Global Plant-based Burger Market - 2023-2030

Global Plant-based Burger Market - 2023-2030

Global Plant-based Burger Market reached US$ 5.42 billion in 2022 and is expected to reach US$ 10.34 billion by 2030, growing with a CAGR of 8.42% during the forecast period 2023-2030.

As the vegan population is increasing globally demand for plant-based burgers increased. According to the data given by the World Animal Foundation, around 1-2% of the global population is vegan. Market growth of the vegan food is expected by $31.4 Billion in 2026. Due to this, increase in the demand for vegan ingredients like plant-based burgers over the forecast period.

Peas and fava bean burgers are popular in the market so major key players in the market focus on launching peas and fava bean-based burgers in the market. For instance, on July 06, 2023, Oumph, a Swedish meat alternatives brand launched a plant-based smash burger made from peas and fava beans. There are approximately 800 types of plant-based burgers available in the European market. The newly launched peas and fava bean-based burgers is available for the sell in supermarket retail.

Major key players in the market launched innovative products in the market to fulfill consumer’s demands for plant-based products. For instance, on March 24, 2020, Doves Farm, a UK baking company launched its range of organic flours with an organic plant-based burger to fulfill consumer’s demand for organic products. The company’s organic flours are made from Sri Lankan coconuts and are organic plant-based burgers is Soil Association organic certified, Vegan Society certified, and Coeliac UK certified. It is high in fiber and protein.

Dynamics

Increase in Trend of Veganism Among Consumers

The increasing consumer knowledge regarding the health concerns associated with the consumption of animal-based meat is driving them towards meat and meat product alternative products. In addition, the rising environmental concerns and worry about animal cruelty, motivating consumers to let go of the animal-based diet and adopt a vegan diet. The popularity of many plant-based foods is increasing, which broadens and diversifies the plant-based burger market opportunities.

The World Animal Foundation estimates that there are approximately 88 million vegans in the world. The increasing veganism is driving the growth of global vegan meat products such as plant-based burgers. According to the data given by columbus, on February 25, 2022, there are around 7.2 million British adults follow plant-based diet. The trend of veganism is rapidly growing in the UK which is increased 40% in 2021.

The Health Benefits Associated With Plant-Based Burger

Globally, consumers are leaving off animal-based meat and meat products due to the increasing health concerns related to the consumption of those products. The high consumption of animal-based meat products increases cholesterol levels and leads to unhealthy heart conditions. The high harmful saturated fats in animal meat are making consumers choose another alternative to preserve their health conditions, driving the plant-based burger market growth.

An increase in consumers’ concern about their health helps to boost market growth over the forecast period. Plant-based food has a number of health benefits including improved immune function and lowered risk of certain diseases. Plant-based food products contain less fat due to this increase in the consumer’s demand from the obese population. According to the data given by WHO in 2022, more than 1 billion adults were obese.

High Cost

Many consumers are price-sensitive and reluctant to pay a premium price for plant-based burgers, especially when traditional meat burgers are more affordable. This cost disparity limits the adoption of plant-based options. Higher prices for plant-based burgers make them less accessible to individuals with limited disposable income. This is a barrier for lower-income populations, reducing the inclusivity of plant-based diets.

Some consumers perceive plant-based burgers as not offering good value for the price compared to traditional meat products. This perception discourages potential consumers from trying or regularly purchasing plant-based alternatives. High prices for plant-based burgers in restaurants and fast-food chains lead to menu items that are more expensive than traditional meat options. This discourages consumers from choosing plant-based dishes when dining out.

Segment Analysis

The global plant-based burger market is segmented based on nature, source, distribution channel, and region.

Increasing Consumer's Demand For Soy-based Burger

On the basis of Source market is segmented into soy-based, mushroom-based, lentil-based, chickpea-based, and others. The soy-based burger segment held 33.15 % of the market share in the global plant-based burger market. Growing consumer demand for healthier and environmentally friendly ingredients like soy-based burgers helps to boost segment growth over the forecast period.

