footprint and promoting food sustainability. However, concerns regarding hormones, nitrates, GMOs, nitrites, and gluten, as well as the absence of animal fats and cholesterol, remain. Hence, such factors are fuelling the growth of this segment during the forecast period.
North America is estimated to contribute 41% to the growth of the global market during the forecast period
Get a glance at the market share of various regions View PDF Sample
Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The Plant-Based Meat Market showcases an array of nutritious profiles, catering to health-conscious consumers. Soy-based meat, derived from soybeans, is a prominent player due to its high protein content and positive impact on exercise performance and muscle recovery. Pea-based patties and meat alternatives, such as plant-based burgers, also contribute significantly to the market's growth. The aroma and flavor of these meatless meat products mimic their animal counterparts, providing consumers with a satisfying experience. The Impossible Burger, a popular genetically modified form, contains heme iron, which adds a meat-like taste and texture. Plant-based sausages, veggie bacon, and nuggets also exhibit similar look, sizzle, and consistency. Hence, such factors are driving the market in North America during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market forecasting growth and analysis.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Conagra Brands Inc., Ecozone Ltd., Gathered Foods Corp., Green Monday, Hormel Foods Corp., Impossible Foods Inc., Jensen Meat Co., Kellogg Co., Kerry Group Plc, Kroger Co., Maple Leaf Foods Inc., Monde Nissin Corp., Nestle SA, New Wave Foods, The Kraft Heinz Co., The Tofurky Co. Inc., Tyson Foods Inc., and Unilever PLC
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
You may also interested in below market reports:
The Market is flourishing as consumers increasingly adopt plant-based diets for health reasons, ethical considerations like animal rights, and concerns about environmental sustainability. Key ingredients like wheat, chickpeas, soy, corn, rice, and oats form the foundation of plant-based meat alternatives, offering amino acids essential for the human body's functions while promoting water absorption, solubility, and emulsification. The market landscape depends on the Plant based food, Plant based diets, Vegan diet, Vegetarian lifestyle, Animal based foods, Human body, Viscosity, Anti oxidation, Plant based meat, Plant based seafood, Refrigerated plant based, Food supply chain. This market caters to diverse preferences, including vegan diets and vegetarian lifestyles, with products ranging from plant-based burgers to seafood substitutes. Health benefits such as increased fiber intake and vitamin C content contribute to the appeal of plant-based meats, along with their longer shelf life and texture and aroma reminiscent of animal-based counterparts.
Soy-based meats and pea-based patties dominate the market, with a focus on texture, consistency, and muscle mass support due to the presence of branch amino acids (BCAAs). Innovations in plant-based chicken segments and the diversification of product portfolios to include alternatives to animal-based foods like veal and lobster drive market growth. Distribution channels, including foodservice and retail, play a crucial role in expanding the reach of plant-based meats, with partnerships with restaurants and retail chains facilitating access to a wider consumer base. Regulatory standards ensure the safety and quality of plant-based meat products, addressing concerns about cruelty towards animals while satisfying consumer demand for satisfying, flavorful, and sustainable alternatives to traditional animal-based foods.
Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 36.92% |
Market growth 2024-2028 |
USD 27.29 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
27.84 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 41% |
Key countries |
US, UK, Germany, Italy, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Albertsons Co. Inc, Beyond Meat Inc., Conagra Brands Inc., Ecozone Ltd., Gathered Foods Corp., Green Monday, Hormel Foods Corp., Impossible Foods Inc., Jensen Meat Co., Kellogg Co., Kerry Group Plc, Kroger Co., Maple Leaf Foods Inc., Monde Nissin Corp., Nestle SA, New Wave Foods, The Kraft Heinz Co., The Tofurky Co. Inc., Tyson Foods Inc., and Unilever PLC |
Market dynamics |
Parent market analysis, market trends and analysis, market growth analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Foodservice System
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.