Plant-based Meat Market is slated to register a CAGR of 13.9% from 2024 to 2030 to reach $24.01 billion by 2030. The changing lifestyles and an increasing number of health-conscious consumers are increasing the popularity of plant-based meat products, positively impacting the demand for plant-based meat. The growth of the plant-based meat market is mainly attributed to the growing preference for plant-based food products, a growing vegan population, a growing focus on animal welfare, and rising demand for alternative proteins. Furthermore, innovation in food technology and product launches by plant-based food and alternative protein manufacturers are expected to create market growth opportunities. However, consumer preference for soy and gluten-free products and significant preference for animal-based products are expected to hinder the growth of this market to some extent.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key strategic developments by leading market participants in the plant-based meat market. Some of the key players operating in the global plant-based meat market are Beyond Meat Inc. (U.S.), Impossible Foods Inc (U.S.), The Hain Celestial Group, Inc. (U.S.), Unilever Plc (U.K.), Kellogg Company (U.S.), Lightlife Foods, Inc. (Part of Maple Leaf Foods Inc., Canada) (U.S.), Nestlé S.A. (Switzerland), Conagra Brands, Inc. (U.S.), Taifun–Tofu GmbH (Germany), Atlantic Natural Foods LLC (U.S.), VBites Food Ltd (U.K.), Sunfed Meats (New Zealand), Quorn Foods (U.K.), Ojah B.V. (Netherlands), and The Kraft Heinz Company (U.S.).
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Growing Vegan Population
Veganism is a contemporary and expanding social phenomenon that has been growing in developed countries lately. In recent years, there has been a major shift toward vegetarianism and veganism across the globe due to increasing health & environmental concerns and compassion for animals. According to Vegan Statistics, in 2021, around 10% of the global population was vegetarian. In 2020, 40% of millennials were identified as vegan. Baby Boomers and Generation X accounted for 21% each, with only 2% of seniors considering themselves vegan.
In the last four years, the number of vegans in Europe has doubled from 1.3 million to the current estimated figure of 2.6 million, representing 3.2% of the European population in 2021. Nearly half of all-vegan Europeans (45.5%) stated they would like more vegan alternatives for sausages and cold cuts, followed by cheese substitutes as the next products on their want list. There is also a growing demand for plant-based baked goods (38.6%) and snacks (32.9%) (Source: Veganz).
According to the Academy of Nutrition and Dietetics, appropriately planned vegetarian diets are healthy and nutritionally adequate as they reduce the risk of certain health conditions, including ischemic heart disease, Type 2 diabetes, hypertension, certain types of cancer, and obesity.
Thus, the growing vegan population and consumers’ increasing preference for plant-based foods are expected to drive the demand for plant-based meat.
Key Findings in the Plant Based Meat Market Study:
In 2024, the Tofu Segment to Dominate the Plant Based Meat Market
Based on type, the global plant based meat market is segmented into tofu, TVP, burger patties, tempeh, hot dogs and sausages, seitan, meatballs, ground meat, nuggets, crumbles, shreds, and other plant-based meat. In 2024, the tofu segment is expected to account for the largest share of the global plant-based meat market. The large market share of this segment is attributed to its increasing adoption due to lower cost, easy availability, and high protein content, including all the essential amino acids. In addition, the rising health and wellness trend is further expected to boost the demand for this segment because tofu is renowned for its cholesterol-lowering effects.
However, the hot dogs and sausages segment is expected to grow at the fastest CAGR during the forecast period. The rapid growth of this segment is attributed to their increasing popularity as ready-to-eat food, new product launches of plant-based sausages, and increasing availability in many restaurants.
In 2024, the Soy Segment to Dominate the Plant Based Meat Market
Based on source, the global plant-based meat market is segmented into soy, wheat, pea, and other sources. In 2024, the soy segment is expected to account for the largest share of the global plant-based meat market. The large market share of this segment is attributed to the rising demand from meat alternatives manufacturers, wide availability of raw materials, lower cost compared to other sources, wide usage of plant-based meat products, and higher consumer acceptance level due to its meat-like texture and taste.
However, the pea segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the high protein content, rising investments from leading manufacturers to increase pea protein production, and consumer desire. In addition, peas are allergen-free, gluten-free, and lactose-free, which further increases the demand for pea-based meat.
In 2024, the Business to Customer Segment to Dominate the Plant-Based Meat Market
Based on distribution channel, the plant-based meat market is segmented into business-to-business (B2B) and business-to-consumers (B2C). In 2024, the B2C distribution channel segment is expected to account for the largest share of the plant-based meat market. The large market share of this segment is attributed to factors such as rising online sales, increased plant-based food sales in well-established supermarkets and hypermarket chains, and increasing consumer expenses on vegan food products.
North America: The Dominating Regional Market
The plant-based meat market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the plant-based meat market. The large market share of this region is attributed to the high awareness regarding the importance of protein-rich diets, rising consumer awareness of the risks associated with consuming contaminated meat goods, and rising investments in plant-based meat production.
However, Asia-Pacific is slated to register the highest CAGR during the forecast period. The rapid growth of this region is mainly attributed to the rising disposable income and improving standard of living; rapid growth in urbanization; growing focus toward the inclusion of healthy diets such as plant-based food; the rising presence of many key players in the market and rising government initiatives for the food industry.
Scope of the Report:
Plant-based Meat Market Assessment, by Type
- Tofu
- Textured Vegetable Protein (TVP)
- Burger Patties
- Tempeh
- Hot Dogs and Sausages
- Seitan
- Meatballs
- Ground Meat
- Nuggets
- Crumbles
- Shreds
- Other Plant-based Meat
Plant-based Meat Market Assessment, by Source
- Soy
- Wheat
- Pea
- Other Plant Sources
Plant-based Meat Market Assessment, by Distribution Channel
- Business to Business
- Business to Consumers
- Modern Groceries
- Convenience Store
- Specialty Store
- Online Retail
- Other B2C Distribution channels
Plant-based Meat Market Assessment, by Geography
- North America
- Europe
- France
- Germany
- Italy
- U.K.
- Spain
- Netherlands
- Belgium
- Austria
- Poland
- Portugal
- Rest of Europe (RoE)
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Thailand
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America (RoLATAM)
- Middle East & Africa
Key Questions Answered in the Report: