Market Overview
The
Global Plant-based Meat Market size is projected to reach a market value of
USD 5.8 billion in 2024 which is further expected to reach
USD 46.0 billion in 2023 at a
CAGR of 25.8% for the forecast period. According to Dimension Market Research, the global plant-based meat market is projected to show subsequent growth in the upcoming period as well.
The global plant-based meat market growth encompasses meal products derived from plants, designed to mimic the flavor, texture, and look of conventional animal meat is pushing the demand for plant-based meat. This marketplace has experienced rapid growth in recent years, driven by numerous key elements. One of the number one drivers is shifting patron possibilities closer to more healthy, more sustainable, and moral meal alternatives.
Increasing cognizance of the environmental effect of traditional meat manufacturing worries over animal welfare, and a desire for more healthy dietary alternatives have led many clients to include plant-based meats that drive demand for plant-based meat products. Technological improvements in meals technological know-how and manufacturing processes have additionally performed a crucial role in the growth of this market.
Innovations in plant-primarily based protein extraction, and flavoring have enabled producers to create merchandise that closely resembles animal meat, thereby attractive to a broader consumer base. Government tasks and regulatory changes selling sustainability and fitness have in addition elevated market growth opportunities by incentivizing investment in plant-based protein technology and infrastructure.
The marketplace is characterized by using extreme competition among key players, due to product diversification, strategic partnerships, and competitive advertising efforts to seize marketplace share in this swiftly evolving panorama. Additionally, the boom of the global plant-based meat market growth has spurred innovation in culinary arts, inspiring chefs and food lovers to discover new recipes and cooking strategies and, as a result expanding gastronomic opportunities for various cuisines and menus. Overall, the global plant-primarily based meat marketplace continues to enlarge as it addresses the developing demand for healthier, sustainable, and moral food alternatives.
Key Takeaways
- Market Value: The global plant-based meat market is projected to reach a market value of USD 7.2 billion in 2025, in comparison to USD 46.0 billion in 2033 at a CAGR of 25.8%.
- Market Definition: Global plant-based meat refers to food products made from plant-derived ingredients, designed to resemble traditional animal meat in taste, texture, and appearance, offering a sustainable, ethical, and healthier alternative to conventional meat products.
- Source Segment Analysis: Soy-based meat products are expected to exert their dominance in this segment with 50.2% of market value by the end of 2024.
- Type Segment Review: Chicken is expected to dominate the global plant-based meat market with the highest market value in 2024.
- Products Segment Analysis: Burger patties are projected to dominate the product segment in with a substantial market share in 2024.
- Distribution Channel Analysis: The food retail distribution channel is projected to command this market with the highest market share in 2024.
- Growth Factors: Consumer demand for healthier, sustainable, and ethical food options, coupled with technological advancements in plant-based protein manufacturing, drives the growth of the global plant-based totally meat market.
- Regional Preview: North America is predicted to dominate the global plant-based meat market with 37.10% of market share in 2024.
Use Cases
- Health-conscious diet: Plant-based meats offer a lower-fat, cholesterol-free alternative, supporting heart health and weight management goals while providing essential nutrients like protein and fiber.
- Ethical consumption: Catering to consumers concerned about animal welfare by offering cruelty-free protein options derived from plants, aligning with ethical values, and reducing reliance on animal agriculture.
- Dietary Preference: Providing alternatives for individuals with dietary restrictions, allergies, or cultural choices, making sure inclusivity in food picks, and accommodating various nutritional needs and lifestyles.
- Innovation in culinary arts: Inspiring chefs and food enthusiasts like to explore new recipes and culinary techniques, promoting creativity in plant-primarily based cooking, and expanding gastronomic possibilities for diverse cuisines and menus.
Plant-based Meat Market Dynamic
The international plant-based meat market is experiencing dynamic shifts fueled by different factors. Changing customer possibilities, especially toward more healthy and more sustainable food options, are riding enormous growth in the marketplace. Increasing consciousness of the environmental effect of conventional meat manufacturing, coupled with concerns over animal welfare, has led many clients to search for plant-primarily based options. This trend is further extended by way of the rising adoption of flexitarian, vegetarian, and vegan diets global.
