Plant-based Meals Market Size & Share 2024 to 2032
Market Size by Type (Dairy Alternatives, Meat Substitutes, Egg Substitutes, Seafood Substitutes, Other Plant-based Meals), End use (Vegans, Vegetarians, Lactose intolerant, Gluten allergy), Distribution Channel, & Global Forecast.
Report ID: GMI7244
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Published Date: October 2023
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Report Format: PDF
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Authors:
Kiran Pulidindi, Manish Mohanan
Plant-based Meals Market Size
Plant-based Meals Market size was valued at USD 52.4 billion in 2023 and is anticipated to register a CAGR of over 18.1% between 2024 and 2032. Increasing awareness of the health benefits associated with plant-based diets, such as reduced risk of chronic diseases and better weight management, has driven the adoption of plant-based meals.
Plant-based Meals Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
In addition, growing concerns about the environmental impact of animal agriculture, including greenhouse gas emissions and deforestation, have led many consumers to seek more sustainable and eco-friendly food options.
The plant-based diets can lack certain nutrients, like vitamin B12, iron, and omega-3 fatty acids, which are more readily available in animal-based products. This can raise nutritional concerns for some individuals. Traditional dietary habits and cultural preferences for animal-based foods can make it difficult for some individuals to transition to plant-based diets.
COVID-19 Impact
The COVID-19 had significant impact on the market there was a surge in demand for plant-based products, including meat substitutes, dairy alternatives, and plant-based ready meals. This was partly due to concerns about the links between zoonotic diseases and animal agriculture. The pandemic prompted many consumers to focus on their health and well-being. Plant-based diets were perceived as a healthier option by some, leading to an increased interest in these products.
Plant-based Meals Market Trends
The demand for plant-based meals and products had been steadily increasing, driven by factors such as health and wellness concerns, environmental awareness, and ethical considerations. In addition, companies were diversifying their plant-based product offerings, moving beyond basic veggie burgers and meat substitutes to include a wide variety of plant-based options, including dairy alternatives, plant-based seafood, and more.
Plant-based Meals Market Analysis
Based on type, the diary alternative segment held over USD 15.7 billion revenue in 2022. Consumers are increasingly concerned about their health and well-being. Plant-based dairy alternatives are often perceived as healthier options because they tend to be lower in saturated fats and cholesterol compared to traditional dairy products. They are also often lactose-free, making them suitable for those with lactose intolerance.
Based on distribution channel, hypermarket and supermarkets segment recorded 44.2% of the plant-based meals market share in 2022. Supermarkets and hypermarkets typically have a vast amount of shelf space and can accommodate a wide range of products. As demand for plant-based meals has grown, retailers have responded by expanding their plant-based offerings. This increased variety attracts a larger customer base.
Based on end user, the vegetarian segment accounted for the largest revenue share of 40.5 % in 2022. Many consumers are choosing plant-based diets, including vegetarianism, for health reasons. Research has shown that plant-based diets can be associated with various health benefits, including reduced risk of chronic diseases like heart disease, diabetes, and certain types of cancer. This health-conscious trend has led to an increase in the consumption of plant-based meals.
The North America plant-based meals market size reached USD 17.74 billion in 2022. There is growing awareness of the environmental impact of animal agriculture, such as deforestation, greenhouse gas emissions, and water usage. Many consumers in North America are choosing plant-based meals to reduce their environmental footprint. In addition, there is a growing awareness of animal welfare issues associated with conventional meat production. This has led to an increase in the number of people choosing plant-based options to align with their ethical beliefs.
Plant-based Meals Market Share
Major companies operating in the plant-based meals industry includes:
The companies are undergoing various strategic initiatives, such as mergers and acquisitions, partnerships, collaborations.
ADM plays a pivotal role in transforming crops into an array of products used in food, animal feed, industrial, and energy markets. The company operates an extensive network of agricultural assets, including a vast supply chain, processing plants, and distribution centres worldwide. The company is renowned for its innovation and expertise in the procurement, transportation, and processing of agricultural commodities like grains, oilseeds, and more. It supplies a diverse range of food and beverage manufacturers with high-quality ingredients, from sweeteners and starches to oils and proteins.
Plant-based Meals Industry News
The plant-based meals market research report includes in-depth coverage of the industry with estimates & forecast in terms of transactional value (USD Billion) and transactional volume (Kilo Tones) from 2018 to 2032, for the following segments:
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Market, By Type
Market, By Distribution Channel
Market, By End user
The above information has been provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
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Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →