Market Overview:
Global Plant-Based Meat Market was valued at USD 20.36 Billion in 2023 and is expected to reach USD 68.33 Billion by the year 2032, Growing at a CAGR of 14.4% From 2024-2032.
Plant-based meats are made from plants that, in every way, resemble meat in terms of taste, texture, smell, and appearance. For instance, plant-based beef that is produced from soy protein has a beef-like flavor. Soy proteins imitate beef in flavor and texture thanks to genetically modified yeast. Furthermore, it is claimed that faux meats are lower in fat than animal proteins while still being high in calcium and protein. Ingredients derived from plants are a good source of antioxidants, vitamins, and minerals, all of which have positive health effects. Also, demonstrate how plant-based diets can help with diabetes, weight loss, and microbiome health. It also suggests that they may support different health problems, such as cholesterol, hypertension, and cardiovascular disease, and contain lower levels of saturated fat, and calories as compared to traditional meat.
Top Key Players Covered In The Plant-Based Meat Market:
- Alpha Foods (US)
- Beyond Meat (US)
- Impossible Foods Inc. (US)
- Hooray Foods (US)
- Maple Leaf Foods (Canada)
- The Vegetarian Butcher (Netherlands)
- Before the Butcher (US)
- Gardein Protein International (Canada)
- Yves Veggie Cuisine (Canada)
- Morningstar Farms (US)
- Quorn Foods (US)
- Amy's Kitchen (US)
- No Evil Foods (US)
- Tofurky (US)
- Gold&Green Foods Ltd. (Finland)
- VBites Food Limited (UK)
- Sunfed (New Zealand)
- Planterra Foods (US)
- Like Meat (Germany)
- The Meatless Farm Co. (England), and Other major players.
Market Dynamics and Factors:
The availability of products in grocery stores and restaurants is propelling the growth of plant-based meat Since it first began to appear in supermarkets and restaurants, plant-based meat has gained popularity. Consumers, investors, influencers, and journalists all fell in love with byproducts that resembled beef in appearance, browning, and "bleeding," but were made from plants instead. The trend has received extensive research. According to a survey conducted in February by the International Food Information Council, 41% of consumers decided to eat plant-based meat because they wanted to try new things. In addition, 45% of consumers believed a plant-based product was stronger than ground beef based on the Nutrition Facts label, according to a different IFIC study that focused on comparing plant-based and animal meat.
Change in public perception is expected to drive the plant-based meat market. A positive development is the public's perception of both meat and plant-based meat changing gradually but steadily. More people are beginning to understand the advantages of plant-based meat over animal meat over time. For instance, switching to plant-based meat that is produced in a humane and clean environment can help prevent issues with animal farming such as disease outbreaks. Utilizing plant-based meat alternatives can help protect public safety, promote sustainability, save the lives of defenseless farm animals, and reduce greenhouse gas emissions. The general public is aware of both of these facts.
Plant-Based Meat Market Report Highlight:
- By source, the soy segment is anticipated to lead the growth of the Plant-Based Meat market in the forecasted timeframe. The ability of soy-based products to absorb rich flavors from other food is called a complete source of protein. Other plant proteins don't have the complete nutritional value that soy does.
- By type, the beef segment is expected to have the highest share of the Plant-Based Meat market over the projected period. Produced from soy protein, plant-based beef has a beef-like flavor. Soy proteins now have a taste and texture that are similar to those of beef thanks to genetically engineered yeast, which has helped the market gain popularity and expand.
- By product, the Burger Patties segment is set to develop at the highest CAGR during the forecasted timeframe. Faster production, taste, convenience, and massive supply. Burger patties are gaining popularity in the shelf space of retail outlets.
- The North American region is expected to have the highest share of the Plant-Based Meat market over the projected period. The increasing use of meatless meat products and customers' growing awareness of the potential dangers of consuming unhygienic meat products are credited with driving the regional market's growth.
Key Industry Development:
- In August 2021, Hungry Planet Offering six varieties of chef-crafted plant-based meat products, including chicken, pork, beef, and sausage at all 362 Sprouts Farmers Market locations across the country, Hungry Planet is quickly expanding its grocery presence across the U.S. The most ardent meat eaters, as well as vegetarians, vegans, and flexitarians, are known to be delighted by Hungry Planet.
- In September 2020, Beyond Meatballs, the company's newest offering, was unveiled and sold in grocery stores across the U.S. The consumer demand for wholesome, simple-to-prepare foods made from plant-based ingredients will be met by this product.
Plant-Based Meat Market Segmentation:
By Source
- Soy
- Wheat
- Pea
- Other
By Type
- Chicken
- Pork
- Beef
- Fish
- Other
By Product
- Burger Patties
- Sausages
- Strips & Nuggets
- Meatballs
- Other
For this report, Introspective Market Research has segmented the Plant-Based Meat Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
North America
- The U.S.
- Canada
- Mexico
Europe
- Germany
- UK
- France
- Italy
- Russia
- Spain
- Rest Of Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