Technological improvements play a vital function in shaping the market dynamics by improving the flavor, texture, and nutritional profile of plant-based total meat products. Innovations in food technological know-how and manufacturing approaches enable producers to create plant-primarily based meats that intently mimic the taste and mouthfeel of conventional meats, thereby attractive to a broader patron base.
Additionally, regulatory adjustments and government initiatives selling sustainability and health are riding further growth by way of incentivizing investment in plant-based total protein technology and infrastructure. As a result, the global plant-based totally meat marketplace is witnessing excessive competition amongst key gamers, leading to product diversification, strategic partnerships, and aggressive advertising efforts to seize marketplace percentage on this swiftly evolving panorama.
Research Scope and Analysis
By Source
Soy-based meat products are expected to dominate the source segment with 50.2% of the global plant-based meat market share in 2024. Soy dominates the plant-primarily based meat phase mainly because of its long-standing presence, nutritional profile, and flexibility in food applications. Soy has been a staple in plant-based totally diets for centuries and is extensively diagnosed for its high protein content, making it an ideal factor for meat alternatives.
Additionally, soy protein possesses a texture and mouthfeel that intently resemble conventional meat, enhancing the sensory enjoyment for clients. Moreover, soy is effortless to be had and comparatively cheaper as compared to different plant-based protein assets, making it a price-effective alternative for manufacturers. Its neutral taste allows for easy incorporation right into an extensive variety of meat substitute products, from burgers and sausages to nuggets and meatballs.
Furthermore, soy-based merchandise has gained traction among purchasers in search of options for animal-derived proteins due to worries approximately health, sustainability, and animal welfare. Overall, the combination of dietary benefits, versatility, availability, and client reputation positions soy as a dominant supply within the plant-primarily based meat marketplace.
By Type
Chicken is anticipated to dominate the global plant-based meat market in the context of type with 43.5% of the market share in the forecast period of 2024 to 2033. Chicken dominates the plant-based meat segment for several reasons. Firstly, chicken is one of the most widely consumed meats globally, with a long-standing reputation for being leaner and healthier compared to red meats like beef and pork.
Consequently, there's a strong consumer demand for plant-based alternatives to chicken, driven by health-conscious individuals seeking lower-fat protein sources. Secondly, chicken's neutral flavor and versatile texture make it adaptable to various culinary applications, ranging from sandwiches and salads to stir-fries and curries. Plant-based chicken alternatives offer similar versatility, making them appealing to consumers who want to recreate their favorite chicken-based dishes with healthier, more sustainable ingredients.
Moreover, chicken is often perceived as a more environmentally friendly meat option compared to beef and pork, further contributing to its dominance in the plant-based meat market as consumers seek to reduce their environmental impact through dietary choices. Overall, the combination of widespread consumption, health perceptions, culinary versatility, and environmental considerations positions chicken as a leading category in the plant-based meat segment.
By Products
Burger patties are anticipated to dominate the global plant-based meat product in the product segment with the highest market share in 2024. Burger patties dominate the plant-based total meat product phase on the whole because of their iconic status in international cuisine and their versatility. Burgers are a universally beloved food item, deeply ingrained in numerous culinary traditions global.
As such, plant-based totally burger patties offer consumers and convenient choice for transitioning to meat options. Moreover, the texture and flavor of plant-primarily based burger patties have substantially progressed over time, thanks to advancements in the meals era and aspect innovation. Many manufacturers attempt to copy the juiciness and mouthfeel of meat burgers, making plant-based totally alternatives increasingly attractive to a much broader target audience, which includes meat-eaters looking to lessen their meat intake.
Additionally, the huge adoption of plant-based total burgers by way of fast-food chains, restaurants, and food service institutions, in addition, cements their dominance inside the marketplace, imparting purchasers smooth access to these products in various eating settings. Overall, the standard enchantment, versatility, and enhancement first-rate contribute to the dominance of burger patties inside the plant-based total meat section.
By Storage
Frozen plant-based meat is projected to dominate the storage segment in the global plant-based meat market with 54.3% of the market share by the end of 2024. Frozen plant-primarily based meat dominates the storage segment because of its capability to keep products fresh, increase shelf life, and provide convenience to both customers and retailers. Freezing successfully preserves the freshness, texture, and flavor of plant-based meat products without the need for preservatives, ensuring that they keep their flavor and dietary price over an extended period. This renovation technique substantially reduces the danger of spoilage and meal waste, reaping rewards for manufacturers, distributors, and shops by minimizing losses.
