Plant-based Burger Market Size, Share Global Analysis Report, 2023 – 2030

Industry Insights

[221+ Pages Report] According to Facts and Factors, the global plant-based burger market was valued at USD 4.91 billion in 2022 and is predicted to surpass USD 22.57 billion by the end of 2030. The plant-based burger industry is expected to grow by a CAGR of 21.02%.

Market Overview

Plant-based burgers are made from plant-based ingredients without the inclusion of any animal products. The major goal behind the plant-by-burger is to replicate the appearance, texture, and taste of traditional meat burgers without animal by-products.

The product is under the broader initiative of vegan food movements catering to people following flexitarian, vegan, or vegetarian diets. Moreover, many people are turning to plant-based diets because of environmental and sustainability concerns.

Key Insights

• As per the analysis shared by our research analyst, the global plant-based burger market size is estimated to grow annually at a CAGR of around 21.02% over the forecast period (2023-2030).
• In terms of revenue, the global plant-based burger market size was valued at around USD 4.91 billion in 2022 and is projected to reach USD 22.57 billion by 2030.
• The Growing vegan population is driving the growth of the global plant-based burger market.
• Based on the product type, the refrigerated segment is growing at a high rate and is projected to dominate the global market.
• Based on the source, the chickpea-based segment is projected to swipe the largest market share.
• Based on the certification, the non-GMO segment is likely to swipe the larger share of the market.
• Based on the flavor, the classic segment is likely to dominate the global market.
• Based on the distribution channel, the supermarket segment is anticipated to swipe the largest share of the global market.
• Based on region, North America is expected to dominate the global market during the forecast period.

Growth Drivers

• Growing vegan population is driving the growth of the global market.

There is a growing awareness regarding the environmental impact of animal agriculture on animals, the environment and human beings. Therefore, the desire for healthier food options is encouraging people to transition from animal-based diets to plant-based diets, which is a primary reason for the growth of the global plant-based burger market.

Moreover, the surging emphasis on overall health and wellness is further pushing consumers to seek alternative protein sources, and plants are perceived as healthier alternatives, which also align with the wellness trends.

Therefore, such a landscape is expected to propel the growth of the plant-based burger industry in the forthcoming years. For instance, Dr Praeger unveiled its new product line of unique plant-based burgers in 2021. The burger is made up of quinoa, black bean, and sweet potato.

Restraints

• Limited availability is likely to hamper the growth of the global market.

Despite the fact that plant-based products are gradually becoming more popular and accessible, there is still limited availability of the product in many markets. Moreover, the availability of these burgers is still not consistent, which impacts consumer behavior in the adoption of products with fewer options. Therefore, such a landscape is expected to slow down the growth trajectory of the plant-based burger industry.

Opportunities

• Innovation and product development are likely to foster growth opportunities in the global market.

The ongoing product innovation is supporting the success of plant-based burgers. Companies are investing heavily in improving the formulation to achieve a similar taste and texture as traditional meat. This initiative is expected to offer many growth opportunities in the global plant-based burger market.

For instance, Tofurky launched a new plant-based burger under its brand name in 2021. The product is a unique blend of vegetables and pea protein like beet, etc.

Challenges

• Perceived lack of authenticity is a big challenge in the global market.

Consumers see plant-based burgers as less nutritious and tasty because of their perception of the lack of authenticity associated with these burgers. Overcoming these perceptions and simultaneously achieving a taste and texture similar to traditional burgers is a big challenge in the plant-based burger industry.

Segmentation Analysis

The global plant-based burger market can be segmented into product type, source, certification, flavor, distribution channel, and region.

By product type, the market can be segmented into refrigerated and frozen. The refrigerated segment accounts for the largest share of the global market. Refrigerated plant-based burgers are perceived to have a fresher taste and texture. Consumers often associate these products as being very close to homemade or restaurant-quality burgers as compared to the frozen alternatives.

Moreover, these refrigerated burgers are more convenient for people who want easy and quick meal options. These products need a shorter period to prepare and appeal to individuals with hectic lifestyles. The refrigerated section in grocery stores is set up near the fresh and perishable items to give consumers a natural gravitation towards these refrigerated products.

Therefore, such a landscape is expected to propel the growth of the global plant-based burger market.

