Plant-based Meat Market by Source (Beans, Nuts, Oats), Type (Beef, Chicken, Fish), Product, Storage, End-User, Distribution Channel - Global Forecast 2024-2030

Plant-based Meat Market by Source (Beans, Nuts, Oats), Type (Beef, Chicken, Fish), Product, Storage, End-User, Distribution Channel - Global Forecast 2024-2030

The Plant-based Meat Market size was estimated at USD 7.36 billion in 2023 and expected to reach USD 7.97 billion in 2024, at a CAGR 8.76% to reach USD 13.25 billion by 2030.

Plant-based meat refers to products designed to mimic the taste, texture, and appearance of animal meat and are made from plant ingredients. These products are primarily made from sources including soy, peas, and beans. They cater to vegetarians, vegans, and those reducing meat intake due to health or environmental reasons. Over recent years, the demand for plant-based meat has surged, driven by growing consumer awareness of health issues associated with red meat consumption and environmental concerns linked to traditional meat production, such as greenhouse gas emissions and land use. However, the industry faces challenges, including higher production costs compared to conventional meat, which can lead to higher retail prices. Additionally, despite improvements, achieving the exact taste and texture of animal meat can be complex, potentially limiting adoption among traditional meat-eaters. The regulatory landscape also presents hurdles with ongoing debates about labeling and using the term meat for plant-based products. Nevertheless, technological advancements in food science continue to enhance product quality and decrease production costs. Furthermore, as global awareness of sustainability issues grows, more consumers are likely to turn to plant-based alternatives, which is anticipated to drive market growth across various demographics.

Regional Insights

In the Americas, the plant-based meat market is growing due to the significant consumer inclination towards health-conscious eating habits, sustainability, and ethical concerns regarding animal welfare. Consumers are increasingly adopting plant-based diets, encouraged by government dietary guidelines promoting plant-based proteins. The Americas is witnessing rising investments, with companies expanding their production capacities to meet the burgeoning plant-based meat demand. The EMEA shows diverse consumer behavior, with countries including the UK, Germany, and the Netherlands increasing plant-based meat consumption. The European market benefits from supportive government policies regarding food sustainability and high consumer sensitivity to environmental and health issues. Patents related to plant-based meat innovations have risen, reflecting vital research and development focus. The Middle East market is relatively nascent; however, it shows potential due to increasing consumer health awareness. Countries stand out in this region with advanced food technologies, significant investments, and startups focusing on alternative proteins. Africa is in the early stages of adopting plant-based meat products. Government health initiatives, food security concerns, and sustainability goals primarily drive the Asia-Pacific shift towards plant-based meat. The region sees increased local production and international investments, with many startups focusing on plant-based innovations. Furthermore, recent patents in APAC focus on improving the taste and texture of plant-based meats to better appeal to local tastes.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Plant-based Meat Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Increasing vegan and flexitarian population across the world
Exponential availability of plant-based meat products through online platforms
Government initiatives supporting plant-based meat development

Market Restraints

Relatively higher price of plant-based meat products

Market Opportunities

Launch of new and improved plant-based meat
Rising investments and emergence of innovative packaging of plant-based meat

Market Challenges

Nutritional limitations associated with plant-based meat

Market Segmentation Analysis

Source: Significant utilization of soy due to its high protein content and meat-like texture
Distribution Channel: Evolving online distribution channels for plant-based meat

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Plant-based Meat Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Plant-based Meat Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Kraft Heinz and TheNotCo Launch Plant-Based Variants of Classic Meat Products

The joint venture between The Kraft Heinz Co. and TheNotCo Inc., operating as The Kraft Heinz Not Co. LLC, is introducing its first plant-based meat alternatives, NotHotDogs and NotSausages. These products promise to deliver the experiences of rich savoriness and subtle smokiness, traits cherished by Oscar Mayer enthusiasts for over a century. The introduction reflects an adaptation to the growing demand for plant-based foods while maintaining the traditional taste profiles familiar to consumers.

Beyond Meat Unveils Beyond IV: Elevating Plant-Based Meat Standards

Beyond Meat, Inc. introduced the fourth iteration of its beef platform, Beyond IV. This innovation anchors the launch of the new Beyond Burger and Beyond Beef, which is available exclusively in retail settings. Beyond IV enhances the quality and appeal of plant-based meats, setting new industry standards for taste and nutrition, and reinforcing Beyond Meat's dedication to innovative and health-conscious alternatives to traditional meat.

Nestlé Expands Plant-Based Offerings with Maggi Veg in Chile

Nestlé has broadened its plant-based product range by launching a new variety of shelf-stable, vegan-certified cooking options under the Maggi Veg brand in Chile. This innovative line includes the company's first shelf-stable plant-based minced meat, designed as a convenient and nutritious meat alternative suitable for a variety of dishes such as tacos, empanadas, and spaghetti bolognese. The product, primarily made from soy, is rich in high-quality proteins and fibers, aligning with consumer demands for healthier dietary choices.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Plant-based Meat Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Plant-based Meat Market, highlighting leading vendors and their innovative profiles. These include Basic American Foods, Beyond Meat, Inc., Co-operative Group Limited, Conagra Brands, Inc., Deliciou Pty Ltd., FoodEase, Good Food Express Limited, Hindustan Unilever Limited, Imagine Meats Platform, Impossible Foods Inc., Imposter Meat Official, Ingredion Incorporated, Livekindly Company, Inc., Maple Leaf Foods Inc., Meat Zero, Meati Inc., MisterVeg Foods Pvt Ltd., Next Meats India, Plantaway by Terra Verde Foods Pvt Ltd., Redefine Meat Ltd., Sudo by Plantly Delight Private Limited, Tata Consumer Products Limited, The Hain Celestial Group, Inc., The Kellogg Company, The Mighty Food, The Tofurky Company, Inc., VBites Foods Ltd., Vegan Store Ltd., Vezlay Foods Pvt. Ltd., and Wakao Foods.

Market Segmentation & Coverage

This research report categorizes the Plant-based Meat Market to forecast the revenues and analyze trends in each of the following sub-markets:

Source
Beans
Nuts
Oats
Pea
Quinoa
Seeds
Soy
Wheat
Type
Beef
Chicken
Fish
Lamb
Pork
Turkey
Product
Burger Patties
Crumbles
Cutlets
Fillets
Fingers
Meatballs
Sausages
Slices
Slides
Strips & Nuggets
Storage
Frozen
Refrigerated
Shelf-Stable
End-User
Commercial
Residential
Distribution Channel
Offline
Retail Outlets
Supermarkets & Hypermarkets
Online
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year