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

Industry Insights

[225+ Pages Report] According to the report published by Facts & Factors, the global plant-based meal market size was valued at USD 10.53 billion in 2022 and is anticipated to reach USD 26.48 billion during 2023-2030. The market is expected to grow at an annual compound rate of 12.40% during the forecast period.

The plant-based meal market report comprehensively analyzes the market’s growth factors, barriers, opportunities, and challenges during the forecast period. It also covers the geographical market and offers a comprehensive study of the competitive landscape in the plant-based meal industry.

Market Overview

Plant-based meals refer to food products from plants like seeds, nuts, legumes, grains, vegetables, and fruits. These products do not include any animal-extracted ingredients like dairy products, seafood, poultry, meat, and eggs. These meals can be enjoyed by every individual according to their dietary preferences.

There are a number of options available for plant-based meals, like flexitarians, vegans, and vegetarians. The plant-based meals offer a wide range of nutritional benefits like lower levels of saturated fats, essential vitamins & minerals, high fiber content, etc.

However, these meals can be as creative and diverse as traditional meals. It includes green bowls, wraps, sandwiches, pasta dishes, stews, curries, fries, and salads. Plant proteins like tofu, tempeh, legumes, seitan, legumes, etc., and plant-based meat alternatives like meatballs, sausages, burgers, etc., are largely being used as substitutes for animal proteins.

Key Insights

• As per the analysis shared by our research analyst, the global plant-based meal market size is estimated to grow annually at a CAGR of around 12.40% over the forecast period (2023-2030).
• In terms of revenue, the global plant-based meal market size was valued at around USD 10.53 billion in 2022 and is projected to reach USD 26.48 billion by 2030.
• The increasing health awareness among people is likely to drive the growth of the global plant-based meal market.
• Based on the source, the egg substitute segment accounts for the largest share of the global market.
• Based on the type, the soybean segment is expected to grow significantly in the global market.
• Based on the distribution channel, the supermarket segment dominates the global market.
• Based on region, North America is expected to dominate the market during the forecast period.  

Plant Extracts Market: Growth Drivers

• Increasing health awareness among people is expected to boost the growth of the global market.

Increasing awareness regarding health and wellness among people is expected to drive the growth of the global plant-based meal market in the forthcoming years. Also, the increasing knowledge regarding the health benefits of plant-based diets is further expanding the market globally.

The plant-based diet is often said to be the healthier option because of the associated benefits like high fiber content, low cholesterol, and less saturated fats. Another reason that propels the growth of the segment is the growing popularity of plant-based diets among consumers worldwide. There is a growing concern regarding the negative impact of animal agriculture on both the animals and the environment. Animal agriculture is said to be a major contributor to greenhouse emissions, water pollution, and deforestation.

The plant-based diet is considered an environment-friendly diet owing to the fact that it offers a lower carbon footprint. For instance, Treeline Cheese, in March 2020, revealed a product range of cream cheese produced with the help of cultured cashew nuts along with various planes based ingredients. It's available in three different flavors, including strawberry, onion, and chive.

Restraints

• High prices and limited options are expected to hamper the growth of the global market.

Plant-based meals are more expensive than their animal-based counterparts; thereby, it is expected to hamper the growth of the global plant-based meal industry. Also, the surging trend of positioning the products in the premium range will further spike the price, which in turn will also restrict the market's growth.

Opportunities

• Product development and innovation are expected to offer lucrative growth opportunities in the global market.

The increasing product innovation and development is expected to capture wider market opportunities. Also, there is immense room available for new plant-based meat substitutes. Companies are investing heavily to come up with innovative products with nutritional profiles, better texture, and improved taste to attract a larger consumer base in the market.

The expansion of retail availability of these plant-based meal products in malls, online platforms, and supermarkets is also expected to widen the scope of the global plant-based meal market in the forthcoming years. For instance, Good Mylk successfully acquired PRO2FIT in March 2022. PRO2FIT produces plant-based food like vegan protein powder across India.

Challenges

• Increasing resistance from established food industry players is a big challenge in the global market.