Furthermore, frozen plant-based meat offers purchasers flexibility in meal-making plans and storage, permitting them to inventory products and use them as needed without worries about expiration dates. This comfort aligns with busy lifestyles and ranging consumption styles, making frozen alternatives a preferred desire for plenty of households. Overall, the potential of frozen plant-based meat to hold best, expand shelf existence, and provide convenience contributes to its dominance within the storage phase of the market.
By Distribution Channel
Food retail is anticipated to dominate the distribution channel segment in the global plant-based meat market with the highest market share in 2024. Food retail dominates the distribution channel can be attributed to their significant patron accessibility and comfort. Food stores, together with supermarkets, forte shops, and grocery chains, provide a diverse variety of plant-based total meat products to a large client base. These retailers are strategically positioned in city and suburban areas, making them without difficulty accessible to customers searching for plant-based alternatives.
Moreover, food retail channels frequently dedicate shelf space and promotional efforts to spotlight plant-primarily based options, growing visibility, and customer focus. Additionally, the developing need for plant-based totally meat merchandise aligns with the ease and variety presented by using meal shops, driving income and marketplace dominance. Overall, the huge reach, comfort, and promotional efforts of meal retail channels contribute to their dominance in dispensing plant-based total meat products globally.
By End Users
HoReCa also referred to as a Hotel, Restaurant, and Catering is expected to dominate the global plant-based meat market with 60.3% of the market share in the forecast period of 2024 to 2033. The dominance of the HORECA (Hotel, Restaurant, and Catering) section in the plant-based total meat market can be attributed to its influential position in shaping consumer choices and the rising adoption of plant-based meat products.
HORECA establishments provide crucial platforms for introducing plant-based meat products to purchasers, offering exposure, and raising consciousness through their various menus and catering services. Their ability to innovate and integrate plant-based totally options into their services appeals to health-aware and environmentally-conscious consumers searching for alternative alternatives.
Additionally, the quality and presentation of plant-primarily based dishes in HORECA settings make contributions to an effective dining experience, influencing purchaser perceptions and driving future demand. Furthermore, the endorsement of plant-based totally alternatives via influential individuals frequenting HORECA institutions, including celebrities and social media influencers, amplifies their visibility and fosters a wider reputation among consumers. Overall, the HORECA segment's dominance underscores its great effect on the increase and mainstream popularity of plant-primarily based meat products.
The Plant-based Meat Market Report is segmented based on the following:
By Source
- Soy
- Wheat
- Blends
- Pea
- Other
By Type
- Chicken
- Beef
- Pork
- Fish
- Other
By Products
- Burger Patties
- Strips and Nuggets
- Sausages
- Meatballs
- Grounds
- Others
By Storage
- Frozen Plant-based Meat
- Refrigerated Plant-based Meat
- Shelf-stable Plant-based Meat
By Distribution Channel
- Food Retail
- Food Services
- E-commerce
By End User
Regional Analysis
North America is projected to dominate the global plant-based meat market with
37.10% of the market share in 2024. North America is a dominant player in the global plant-based meat market for several reasons. Firstly, the region boasts a huge population of fitness-conscious purchasers more and more seeking options to standard meat products because of issues regarding fitness, sustainability, and animal welfare. This demand is similarly fueled by using nutritional traits favoring plant-based totally diets and the rising recognition of the environmental effect of meat production.
Secondly, North America is domestic to some of the most influential and progressive organizations inside the plant-based meat quarter, inclusive of Beyond Meat and Impossible Foods, which have correctly penetrated the marketplace with their extremely good, meat-like alternatives. Thirdly, the area has benefited from a properly set up infrastructure for meal distribution and retail, facilitating the extensive availability of plant-based total meat products across various channels, along with supermarkets, eating places, and online structures.
Moreover, government tasks and supportive guidelines selling sustainability and more healthy food choices similarly contribute to the increase of the plant-based total meat marketplace in North America. Overall, with its strong patron needs for, robust industry gamers, efficient distribution networks, and a favorable regulatory environment, North America continues dominating the global plant-based total meat market, riding innovation and growth in this market.
