PLANT BASED MEAT MARKET ANALYSIS

Plant Based Meat Market Size and Trends

The Global Plant Based Meat Market is estimated to be valued at USD 8.42 Bn in 2024 and is expected to reach USD 18.44 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 11.8% from 2024 to 2031.

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Growing health and environmental concerns are prompting consumers to shift to plant-based meat alternatives. These plant-based meat alternatives provide similar taste and texture to animal-based meat products but are healthier as they are lower in cholesterol and saturated fat. The demand for plant-based meat products is increasing across both retail and foodservice channels. Startups as well as major food companies are launching new innovative plant-based meat products to cater to the rising demand.

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Insights By Source- Soy's nutritional value drives its market dominance

In terms of Source, Soy segment is estimated to hold 45.6% share of the market in 2024, due to its high protein content and versatility. Soy protein resembles meat in its texture and ability to absorb flavors when cooked, making it ideal for plant-based meat substitutes. Its protein quality rivals that of meat, containing all essential amino acids. Furthermore, soy is naturally cholesterol-free and contains antioxidants, fiber, and other nutrients beneficial to heart and digestive health. These nutritional qualities attract health-conscious consumers seeking plant-based alternatives to meat.

Insights by Product: Burger segment leads driven by rising demand for plant-based fast food

In terms of Product, burgers segment is estimated to account for 35.5% share of the market in 2024, due largely to wheat gluten's meat-like texture. Gluten, the main protein of wheat, has a strong, fibrous structure that resembles meat when cooked. Specifically, vital wheat gluten contributes a chewy texture appealing to consumers seeking burger patties with the hearty “bite” of real meat. Vital wheat gluten provides excellent binding and emulsion properties, allowing plant-based burger patties to hold their shape on the grill or pan without falling apart. Its springy texture mimics ground beef when seasoned and cooked.

Insights By Distribution Channel- Retail channels foster trial and commitments to plant-based options

In terms of Distribution Channel, retail segment is estimated to hold 37.5% share of market in 2024. Retail venues enable easy trial and regular purchasing of plant-based meat products among consumers. Dedicated shopping trips are not required as retail meat counters and freezer aisles stock plant-based options alongside conventional choices. Busy lifestyles support impulse purchases catering to changing daily meal plans or cravings.

Regional Insights

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Dominating Region: North America

North America is anticipated to account for the largest share of 39.6% of the market in 2024. This regional dominance is driven by high consumer awareness regarding health and sustainability concerns, the presence of leading innovators such as Beyond Meat and Impossible Foods, and strong support from retail chains and restaurants in promoting plant-based alternatives.

Fastest-Growing Region: Asia Pacific

The Asia Pacific region exhibits the fastest growth, led by countries like China, India, and Southeast Asian nations. Rising living standards, burgeoning middle class, shift in dietary preferences towards healthy and environment-friendly options, and supportive government policies are driving the market growth in the region.

Plant Based Meat Market Outlook for Key Countries

Growing Health Awareness and Product Innovation Driving the U.S. Plant Based Meat Market Growth

The U.S. plant based meat market is expected to witness substantial growth in the coming years, driven by increasing consumer awareness of the health advantages of veganism. The rising preference for vegetarian foods rich in fiber, vitamin C, and iron, while being low in processed saturated fats, has fueled demand. Moreover, manufacturers are focusing on enhancing product shelf life, texture, aroma, and nutritional value. For example, in October 2022, Beyond Meat, Inc. introduced Beyond Steak to cater to the growing flexitarian and meat-lover segments.

Government Initiatives and Consumer Awareness Fueling Growth in the U.K. Plant Based Meat Market

The U.K. plant based meat market is poised for significant growth, supported by government initiatives focused on sustainable food systems and reducing agricultural carbon emissions. Policies like the National Food Strategy and investments in plant-based food research are fostering innovation and adoption in the sector. Furthermore, public awareness campaigns and educational efforts are increasing consumer interest and acceptance, creating a robust foundation for the expansion of the plant based meat sector in the U.K.

Health Trends and Government Initiatives Driving Growth in Australia’s Plant Based Meat Market

Australia’s plant based meat market is expanding rapidly, fueled by health trends and ethical consumption. In 2023, a reported by Statista indicated a 30% increase in plant-based meat sales, with younger consumers leading the charge. The Australian government’s initiative to promote plant-based diets as part of its national dietary guidelines was launched in June 2023, encouraging more sustainable eating habits.

