PLANT BASED MEAT MARKET ANALYSIS

Plant Based Meat Market Size and Trends

Global plant based meat market is estimated to be valued at USD 5.79 Bn in 2024 and is expected to reach USD 27.17 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 24.7% from 2024 to 2031.

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Consumers are increasingly opting for plant based meat products due to rising health and environmental concerns related to conventionally produced meat. Moreover, ongoing product innovation and expanding availability of innovative vegan meat alternatives in retail channels are expected to drive the market growth. Several startups are innovating and bringing novel product varieties made from ingredients like soy, wheat, and pea proteins to cater to the rising demand. Established food companies have also entered this market and come up with their proprietary blends of plant-based ingredients to mimic real meat texture and taste. This has boosted competition and driven overall market expansion. Increased marketing and promotional activities by market players have raised awareness regarding benefits of plant based meat, thus, driving the market growth.

 Growing Health Consciousness

Rising awareness about health and wellness is expected to drive the plant based meat market growth. People are increasingly realizing the importance of following a healthy and balanced diet for various fitness goals as well as overall well-being. There is plenty of research and evidence now that over-consumption of red meat and processed meats can increase the risks of serious health issues like heart diseases, diabetes and certain types of cancers. More consumers are cutting back on animal proteins and turning to plant based options as a healthier choice. Plant based meats are seen as a nutritional and diet-friendly substitute to regular meat as these are lower in cholesterol and saturated fats. Food companies have also played a vital role in promoting plant based products as healthier and more sustainable alternatives through extensive marketing campaigns. Healthy lifestyle blogs and social media further reinforce these messages. With growing health issues like obesity being linked to improper dietary habits, people are eager to make positive changes in their diets. This makes the plant based meat appealing to those focused on wellness along with environment and animal welfare concerns. The emphasis on preventive healthcare also encourages exploring protein sources other than conventional meat itself.

Rising awareness among consumers about issues like climate change and sustainability of various industries can drive the market growth. There has been more emphasis on ethical treatment of animals for food. The meat industry is known to have high environmental costs owing to intensive agricultural practices required to raise livestock as well as their greenhouse gas emissions. Many scientific studies have highlighted how meat, especially red meat and processed meat production contributes significantly to carbon footprint. Practices like land/habitat destruction, pollution of water resources and inhumane treatment of animals in cramped industrial facilities have raised questions on the ethics and consequences of intensive animal farming. Many people feel that plant based alternatives can address these concerns to some degree since these does not involve raising and slaughtering animals. Especially the young, urban demographic is more exposed to such viewpoints through active discussions online. People want the brands these support to have ethically responsible practices. This makes plant based meat products an appealing commercial prospect for companies wanting to align with sustainability and animal welfare values of forward-looking customers. Environmental protection and ethics regarding treatment of animals is an important driver to explore alternative sources of protein.