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Plant-based Meat Market Size - By Source (Soy, Wheat, Pea {Product [Burger Patties, Meatballs, Strips & Nuggets], Type [Chicken, Beef, Bacon, Fish], Distribution Channel [Grocery Stores, Food & Drinks Specialty Stores, Restaurants]}) & Forecast, 2023-2032

  • Report ID: GMI3466
  • Published Date: Nov 2023
  • Report Format: PDF

Plant-based Meat Market Size

Plant-based Meat Market size is estimated to record over 10.5% CAGR from 2023 to 2032, backed by the rising health awareness as well as growing environmental concerns among the consumers. People are increasingly looking for healthier dietary options and seeking to reduce their consumption of animal products due to concerns about potential health risks. Additionally, the environmental impact of traditional meat production, including greenhouse gas emissions and deforestation, has led to a surge in demand for more sustainable and eco-friendly protein sources. According to an article published by the World Economic Forum, 65% consumers prefer to make ethical spending choices to live a healthy and sustainable life.
 

Plant-based Meat Market

To understand key trends  

Innovation and product development have played a pivotal role in market growth. A study conducted by Credit Suisse stated that around 66% consumers, aged 16-40 years across 10 countries, have planned to spend relatively more on plant-based meat and dairy alternatives in the future. Companies are continually developing new plant-based meat products that closely mimic the taste, texture, and mouthfeel of traditional meat, attracting a broader audience, including flexitarians and meat-eaters looking to reduce their meat intake. The availability of a wide range of plant-based meat products, from burgers and sausages to plant-based chicken and seafood alternatives, further expand the appeal and market growth prospects.

 

One of the significant constraints in the plant-based meat market is the competition with traditional meat products. While plant-based options have gained popularity, meat remains a staple in many diets, and shifting consumer habits can be slow. Additionally, the relatively higher cost of plant-based meat products, compared to conventional meat, can deter price-sensitive consumers. Regulatory challenges and labeling discrepancies also pose hurdles. Finally, ensuring a consistent and authentic meat-like taste and texture in plant-based alternatives remains a constant challenge for manufacturers.
 

COVID-19 Impact

The COVID-19 pandemic brought a mix of challenges and opportunities to the global plant-based meat market. While supply chain disruptions temporarily affected production and distribution, the crisis underscored the importance of food safety and sustainability, aligning with the core values of plant-based products. As the pandemic heightened health consciousness and food security concerns, consumers increasingly turned to plant-based meat for its perceived health benefits and reduced risk of zoonotic diseases. Online retail and direct-to-consumer sales surged during lockdowns, bolstering market revenues. The crisis accelerated the shift towards plant-based diets, enhancing the industry growth outlook in a post-pandemic world.
 

Plant-based Meat Market Trends

A growing emphasis on clean-label and minimally processed plant-based meat products is a significant trend. Several countries have now recognized the need to label such products. For instance, according to an article published by National Consumers League, Food & Drug Administration (FDA) announced the issuance of draft guidance on the labeling of plant-based milks and plant-based alternatives to “animal-derived foods” (meats) in 2022. Consumers are increasingly scrutinizing ingredient lists and are drawn to products with simple, recognizable components which has led to a surge in product innovation. The manufacturers are working to create plant-based meats that are not only healthy but also transparent in terms of the ingredients.
 

Additionally, there is a surge in collaborations between foodservice establishments and plant-based meat producers. As per the study published by National Consumers League, Bloomberg Intelligence report anticipates a 500% surge in worldwide sales of plant-based foods by 2030. Many restaurants, fast-food chains, and food delivery platforms are now incorporating plant-based meat options into their menus to cater to the preferences of consumers seeking sustainable and meatless choices. This trend encourages wider acceptance of plant-based meats for convenient dining-out options that align with their dietary and environmental concerns, thereby shaping the market dynamics.
 

Plant-based Meat Market Analysis

The pea-based meat segment is anticipated to experience robust growth rate, surpassing 10.5% during 2023-2032, owing to the consumer inclination towards vegetarian & vegan diets as well as an increased health consciousness.
 

  • Pea-based meats deliver a satisfying and meat-like texture while being a good source of fiber, thiamine, phosphorous, vitamin K, and folate, attracting consumers who seek authentic meat substitutes.
     
  • The legume is celebrated for its sustainability and lower environmental impact compared to some other protein sources. The cultivation of peas typically requires less water and land, and the nitrogen-fixing properties of pea plants can contribute to soil health.
     

The plant-based meat market from soy-based meat balls segment will record significant demand rise through 2032, favored by the product being a versatile protein source.
 

  • With a balanced nutritional profile and rich texture, soy meatballs appeal to health-conscious consumers seeking sustainable protein options. Their versatility in flavor absorption makes them adaptable to various cuisines.
     
  • The rising awareness of environmental concerns and health-conscious lifestyles propels the demand for soy-based meatballs among the consumers following flexitarian and vegetarian diets, without compromising taste or nutritional value.
     