Major key players in the market of plant-based burgers have invested in research and development to improve the texture, taste, and overall quality of soy-based burgers. Innovations in food technology have led to more convincing and satisfying products. To fulfill consumer’s demand for the soy-based burger due to its health benefits manufacturers launched new products in the market. For instance, on January 06, 2023, Lotteria, a South Korean fast food franchise launched a soybean-based meat burger in the market. It is savory and juicy.

Geographical Penetration

Growing Consumption of Plant-based Burgers in North America

North America accounted largest market share accounting for 42.12% of the global plant-based burger market. United States and Canada accounted largest market share due to the increase in the consumer demand for plant-based food products and the growing vegan population in the region. Consumers in the region are looking for traditional meat product alternatives like plant-based burgers.

According to the data given by the Plant Based Foods Association (PBFA) and Good Food Institute (GFI), the plant-based food market in the United States retail in 2022 is worth $8 billion with an increase in sales up 7% from 2021. 6 out of 10 consumers in the United States bought plant-based food in 2022. As demand for plant-based in North America increased the demand for plant-based burgers also increased.

Competitive Landscape

The major global players in the market include Beyond Meat, Inc., Impossible Foods Inc., The Vegetarian Butcher, MorningStar Farms, Lightlife Foods, Gardein, Tofurky Company, Amy's Kitchen, Dr. Praeger's Sensible Foods, and Field Roast Grain Meat Co.

COVID-19 Impact Analysis

During the pandemic, there was a heightened focus on health and sustainability, which boosted the plant-based food industry. Consumers seeking healthier and more sustainable food options turned to plant-based burgers and other meat alternatives. COVID-19 prompted a shift in consumer behavior, including increased interest in home cooking and a surge in online grocery shopping. Plant-based burger companies adapted by increasing their online presence and making their products available through e-commerce channels.

The pandemic accelerated the growth of plant-based burger sales in the retail sector. Consumers stocked up on groceries and sought convenient meal options, including frozen plant-based burger patties. Retailers responded by increasing their offerings of plant-based products. According to the data essential study, 47% of United States consumers switched their eating to plant-based meat during COVID-19 19. Gen Z and Millennials switched their eating habit at 62% and 56% respectively. 12% of the consumers reported that they ordered plant-based burger. 48% of consumers in the United States increased their online shopping as a result of Covid 19.

Russia-Ukraine War Impact Analysis

The conflict in Ukraine disrupts supply chains, affecting the sourcing and transportation of ingredients for plant-based burgers. This disruption can lead to shortages and increased production costs. Fluctuations in commodity prices, particularly in the agricultural sector, impact the cost of ingredients used in plant-based burgers. This leads to price fluctuations in the final products.

The war disrupts trade routes or international relations leading to challenges in exporting and importing plant-based burger products and ingredients. Tariffs and trade restrictions affect the industry. Geopolitical tensions lead to fluctuations in currency exchange rates, which affect the cost of importing and exporting plant-based burger products.

By Nature
• Organic
• Conventional

By Source
• Soy-Based
• Mushroom-Based
• Lentil-Based
• Chickpea-Based
• Others

By Distribution Channel
• Supermarkets and Hypermarkets
• Convenience Stores
• E-Commerce
• Specialty Stores
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Russia
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• On August 02, 2023, Plantasia Foods, a plant-based food company launched Plant-Based Burger with 22 grams of protein. It is a microwavable burger that gets ready in 60 seconds. The newly launched product is soy and gluten-free.
• On May 18, 2022, Motif FoodWorks launched plant-based meat products in the market. The newly launched products include Motif MoBeef, Motif MoPork, and Motif MoChicken. MoBeef is a plant-based burger patty available for the sell in the market.
• On December 31, 2021, ITC Ltd, launched plant-based burger patties and nuggets. ITC sells these products in e-commerce and large retail chains in 8 cities of India.

Why Purchase the Report?
• To visualize the global plant-based burger market segmentation based on nature, source, distribution channel, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of plant-based burger market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global plant-based burger market report would provide approximately 61 tables, 60 figures and 190 pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies