Plant-Based Meat Market Size was valued at USD 3.99 billion in 2023. The plant-based meat industry is projected to grow from USD 4.61 Billion in 2024 to USD 12.69 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.56% during the forecast period (2024 - 2032). The increase in vegan and flexitarian populations around the world is one of the main market drivers in the plant-based meat industry. Additionally, the increased demand for plant-based meat is anticipated to increase as more people become aware of the health advantages that plant-based meat has over animal meat and as government programmes and investments develop rapidly.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The huge increase in the market for plant-based meat is primarily attributed to the rising incidence of chronic illnesses like obesity and cardiovascular diseases (CVDs) among people, the growing popularity of the vegan trend, and the entry of cutting-edge market leaders like Unilever in this sector. Due to the fact that plant-derived meat products have fewer saturated fats, no cholesterol, and no antibiotics, their sales have increased significantly in recent years among enterprises in the food industry. For instance, data reveal that when plant-based meat products were displayed in meat stores in July 2020, sales of these goods increased by 23%, according to the PLANT BASED FOODS ASSOCIATION. As time goes on, market leaders are formally entering the plant-derived meat business, which could have a favorable impact on the market as a whole.
For instance, in order to increase its selection of plant-based foods, the British-Dutch multinational consumer goods giant Unilever purchased Vegetarian Butcher, a well-known manufacturer of meat alternatives, in December 2018. Additionally, Unilever forecasts that sales of plant-based meat and dairy substitutes will reach $1.2 billion over the next five to seven years. Thus, this has enhanced the plant-based meat market CAGR across the globe in the recent years.
Furthermore, in the next years, it is predicted that increased government efforts to raise consumer knowledge of the value of plant-based meat would propel market growth and open up considerable new potential opportunities. For instance, the Indian Ministry of Health and Family Welfare launched the "Eat Right India" campaign in 2018 to advocate for a plant-based diet that will aid in the fight against climate change. This was a significant move because agriculture, which accounts for approximately 18% of greenhouse gas emission sly and annually produces around 32,000 million tonnes of carbon dioxide gas, is a key contributor to climate change. The consumption of dairy, meat, and several other animal products is found to be a significant contributor to warming in a 2019 report on climate change that was prepared for the United Nations Intergovernmental Panel on Climate Change (IPCC) by approximately 107 scientists and researchers. These factors are anticipated to fuel the industry expansion and are anticipated to propel market growth in the upcoming years.
However, the demand for these products is rising as a result of customers' growing health consciousness and environmental concerns. The production of animal meat contributes significantly to greenhouse gas emissions. For instance, 221 grammes of carbon dioxide are generated for every gramme of beef produced. Vendors all over the world are introducing new goods to fulfill the rising demand for meat substitutes. Market share and revenue streams for suppliers are increased by successful new product launches. One such new product introduction includes two new variations of Beyond Meat's plant-based burger, one of which offers a meatier experience and the other of which is a more nutrient-dense kind. These elements will fuel market expansion during the projection period. Thus, driving the growth of the plant-based meat market revenue.
The plant-based meat market segmentation, based on product type, includes Tofu & Tofu Products, Sausages, Seitan, Tempeh and Others. The tempeh segment held the majority share in 2021 in respect to the plant-based meat market revenue. The requisite purity of plant-based meat can be easily attained by the creation of plant-based meat from tempeh as a product type. Additionally, the usage of tempeh is safer than that of meat from animals, which increases the risk of cardiovascular disease due to its high cholesterol content.
The plant-based meat market segmentation, based on source, includes Soy, Wheat, and Pea. The soy segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Widespread usage of soy as a meat substitute for animals. This is largely because soy protein has a taste and texture that are similar to those of meat. Soy is a common ingredient in plant-based meat products such sausage, minced meat substitute, burger patties, and other goods. Hence, it positively impacts the market growth.
Figure 2: Plant-Based Meat Market, by Source, 2024 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The plant-based meat market data, based on distribution channel, includes Store-Based and Non-Store-Based. The non-store-based segment held the majority share in 2021 in respect to the plant-based meat market revenue due to accessibility and greater selection possibilities. Additionally, because of their concern over viral transmission and the COVID-19 epidemic, consumers are now more likely to shop online, which is good for the segment's growth.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Asia Pacific plant-based meat market accounted for USD 1.73 billion in 2021 and is expected to exhibit a significant CAGR growth. Demand for organic and plant-based meat foods has surged as a result of growing consumer interest in environmental and health benefits. The Asia Pacific market for plant-based meat is anticipated to expand in revenue as a result.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: PLANT-BASED MEAT MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
North America plant-based meat Market is expected to grow at the fastest CAGR from 2022 to 2030. Due to environmental, health, and ethical considerations, plant-based meat is becoming increasingly popular in the United States, which has contributed to this development. For instance, switching to plant-based meat alternatives can help address the growing environmental concerns caused by human activity's rising carbon footprint. Moreover, US plant-based meat market held the largest market share, and the Canada plant-based meat market was the fastest growing market in the North American region.
Europe plant-based meat market accounts for the second-fastest growing market due to a favorable public perception of vegetarian and vegan meat products and the application of strict laws against animal cruelty. To boost their sales in the local market, major manufacturers are pursuing strategic initiatives such capacity development, product innovation, and mergers and acquisitions. Further, the Germany plant-based meat market held the largest market share, and the UK plant-based meat market was the fastest growing market in the European region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the plant-based meat market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the plant-based meat industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the plant-based meat industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, plant-based meat industry has provided medicine with some of the most significant benefits. The plant-based meat market major player such as AMY's Kitchen Inc, Beyond Meat, Gardein Protein International Inc, Blue Chip Group Inc and MorningStar Farms L.C.
Ethan Brown established the plant-based meat substitute manufacturer Beyond Meat, Inc. in Los Angeles in 2009. In 2012, the company's debut goods were introduced in the US. In February 2022, McDonald's Corporation and Beyond Meat, Inc. have entered a three-year strategic partnership. This contract made Beyond Meat, Inc. the preferred supplier of a new plant-based burger patty for the vegan burger McPlant.
Also, Conagra Brands manufactures the Gardein range of meatless cuisine, which is a combination of the words "garden" and "protein." Yves Potvin, who launched the business in 2003 and will continue to serve as its CEO through 2021, founded it. In July 2019, Conagra Brand Gardein, which produces meatless food, made significant investments to increase its ability to produce plant-based meat. For the construction of two new production lines, the company spent USD 16.1 million.
On Aug. 08, 2023, Switch Foods, a plant-based meat producer in Abu Dhabi, announced that its vegan kebabs, minced meat, and more products are now available at supermarkets. The company opened Abu Dhabi's first plant-based meat factory in April in Khalifa Industrial Zone. Switch Foods' products are vegan & halal-certified and free of GMO, soy, allergen, and gluten. All of the products are made using pea protein.
On Aug. 08, 2023, Haofood (Shanghai), a food tech brand, launched vegan pork mince soup dumplings. Haofood is known for its plant-based chicken made from peanuts. It is the first plant-based meat brand to use peanut protein as the base ingredient. Soup dumplings filled with peanut-based pork mince is the company's second type of vegan meat.
On Aug. 08, 2023, TiNDLE (Singapore), a plant-based meat brand, launched vegan chicken pieces in Singapore and the Netherlands to boost local food security. The announcement came a week after its rebranding and product expansion announcement. The new vegan chicken pieces are the brand's first offering fully designed & manufactured in Singapore, and it is the first time a locally-made plant-based meat product will be exported from the island nation. This launch also aligns with the Singapore government's 30 by 30 food security initiative.
On July 28, 2023, Livekindly Collective announced the acquisition of Alpha Foods (Alpha) to expand in the US, Europe, and South Africa markets. This announcement follows rapid interest and expansion in the meat substitutes space. On the other hand, the acquisition will work as another survival path for Alpha, allowing it to continue operating within a larger environment that can help scale it faster.
On June 30, 2023, Indian alt-meat brand, Wakao Foods, announced that it has begun exporting India's largest plant-based meat shipment to the US. Wakao Foods makes jackfruit-based meat products, and the move marks the expansion of its reach to the United States. The company underwent extensive R&D for the US launch to develop products that suit American tastes, including American Herb sausages and BBQ Jack.
October 2022: Beyond Meat, Inc., a pioneer in plant-based meat, introduced Beyond SteakTM. This innovative product combines the juicy, supple, and mouthwatering bite of seared steak tips with the added health and environmental benefits of plant-based meat.
March 2022: Valio Oy bought Gold & Green Foods Oy. The purchase includes all intellectual property rights, R&D, and brand rights for Gold & Green. Through the deal, Valio will solidify its strong position in the Finnish market for plant-based foods and grow internationally.
January 2022: In order to address the demand for meatless meals and meat alternatives in India, ITC announced the development of plant-based meat products. ITC will introduce vegan burgers and patties that mimic chicken flavour. ITC would have access to the largest market for plant-based substitutes in India through this launch.
August 2020: The Ohio-based manufacturing facility of Morningstar Farm received a 45 million dollar investment from The Kellogg Company. Upgraded equipment for USD 25 million and capacity expansion worth USD 18 million are also included in the investment. The company's line of plant-based products will receive special attention in this expansion.
Plant-Based Meat Product Type Outlook (USD Billion, 2019-2032)
Plant-Based Meat Source Outlook (USD Billion, 2019-2032)
Plant-Based Meat Distribution Channel Outlook (USD Billion, 2019-2032)
Plant-Based Meat Regional Outlook (USD Billion, 2019-2032)
North America
Europe
Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 3.99 billion |
| Market Size 2024 | USD 4.61 billion |
| Market Size 2032 | USD 12.69 billion |
| Compound Annual Growth Rate (CAGR) | 15.56% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019 & 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Source, Distribution Channel and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | AMY's Kitchen Inc, Beyond Meat, Gardein Protein International Inc, Blue Chip Group Inc and MorningStar Farms L.C |
| Key Market Opportunities | Increased population that deals with allergies to meat |
| Key Market Dynamics | Technological developments and the development of new products Quick expansion of the organized retail sector |
Plant Based Meat Market Highlights:
Frequently Asked Questions (FAQ) :
The plant-based meat market size was valued at USD 3.99 Billion in 2023.
The market is projected to grow at a CAGR of 15.56% during the forecast period, 2024-2032.
Asia Pacific had the largest share in the market.
The key players in the market are AMY's Kitchen Inc, Beyond Meat, Gardein Protein International Inc, Blue Chip Group Inc and MorningStar Farms L.C.
The soy category dominated the market in 2023.
The non-store-based had the largest share in the market.
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