Cultural Heritage and Expanding Availability Boosting India’s Plant Based Meat Market Growth

India's plant based meat market is projected to grow significantly in the coming years, driven by the country's deep-rooted tradition of plant-based diets, often influenced by religious and cultural practices. Staple foods like lentils, legumes, and tofu offer a strong base for the acceptance of plant-based alternatives. The market is further boosted by the increasing availability of plant-based meat products in supermarkets, grocery stores, and online platforms, with retailers and food service providers actively expanding their plant-based offerings.

Rising Veganism and Government Support Propelling Canada’s Plant Based Meat Market

Canada is witnessing robust growth in the plant based meat market, driven by an increasing vegan and vegetarian population. In 2023, the market size was estimated at approximately USD 750 million, with the sector growing at a rate of 15% annually. The Canadian government’s funding of approximately USD 1.125 million for plant-based innovation initiatives in April 2023 has provided a significant boost to the market.

Market Concentration and Competitive Landscape

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Top Strategies Followed by Global Plant Based Meat Market Players

• Established Players: Leading companies in this market heavily focus on research and development to drive product innovation. For example, Beyond Meat continually invests in R&D to produce refined plant-based meat alternatives with taste and texture profiles that closely mimic animal-based meat.
• Mid-Level Players: Mid-sized companies such as Prime Roots in the industry aim to deliver high-quality and affordable plant-based meat options. They focus on utilizing economies of scale during production to minimize costs. Some pursue localization strategies by establishing manufacturing plants in key regions.
• Small-Scale Players: Small players such as Heura Foods in the industry often target specialized demographics and niche segments that are overlooked by larger corporations. Some focus on vegan or vegetarian diets by developing plant-based versions of unique regional cuisines and cultural food items. Others aim to cater to customers with specific dietary requirements or lifestyle preferences like palaeolithic diets through specialized product formulations.

Emerging Startups in the Global Plant Based Meat Market

Innovative Technologies: Several plant based food tech startups are developing innovative technologies such as 3D bioprinting of cultured meat and new substrate materials that mimic animal-based meat more closely. These advanced solutions could significantly improve consumers' perceptions of taste, texture, and nutritional profiles of plant-based meat in the future. Successful technologies may disrupt the existing industry landscape and mainstream adoption of alternative protein sources.

Sustainable Solutions: Startups working on sustainability focus on areas such as mycelium-based meat cultures that utilize agricultural residue or food waste as inputs. Their approaches could meaningfully address rising resource constraints, minimize environmental impact, and strengthen the sustainability positioning of the industry overall.

Plant Based Meat Industry News

• In September 2023, Novozymes A/S introduced its Vertera ProBite solution, designed to revolutionize the plant-based meat industry. This innovation improves the texture of plant-based meat alternatives, making them more attractive to consumers who may be reluctant to transition from traditional meat products. By enhancing the sensory experience and mouthfeel, Novozymes aims to encourage more people to adopt plant-based diets.
• In August 2023, Nestlé launched its first shelf-stable plant-based minced meat, a major move in its efforts to broaden its vegan product range. This new offering responds to the increasing demand for meat substitutes among consumers looking for healthier and more sustainable food options.
• In May 2021, Charoen Pokphand Foods PCL debuted its “MEAT ZERO” product line. The range is focused on delivering high-quality, plant-based alternatives that mimic the taste and texture of meat, catering to the growing number of consumers seeking healthier and more eco-friendly dietary choices.
• In January 2021, Taco Bell, a global fast-food chain known for its innovative menu options, teamed up with Gold&Green Pulled Oats to introduce a new range of plant-based fillings for its famous tacos. This collaboration aims to cater to consumers seeking meat-free alternatives, while also offering a unique and delicious option for traditional meat lovers. Gold&Green, a company renowned for its sustainable and high-quality plant-based ingredients, brings its Pulled Oats product to the partnership, enhancing Taco Bell's menu with a fresh, plant-based twist.