Plant-based meals are surging exponentially in the market. Therefore, there is higher resistance from established food companies, which in turn is expected to be a big challenge in the global plant-based meal industry. Such a landscape is disturbing the current supply chains, business models, and partnerships in the developing market.

Segmentation Analysis

The global plant-based meal market can be segmented into source, type, distribution channel, and region.

By type, the market can be segmented into seafood substitute, egg substitute, meat substitute, dairy substitute, and others. The egg substitute segment accounts for the largest share of the global market due to the surge in demand, particularly in the bakery sector.

The high application of eggs in baking cakes is increasingly being replaced by plant ingredients. The fast-developing confectionery sector is also likely to encourage the growth of the segment in the global market. An increasing number of people looking forward to vegan food products is also likely to boost the sales of egg substitute foods in the global marketplace.

However, the dairy substitute segment is further likely to grow steadily in the forthcoming years due to the growing prevalence of lactose intolerance issues across the globe. Also, the growing awareness among people regarding the benefits of adopting dairy substitutes is likely to positively impact the growth of the segment.

By source, the market can be segmented into peas, nuts, wheat, soybean, and others. The soybean segment is expected to grow significantly in the global plant-based meal industry due to the increase in demand for gluten-free food products in the market. The growth in demand is due to the rise in food sensitivities.

Moreover, the increasing diagnosis of celiac disease is expected to propel the growth of the segment in the forthcoming years. Also, the easy availability of raw materials and lower cost of processing as compared to others is another reason positively impacting the growth of the segment.

By distribution channel, the market can be segmented into e-commerce platforms, company websites, online stores, supermarkets, departmental stores, and others. The supermarket segment dominates the global plant-based meal industry due to the regular habit of families visiting the local stores for shopping and spending some time together.

However, the wide availability of various options is another major factor boosting the growth of the segment. Additionally, the high convenience and discount offers also attract customers.

Report Scope

Regional Analysis

• North America is likely to dominate the global market.

North America is a leading region in the global plant-based meal market in terms of market size and volume. Canada and the United States are some of the fast-growing countries in the region, which are expected to see a significant increase in demand for plant-based products because people are actively looking forward to plant-based alternatives for ethical, environmental, and health reasons.

Additionally, the regional market is offering a wide range of plant-based meal options like ready-to-eat plant-based meals, plant-based snacks, dairy alternatives, meat substitutes, and several others, which is expected to accentuate the growth of the regional market in the forthcoming years.

Asia Pacific is another leading region in the global plant-based meal market due to the expanding middle-class population and changing lifestyle. Rapid urbanization is significantly contributing to the expanding population in the middle class, which is further driving the demand for healthy food options.

The increasing disposable income in many countries like China, India, and Japan is further allowing them to explore premium ranged products in the market. Such a landscape is further expected to foster developments in the regional market in the forthcoming years.

Europe is also expected to see a significant rise in the market volume in forthcoming years due to the favorable regulatory environment. Growing collaboration between plant-based companies, ingredients suppliers, and food manufacturers is further expected to establish a strong regional market.

However, the hospitality and food service sector is also expected to support the growth of the regional market in the forthcoming years as several hotels, cafes, and restaurants are actively looking forward to plant-based meals in their dining menu.

Competitive Analysis

• Lightlife 
• Field Roast 
• Amy's Kitchen 
• JUST Inc. 
• Oatly 
• Daiya Foods 
• Tofurky 
• Gardein 
• Impossible Foods 
• Beyond Meat 
• Bionova 
• Herbalife International of America Inc. 
• Glanbia PLC 
• Health Food Manufacturers' Association 
• Mead Johnson & Company LLC. 
• GlaxoSmithKline plc. 
• The Nature's Bounty Co.

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

By Source Segment Analysis

• Seafood Substitute
• Egg Substitute
• Meat Substitute
• Dairy Substitute
• Others

By Type Segment Analysis

• Peas
• Nuts
• Wheat
• Soybean
• Others

By Distribution Channel Segment Analysis

• Ecommerce Platforms
• Company Websites
• Online Stores
• Supermarkets
• Departmental Stores
• Others

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