17-Jun-2024 | Facts and Factors
According to Facts and Factors, the global plant based meat market size was worth around USD 5.35 billion in 2023 and is predicted to grow to around USD 33.12 billion by 2032 with a compound annual growth rate (CAGR) of roughly 22.4% between 2023 and 2030.
Plant based meat products are substitutes for animal meat and are created using only plants. The main concept here is to avoid the use of animals to convert plants into meat. Organic products are composed of the same nutrients that can be found in animal meat like fat, protein, mineral, vitamins, and water. With technological advancement, the new range of plant based meat has the same tastes, looks, and texture as animal meat.
Even though discussions about plant substitutes have been in existence for decades, it has only recently gained more momentum owing to efforts of various domestic and international organizations in creating awareness about the benefits of switching to plant-based food items in general.
One of the key factors in the production of these meat items is that they are free of external antibiotics, unlike animal meat. The overuse of anti-bacterials is anticipated to result in the creation of antibiotic-resistant superbugs resulting in the loss of effective antibiotics.
Hence it is important to look for alternatives so that antibiotic utilization is reduced to a large extent. Eliminating the use of animals in any form or process during food manufacturing will potentially eliminate the risk of future pandemics or other deadly diseases that spread from animals to humans. Most of these diseases do not have concrete cures which makes them more fatal and dangerous as a result of constant virus mutation.
Browse the full “Plant-based Meat Market Size, Share, Growth Analysis Report By Product (Burgers, Patties, Grounds, Nuggets, Sausages, and Others), By Sources (Soy, Pea, Wheat, and Others), By Storage (Frozen Plant-Based Meat, Refrigerated Plant-Based Meat, and Shelf-Stable Plant-Based Meat), By End-User (Retail and HORECA), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Retail, and Foodservice Channels), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2024 – 2032." report at https://www.fnfresearch.com/plant-based-meat-market-report
During Covid-19, even though there was a disturbance in the global plant based meat market cap at the initial stage driven by supply chain issues along with lowered production rate, in the long run, it is projected to help grow the market revenue further. This could be driven by the increased concerns amongst the population about eating animal meat since the most widely accepted origin of the virus was bats.
The global plant based meat market is projected to grow owing to the rising awareness amongst the population about the negative environmental impact of meat consumption. As per an article published by the Guardian, meat when used as food items results in almost 60% of the entire greenhouse gasses. The meat industry is one of the industries that cause water, soil, and air pollution together. It is also one of the largest waste-creating sectors. There are a significant number of people who are voluntarily choosing not to use or consume any kind of animal-derived products as a way of contributing to the environment which will subsequently help in increasing the consumption of plant based meat. The global market size may also benefit from the actions undertaken by responsible authorities toward developing meat substitutes that provide the same benefit without the negative impact. This may also be consulted with the rising number of key players from the food industry trying their hands in the meat substitute market.
Some concerns over labeling are projected to restrict the global market growth while the rising number of players may provide expansion opportunities. Questions about the authenticity of plant based meat are anticipated to challenge global market growth.
Segmental Overview
The global plant based meat market is segmented by product, source, type, storage, end-user, and region
Based on product, the global market is divided into patties, burgers, and sausages with over 29% of the global market segment being led by the sale of burgers, in 2022. Based on source, the global market is segmented into pea, soy, and wheat. Meat products derived from soy accounted for more than 48% of the global market in the last year
Based on type, the global market segments as beef, pork, and chicken; with 34% of the market, in 2022, dominated by the chicken segment Based on storage, the global market is divided into frozen, refrigerated, and shelf stable. Frozen items witnessed the highest sale in the last year and shared around 56.65% of the global market revenue.
Regional Overview
North America is anticipated to generate the highest revenue in the global plant based meat market owing to the rising protestors against the meat industry who have undertaken initiatives to generate awareness about the cruelty animals go through while being processed for human consumption.
There are many socially influential people in the regions like USA and Canada who on a personal level participate in events that highlight animal cruelty at food farms. Followers of such personalities tend to take the matter being discussed more seriously. There are multiple documentaries made for public viewing depicting the unhygienic conditions the animal lives in along with other processes like artificial insemination which goes against animal rights. All these factors together are projected to help generate high regional revenue.
Report Scope
Report Attribute |
Details |
Market Size in 2023 |
USD 5.35 Billion |
Projected Market Size in 2032 |
USD 33.12 Billion |
CAGR Growth Rate |
22.4% CAGR |
Base Year |
2023 |
Forecast Years |
2024-2032 |
Key Market Players |
Amy's Kitchen Inc., Beyond Meat, Conagra Inc., DR. PRAEGER'S SENSIBLE FOODS, Eat JUST Inc., Gold&Green Foods Ltd., Gooddot, Impossible Foods Inc., Kellogg NA Co., Kraft Foods Inc., Lightlife Foods Inc., LikeMeat GmbH, Maple Leaf Foods, Marlow Foods Ltd. (Cauldron), Moving Mountains, No Evil Foods, Ojah B.V., OmniFoods, Quorn, Sunfed, Tofurky, Trader Joe's, VBites Foods Limited, Vegetarian Butcher, and Others. |
Key Segment |
By Product, By Sources, By Storage, By End-User, By Distribution Channel, and By Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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Competitive Landscape
The global plant based meat market is led by players like Amy's Kitchen, Inc., Beyond Meat, Conagra Inc., DR. PRAEGER'S SENSIBLE FOODS, Eat JUST Inc., Gold&Green Foods Ltd., Gooddot, Impossible Foods Inc., Kellogg NA Co., Kraft Foods Inc., Lightlife Foods Inc., LikeMeat GmbH, Maple Leaf Foods, Marlow Foods Ltd. (Cauldron), Moving Mountains, No Evil Foods, Ojah B.V., OmniFoods, Quorn, Sunfed, Tofurky, Trader Joe's, VBites Foods Limited, Vegetarian Butcher, and others.
Recent Developments:
- In October 2022 - Plant-based pioneer Beyond Meat launched Beyond SteakTM, a product aiming to replicate the taste and texture of seared steak. This launch signifies advancements in technology for replicating meat characteristics, potentially attracting new consumers seeking plant-based alternatives with a familiar meat experience.
- In June 2022 - Conagra Brands, a major food company, expanded its Gardein brand with a new Pea & Wheat Plant-Based Chicken line. This move indicates established players recognizing the growing demand for diverse plant-based options beyond burgers.
- In March 2022 - Valio Oy, a Finnish company, acquired Gold & Green Foods Oy. This strategic move strengthens Valio's position in the Finnish plant-based food market and suggests their ambitions for international growth. The acquisition might also signal potential consolidation within the plant-based sector as larger players seek to expand their market share.
The global plant based meat market is segmented as follows:
The global plant based meat market is segmented as follows:
By Product
- Burgers
- Patties
- Grounds
- Nuggets
- Sausages
- Others
By Sources
By Storage
- Frozen Plant-Based Meat
- Refrigerated Plant-Based Meat
- Shelf-Stable Plant-Based Meat
By End-User
By Distribution Channel
- Supermarkets/Hypermarkets
- Convenience Stores
- Online Retail
- Foodservice Channels
By Regional
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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