By Region
North America
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Competitive Landscape
The plant-primarily based meat market is fiercely aggressive, with numerous key players dominating the market landscape. Beyond Meat and Impossible Foods are leading contenders, famous for their revolutionary plant-primarily based burger patties and sausages. Beyond Meat makes use of elements like pea protein and beet juice in its merchandise, even as Impossible Foods relies on a proprietary aspect referred to as heme to mimic the flavor and texture of meat.
Other considerable gamers include agencies like Gardein, Tofurky, and MorningStar Farms, each providing loads of plant-primarily based meat alternatives starting from burgers to chicken strips. Additionally, conventional meat corporations like Tyson Foods and Nestlé have entered the market with their plant-based services, intensifying competition. As consumer demand for sustainable and moral food alternatives keeps rising, the plant-based totally meat marketplace is predicted to witness further growth opportunities and innovation, attracting new entrants and fostering intense competition.
Some of the prominent players in the global Plant-based Meat market are:
- Beyond Meat
- Impossible Foods Inc.
- Maple Leaf Foods (Field Roast & Maple Leaf)
- Vegetarian Butcher
- Conagra, Inc. (Gardein Protein International)
- Kellogg NA Co. (Morning Star Farms)
- Quorn
- Amy's Kitchen, Inc.
- Tofurky
- Green Foods Ltd.
- Sunfed
- VBites Foods Limited
- Kraft Foods, Inc.
- Lightlife Foods, Inc
- Trader Joe's
- Other Key Players
Recent Development
- In March 2024, Vivera, a plant-based brand known for its vegan steak, was acquired by JBS for USD 341 million, marking a milestone in the plant-based food industry's rise which directly influences the growth opportunities of the global plant-based meat market.
- In February 2024, Maple Leaf Foods, a major Canadian meat company, plans to merge its meat and plant protein divisions, to streamline operations and boost the growth of the plant-based meat market.
- In February 2024, Heura Foods, a Spanish plant-based meat brand, secured a heavy investment from impact investors for innovation and expanding their patented technology, aiming to revolutionize the food industry sustainably.
- In January 2024, IFF invests in Coperion's high-moisture extrusion (HME) technology for plant-based meat. This enhances texture and taste, supporting innovative product development in a growing market.
- In December 2023, Germany committed USD 41.0 million to promote plant-based foods and alternative proteins, which aim to reduce meat consumption and lead to a sustainable protein supply.
- In October 2023, Australian plant-based meat companies All G Foods and Fenn Foods merged assets into The Aussie Plant Based Co., aiming to expand distribution and product range, led by new CEO Alejandro Cancino.
Report Details
| Report Characteristics |
| Market Size (2024) |
USD 5.8 Bn |
| Forecast Value (2033) |
USD 46.0 Bn |
| CAGR (2023-2032) |
25.8% |
| Historical Data |
2018 – 2023 |
| Forecast Data |
2024 – 2033 |
| Base Year |
2023 |
| Estimate Year |
2024 |
| Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
| Segments Covered |
By Source (Soy, Wheat, Blends, Pea, and Other), By Type (Chicken, Beef, Pork, Fish, and Othes), By Products (Burger Patties, Strips and Nuggets, Sausages, Meatballs, Grounds, and Others), By Storage (Frozen Plant-based Meat, Refrigerated Plant-based Meat, Shelf-stable Plant-based Meat, (By Distribution Channel (Food Retail, Food Services, E-commerce), By End User (HORECA, and Household) |
| Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
| Prominent Players |
Beyond Meat, Impossible Foods Inc., Maple Leaf Foods (Field Roast & Maple Leaf), Vegetarian Butcher, Conagra, Inc. (Gardein Protein International), Kellogg NA Co. (Morning Star Farms), Quorn, Amy's Kitchen Inc., Tofurky, Green Foods Ltd., Sunfed, VBites Foods Limited, Kraft Foods, Inc., Lightlife Foods Inc, Trader Joe's, and Other Key Players |
| Purchase Options |
We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively. |
Frequently Asked Questions
The Global Plant-based Meat Market size is estimated to have a value of USD 5.8 billion in 2024 and is expected to reach USD 46.0 billion by the end of 2033.
North America is projected to be the largest market share for the Global Plant-based Meat Market with a share of about 25.8% in 2024.
Some of the major key players in the Global Plant-based Meat Market are Beyond Meat, Impossible Foods Inc., Maple Leaf Foods, and many others.
The market is growing at a CAGR of 25.8 percent over the forecasted period.