Global Plant-based Meat Market Report and Forecast 2024-2032

Global Plant-based Meat Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global plant-based meat market size was approximately USD 13.60 billion in 2023. Aided by the increasing consumer demand for sustainable and ethical food options, the market is assessed to grow at a CAGR of 22.4% between 2024 and 2032, reaching a value of nearly USD 87.9 billion by 2032.

Plant-based meat refers to food products designed to replicate the taste, texture, and nutritional profile of traditional meat but made entirely from plant-derived ingredients. These products cater to a variety of consumers, including vegetarians, vegans, flexitarians, and those seeking to reduce their environmental footprint or improve their health.

The global plant-based meat market is undergoing a remarkable transformation, fuelled by a confluence of trends that reflect changing consumer preferences, advancements in food technology, and a growing awareness of environmental sustainability. One of the primary drivers of this market is the increasing consumer demand for sustainable and ethical food options. As awareness about the environmental impact of traditional livestock farming grows, more consumers are seeking alternatives that reduce carbon footprints, conserve water, and minimise land use. Plant-based meat, which is derived from various plant sources such as soy, peas, wheat, and other legumes, offers a sustainable solution that aligns with these environmental goals.

Health consciousness is another significant plant-based meat market trend. Consumers are becoming more aware of the health risks associated with excessive consumption of animal-based products, such as heart disease, high cholesterol, and certain cancers. As a result, there is a growing preference for plant-based diets, which are perceived to be healthier and more nutritious. Plant-based meats are often fortified with vitamins, minerals, and other nutrients to provide a comparable nutritional profile to traditional meats, catering to health-conscious consumers looking for healthier alternatives.

Technological advancements in food science and processing are playing a pivotal role in the plant-based meat market growth. Innovations in protein extraction, fermentation, and texturisation technologies are enabling the production of plant-based meats that closely mimic the taste, texture, and appearance of conventional meat. Companies are investing heavily in research and development to improve product quality and diversify their offerings. This has led to the creation of plant-based versions of a wide range of meat products, including burgers, sausages, nuggets, and even seafood, expanding the market's appeal and reach.

The rise of flexitarianism, a dietary approach that emphasises a primarily plant-based diet while allowing occasional meat consumption, is also contributing to the plant-based meat market expansion. Flexitarians are driven by a combination of health, environmental, and ethical motivations, and they represent a significant and growing consumer segment. This trend is encouraging food manufacturers to develop high-quality plant-based meat products that cater to the diverse needs of flexitarians, as well as vegetarians and vegans.

Sustainability is a critical factor driving the plant-based meat market growth. With the increasing focus on reducing greenhouse gas emissions and conserving natural resources, plant-based meats are gaining traction as a more sustainable alternative to traditional animal agriculture. The production of plant-based meats requires significantly less water, land, and energy compared to conventional meat production. Additionally, it generates fewer greenhouse gas emissions, contributing to efforts to mitigate climate change. This sustainability aspect is resonating with environmentally conscious consumers, further boosting market growth.

Marketing and branding strategies are evolving to highlight the benefits of plant-based meats. Companies in the plant-based meat market are increasingly using transparent and compelling messaging to communicate the health, environmental, and ethical advantages of their products. Social media platforms and influencer partnerships are playing a crucial role in raising awareness and driving consumer engagement. Brands are also focusing on creating appealing packaging and branding that resonates with target audiences, emphasising the natural and sustainable attributes of their products.

The impact of the COVID-19 pandemic on the plant-based meat market value has been multifaceted. On one hand, the pandemic has heightened consumer awareness about health and food safety, leading to increased interest in plant-based foods. Supply chain disruptions in the meat industry and concerns about zoonotic diseases have further accelerated this shift. On the other hand, the economic downturn has affected consumer spending, posing challenges for premium-priced plant-based meat products. However, the long-term outlook remains positive, as the pandemic has reinforced the importance of sustainable and resilient food systems.

Regulatory support and government initiatives are also fostering the plant-based meat market development. Governments in various countries are implementing policies and providing funding to support the development and commercialisation of plant-based proteins. These initiatives are aimed at promoting sustainable agriculture, reducing environmental impact, and enhancing food security. Regulatory frameworks are evolving to ensure the safety and labelling of plant-based meat products, providing clarity and building consumer trust.

The foodservice sector is playing a crucial role in the plant-based meat market expansion. Restaurants, fast-food chains, and catering services are increasingly incorporating plant-based meat options into their menus to cater to the growing demand. High-profile partnerships between plant-based meat companies and major foodservice providers are driving visibility and accessibility. This trend is helping to normalise plant-based meats as mainstream food options, appealing to a broader audience.

Investment and innovation in the plant-based meat market are at an all-time high. Venture capitalists, private equity firms, and food industry giants are investing heavily in plant-based startups and research initiatives. This influx of capital is accelerating product development, scaling production, and expanding market reach. Strategic collaborations and acquisitions are also facilitating the entry of new players and the diversification of product portfolios.

Market Segmentation

The global plant-based meat market can be divided based on source, type, product type, distribution channel, end-use, and region.

Market Breakup by Source

• Soy
• Wheat
• Pea
• Others

Market Breakup by Type

• Pork
• Beef
• Chicken
• Fish
• Others

Market Breakup by Product Type

• Burger Patties
• Sausages
• Strips and Nuggets
• Meatballs
• Tenders and cutlets
• Others

Market Breakup by Distribution Channel

• Online
• Offline

Market Breakup by End-Use

• Households
• HoReCa

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global plant-based meat market. Some of the major players explored in the report by Expert Market Research are as follows:

• Impossible Foods Inc.
• Beyond Meat, Inc.
• Redefine Meat Ltd.
• Maple Leaf Foods Inc.
• Kellogg Company
• Unilever PLC
• VBites Foods Ltd
• Conagra, Inc.
• Sunfed
• Simple Foods Inc.
• Others

About Us

Acquire unparalleled access to critical industry insights with our comprehensive market research reports, meticulously prepared by a team of seasoned experts. These reports are designed to equip decision-makers with an in-depth understanding of prevailing market trends, competitive landscapes, and growth opportunities.

Our high-quality, data-driven analysis provides the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.

Don't miss the opportunity to elevate your business intelligence and strengthen your strategic planning. Secure your organisation's future success by acquiring one of our Expert Market Research reports today.

*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report. Show more