By source, the market can be segmented into black bean-based, chickpea-based, lentil-based, mushroom-based, soy-based, and others. The chickpea-based segment is to witness a high growth rate during the forecast period. Chickpeas are considered to be a high-quality source of plant protein, fibre, and other minerals and vitamins. People looking forward to plant-based high-quality protein are largely attracted to the chickpea base for its nutritional benefits.

Moreover, chickpeas are versatile and can be accommodated in a large number of cooking options. Their neutral flavor makes them ideal for different flavor profiles and seasonings, making the chickpea burgers customizable to different culinary styles.

By certification, the market can be segmented into gluten-free, vegan, organic, non-GMO and others. Non-GMO is expected to grow with the highest CAGR in the coming years. Non-GMO certification offers assurance to people looking forward to clean-label products that are free from genetically modified organisms. Consumers in today’s world are more health conscious and are adopting more natural and unmodified ingredients; therefore, they are in high demand in the market.

By flavor, the market can be segmented into barbeque, Mediterranean, smoky, spicy, classic, and others. The classic segment is likely to dominate the global plant-based burger market during the anticipated period. Classic favors are associated with traditional beef burgers and, therefore, are more appealing to consumers.

Moreover, this flavor is more versatile and is easy to pair up with different side dishes, condiments, and toppings. It also allows the food serving vendors to customize the plant-based burgers according to people's preferences and tastes, thereby widening the scope of the product. Such advantages of classic flavor are expected to foster the developments in the segment in the coming years.

By distribution channel, the market can be segmented into food service outlets, specialty stores, online retailers, convenience stores, supermarkets and hypermarkets. The supermarket segment is anticipated to swipe the largest share of the plant-based burger industry in the upcoming years. Supermarkets are a one-stop shop for consumers looking forward to a wide range of products, including plant-based burgers.

The burgers in the supermarkets are typically displayed alongside the traditional meat products to increase accessibility and the visibility of the product to consumers. This placement is done strategically to help consumers easily find and choose plant-based alternatives during their shopping journey.

Report Scope

Regional Analysis

• North America to dominate the global market.

North America will account for the largest share of the global plant-based burger market in the coming years. The region is witnessing a surge in demand for plant-based alternatives, including burgers. People are highly concerned about environmental sustainability, ethical consideration, and health consciousness, and therefore, a large number of people are transitioning towards a plant-based diet, which is increasing the popularity of vegan burgers.

Also, the plant-based burgers in the region are widely available in retail channels like specialty stores, food stores, grocery stores and supermarkets. Such high accessibility of these products in mainstream retail outlets is increasing the acceptance of plant-based burgers among people.

The regional market is highly characterized by ongoing innovation in terms of formulation, flavors and ingredients. Big companies are focusing on creating products that closely mimic the appearance and taste of traditional meat burgers.

Asia Pacific is further expected to grow steadily during the forecast period due to various factors like increasing awareness regarding plant-based diets, rising concern regarding sustainability and changing dietary preferences. Consumers in the region are showing an increasing interest in plant-based diets because of many factors, including environmental, sustainability and ethical considerations.

Moreover, these burgers are also becoming widely available in supermarkets and other stores, thereby increasing the accessibility of these products, which has significantly expanded its market revenue. For instance, Beyond Meat came up with Beyond Burger 3.0 in 2021. The product is made up of an amalgamation of rice, mung, and peas.

Competitive Analysis

The key players in the global plant-based burger market include:

• Beyond Meat Inc.
• Impossible Foods Inc.
• Lightlife Foods Inc.
• Nestlé S.A.
• MorningStar Farms
• Amy's Kitchen
• Tattooed Chef Inc.
• Gardein
• Tofurky
• Field Roast
• Lighter

For instance, Nestle revealed its new product, Awsome Burger, in 2020 in the US. The product is made of wheat and soy protein blend. The company also unveiled its plan to launch plane-based tuna products in the future.

The global plant-based burger market is segmented as follows:

By Product Type Segment Analysis

• Refrigerated
• Frozen

By Source Segment Analysis

• Black Bean Based
• Chickpea Based
• Lentil Based
• Mushroom Based
• Soy Based
• Others

By Certification Segment Analysis

• Barbeque
• Mediterranean
• Smoky
• Spicy
• Classic
• Others

By Flavor Segment Analysis

• Gluten-Free
• Vegan
• Organic
• Non-GMO
• Others

By Distribution Channel Segment Analysis

• Food Service Outlets
• Specialty Stores
• Online Retailers
• Convenience Stores
• Supermarkets
• Hypermarkets

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• 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