Key Takeaways from Analyst

• The global plant based meat market growth primarily driven by rising health consciousness and flexitarian diet trends among consumers. More people are reducing their meat consumption and switching to plant-based protein alternatives for perceived health and environmental benefits. Plant-based meat products offer similar taste and texture to animal meat but with lower fat, cholesterol, and calorie content which appeals to health-conscious consumers.
• North America currently dominates the global market due to the presence of several plant-based meat startups and rising vegan population. However, the Asia Pacific region is expected to offer lucrative opportunities owing to growing middle class, changing dietary patterns, and the increasing adoption of western food habits. Europe is also emerging as a major market with favorable regulations supporting plant-based food products.
• Despite strong growth opportunities, allergens related to ingredients used and higher prices compared to regular meat could hamper the wider adoption of plant-based meats. Moreover, consumers in developing nations still prefer conventional meat products based on taste preferences. Product developers will need to focus on further improving taste, texture, and sensory experience of plant-based meats to make them closely mimic animal meat.

Market Report Scope

Market Dynamics

Market Driver - Increasing consumer demand for sustainable and environmentally friendly protein sources

Consumer awareness and demand for sustainable and environmentally friendly food options is significantly driving the growth of the global plant-based meat market. With more consumers concerned about climate change and the environmental impact of industrial animal agriculture, plant-based meat alternatives are attracting a growing demographic that wants to reduce their meat consumption but still enjoy similar taste and texture. These products provide a sustainable plant-based source of protein without the heavy carbon and water footprint of industrial meat production. Current trends show a rising shift towards flexitarian or reducetarian diets where consumers flex their protein choices depending on sustainability and health factors. According to data from the United Nations reported in 2021, the industrial meat sector accounts for 14% of global greenhouse gas emissions with livestock production using a third of Earth's ice-free land.

Market Challenge - Higher price point compared to traditional meat products

One of the key challenges facing by this market is the higher price point of plant-based meat products compared to traditional meat options such as chicken, pork, and beef. While plant-based meat brands have made progress in reducing production costs over the past few years, their products often remain 10-30% more expensive than conventional meat per pound. This price differential makes it difficult for plant-based meats to achieve price parity and gain widespread appeal among value-conscious omnivorous customers. The higher prices prohibit some customers from regularly incorporating plant-based options into their diets.

Market Opportunity: Expansion of product offerings to include more diverse plant-based options

One major opportunity for the growth of the meat market lies in the expansion of product offerings to include more diverse plant-based protein options. Currently, the market is dominated by beef and chicken alternatives, with brands mainly focusing on burger patties and strips or nuggets. However, to appeal to more customers and continued market expansion, plant-based meat companies must broaden their portfolio to mirror the variety of animal meats traditionally found in global diets. There is opportunity to develop plant-based versions of pork, seafood, lamb, and other regionally popular meats. Extending into new categories will introduce consumers to other vegetable-based options that may eventually replace or complement meat consumption.

Market Segmentation

• Source Insights (Revenue, USD Bn, 2019 - 2031)
  • Soy
  • Pea
  • Wheat
  • Others
•  Product Type Insights (Revenue, USD Bn, 2019 - 2031)
  • Burgers
  • Sausages
  • Patties
  • Nuggets, Tenders & Cutlets
  • Grounds
  • Others
•  Type Insights (Revenue, USD Bn, 2019 - 2031)
  • Chicken
  • Pork
  • Beef
  • Fish
  • Others
•  Distribution Channel Insights (Revenue, USD Bn, 2019 - 2031)
  • B2B
  • B2C
• Regional Insights (Revenue, USD Bn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC Countries
    • Israel
    • Rest of Middle East & Africa
• Key Players Insights
  • Kellogg NA Co.
  • Quorn
  • Beyond Meat
  • Impossible Foods Inc.
  • Maple Leaf Foods (Field Roast & Maple Leaf)
  • Vegetarian Butcher
  • Conagra, Inc.
  • Amy's Kitchen, Inc.
  • Tofurky
  • Gold&Green Foods Ltd.
  • Sunfed
  • VBites Foods Limited
  • Kraft Foods, Inc.
  • Lightlife Foods, Inc
  • Trader Joe's
  • Yves Veggie Cuisine (The Hain-Celestial Canada, ULC)
  • Marlow Foods Ltd. (Cauldron)
  • Ojah B.V.
  • Moving Mountains
  • Eat JUST Inc.