Plant-based Meals Market Size - By Type (Dairy Alternatives, Meat Substitutes, Egg Substitutes, Seafood Substitutes, Other Plant-based Meals), End use (Vegans, Vegetarians, Lactose intolerant, Gluten allergy), Distribution Channel, & Global Forecast, 2023

Plant-based Meals Market Size - By Type (Dairy Alternatives, Meat Substitutes, Egg Substitutes, Seafood Substitutes, Other Plant-based Meals), End use (Vegans, Vegetarians, Lactose intolerant, Gluten allergy), Distribution Channel, & Global Forecast, 2023-2032

Plant-based meals industry size is slated to record over 17.9% CAGR from 2023 to 2032, fueled by the increasing health consciousness, environmental concerns, and ethical considerations. Of late, there has been growing awareness regarding the health benefits associated with plant-based diets, including reduced risk of chronic diseases.

The expanding vegetarian and flexitarian consumer base is driving innovative product developments and marketing strategies by food companies. Additionally, the rising animal welfare concerns and the greater desire to reduce carbon footprints may stimulate the adoption of plant-based diets, fostering robust and evolving market for plant-based meals across the globe. For instance, in May 2023, a tasty lineup of plant-based frozen ready meals was introduced by Beyond Meat in the U.K.

The plant-based meals market is bifurcated based on type, distribution channel, end-use, and region.

Based on type, the market value from the meat substitutes segment is expected to record over 18% CAGR during the forecast period. The growth can be attributed to the increasing adoption of vegetarian and vegan diets. The surge in health-conscious consumer choices and the rising innovations in plant-based protein sources will favor the segment growth.

The online distribution channel segment is projected to accumulate sizeable share of the plant-based meals industry, accounting for 16.6% CAGR during 2023-2032. This is due to the convenience and wider product accessibility offered by e-commerce platforms. In recent years, the trend of consumers seeking plant-based options online has picked significant pace. The sales from the online channel for meeting the diverse preferences of consumers will also boost the segment growth.

Based on end-use, the market share from the lactose-intolerant segment is anticipated to observe 16.7% CAGR during the forecast period. The increasing awareness of dairy alternatives, health-conscious dietary choices along with the thriving market for plant-based products will drive the demand for plant-based meals for lactose intolerant consumers.

Regionally, the Asia Pacific plant-based meals industry size may expand at 17.3% CAGR through 2032. The growth can be attributed to the rising awareness of health and environmental sustainability. The shifting consumer preference towards plant-based diets and the increased availability of diverse plant-based options will also boost the regional market.