The food & beverage specialty store segment will generate notable revenues for the plant-based meat market through 2032, owing to a variety of factors including premium positioning & consumer awareness.
 

  • Specialty stores often prioritize educating consumers about plant-based alternatives, fostering awareness and understanding of the benefits associated with plant-based meat products. Partnering with specialty stores elevates brand visibility and offers an opportunity for enhanced consumer education.
     
  • These stores often curate products aligned with specific dietary preferences, creating a focused environment for showcasing plant-based meat alternatives.
     

North American plant-based meat market size is poised to witness over 10% CAGR till 2032. Led by the United States and Canada, North America has been a hotbed of innovation in plant-based meat development. Major companies like Beyond Meat and Impossible Foods originated here, introducing groundbreaking products that emulate the taste and texture of traditional meat.
 

The region's health-conscious and eco-friendly consumer base has driven the adoption of plant-based diets, making it a significant contributor to the global shift towards plant-based meat. The widespread integration of plant-based options into restaurant menus across the region has also played a pivotal role in mainstreaming these alternatives globally, shaping the market's evolution.
 

Plant-based Meat Market Share

DuPont, a key player in the global plant-based meat industry, has pursued a range of strategic initiatives to drive growth. The company has invested significantly in R&D, aiming to create innovative plant-based protein ingredients that closely replicate the taste and texture of traditional meat. DuPont has also forged strategic collaborations with food manufacturers and startups in the plant-based sector, broadening its market presence.
 

Moreover, the company places a strong emphasis on sustainability, promoting eco-friendly practices and ethical sourcing of ingredients, aligning with the values of environmentally conscious consumers. These comprehensive strategies have solidified DuPont's position in the burgeoning plant-based meat market. Other prominent industry players include:

  • Garden Protein
  • Pinnacle
  • Maple Leaf Food
  • Sweet Earth Food
  • Beyond Meat
  • Quorn
  • Nestle
     

Plant-based Meat Industry News

  • In February 2023, Impossible Food, headquartered in California, unveiled an extension to its plant-based chicken offerings, introducing three new products, namely, Spicy Chicken Nuggets, Spicy Chicken Patties, and Chicken Tenders, all meticulously crafted from plant-based ingredients.
     
  • In May 2023, Sweet Earth Foods enlisted flexitarian icon Ashley Tisdale to spearhead the 'Veggie Come Back' initiative. The comprehensive event and integrated brand campaign by the frozen food label aimed to inspire consumers across dietary preferences to revisit plant-based eating.
     

The plant-based meat market research report include in-depth coverage of the industry with estimates & forecast in terms of volume in million kilo tons & revenue in USD billion from 2018 to 2032 for the following segments:

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Market, By Source

 

  • Soy 
    • By Product
      • Burger Patties
      • Strips & Nuggets
      • Meatballs
      • Sausage
      • Ground Meat
  • By Type
    • Chicken
    • Pork
    • Beef
    • Fish
  • By Distribution Channel
    • Grocery Stores
    • Convenience Stores
    • Food & Drink Specialty Stores
    • Online Retail
    • Restaurants
  • Wheat
  • By Product 
    • Burger Patties
    • Ground Meat
    • Strips & Nuggets
    • Steaks
    • Sausage
    • Seitan
  • By Type
    • Chicken
    • Bacon
    • Beef
  • By Distribution Channel
    • Grocery Stores
    • Food & Drink Specialty Stores
    • Online Retail
    • Restaurants
  • Pea
  • By Product 
    • Burger Patties
    • Meatballs
    • Strips & Nuggets
  • By Type
    • Chicken
    • Beef
    • Bacon
    • Fish
  • By Distribution Channel
    • Grocery Stores
    • Convenience Stores
    • Food & Drink Specialty Stores
    • Restaurants
  • Others
  • By Product 
    • Burger Patties
    • Strips & Nuggets
    • Meatballs
  • By Type
    • Beef
    • Pork
    • Chicken
  • By Distributional Channel
    • Grocery Stores
    • Online Retail
    • Convenience Stores
    • Food & Drink Specialty Stores
    • Restaurants

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Indonesia
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
       
Authors: Kunal Ahuja, Sarita Bayas

Frequently Asked Questions (FAQ) :

The market size of plant-based meat is set to grow at 10.5% CAGR during 2023 to 2032, propelled by the rising health awareness as well as growing environmental concerns among the consumers.
The pea-based meat segment is poised to record over 10.5% CAGR through 2032, owing to the consumer inclination towards vegetarian & vegan diets as well as an increased health consciousness.
North American market size will expand at over 10% CAGR till 2032. Led by the United States and Canada, North America has been a hotbed of innovation in plant-based meat development, favored by the region's health-conscious and eco-friendly consumer base.
DuPont, Garden Protein, Pinnacle, Maple Leaf Food, Sweet Earth Food, Beyond Meat, Quorn, and Nestle are the key market players.

Plant-based Meat Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 12
  • Tables & Figures: 868
  • Countries covered: 21
  • Pages: 460
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