Plant-Based Meat Market Share, Size, Trends, Industry Analysis Report, By Source (Soy, Wheat, Peas, Others); By Products; By Distribution Channel; By Region; Segment Forecast, 2023 - 2032

Plant-Based Meat Market Share, Size, Trends, Industry Analysis Report, By Source (Soy, Wheat, Peas, Others); By Products; By Distribution Channel; By Region; Segment Forecast, 2023 - 2032

The global plant-based meat market size is expected to reach USD 30,601.36 million by 2032, according to a new study by Polaris Market Research. The report “Plant-Based Meat Market Share, Size, Trends, Industry Analysis Report, By Source (Soy, Wheat, Peas, Others); By Products; By Distribution Channel; By Region, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Plant-based meat is a food product designed to mimic the taste, texture, and appearance of traditional animal meat while being entirely composed of plant-based ingredients. It is a form of alternative protein that aims to provide a more sustainable and environmentally friendly option for individuals who choose to reduce or eliminate their consumption of animal products. Plant-based meats are typically made from a combination of plant protein sources such as soy, peas, wheat, or other legumes. These proteins are often processed and transformed to create a meat-like texture.

Plant-based meat aims to provide a substitute that can satisfy the sensory experience of eating meat without relying on animal sources. This approach addresses concerns about animal welfare, environmental impact, and personal health associated with the conventional meat industry. Plant-based meats can be found in various forms, including burgers, sausages, ground meat, nuggets, and even plant-based seafood alternatives.

The growth of the plant-based meat market is primarily driven by the ability of these products to replicate animal-based meat. They mimic traditional meat products' texture, taste, smell, and appearance. Plant-based meat alternatives are rich in folate, iron, and fiber and have lower saturated fat content than ground beef, as supported by research funded by the U.S. National Institutes of Health.

The main components of plant-based meat include vegetable protein extract, beet juice, and coconut oil. The increasing preference for plant-based alternatives, driven by the rise in the vegetarian population and the adoption of flexitarian diets, is expected to boost the popularity of the plant-based meat industry.

However, it's important to note that plant-based meat products may not contain essential nutrients such as omega-3 fatty acids and certain proteins found abundantly in animal meat. Additionally, some plant-based meat products are heavily processed and loaded with additives, which can reduce their overall nutritional value. Artificial colors, flavors, textures, and other additives mimic animal-based meat products' characteristics.

Moreover, the high sodium content in plant-based meat can harm individuals with hypertension, diabetes, and other health conditions. These factors may challenge the growth of the plant-based meat market in the coming years.

Plant-Based Meat Market Report Highlights

The soy segment is expected to hold the largest market share during the forecast period because it is a high-quality source of plant-based protein and fiber, making it a popular choice for meat alternatives. It also offers various applications in preparing products like burgers and sausages.

In 2022, the burger patties segment held the fastest market share in plant-based meat. Consumers are increasingly seeking alternatives that provide a similar sensory experience to meat products while offering the benefits of plant-based ingredients. The rising popularity of plant-based diets, including vegan and flexitarian lifestyles, has contributed to the growing demand for burger patties made from plant-based ingredients.

In 2022, North America accounted for the largest market share due to increasing awareness about plant-based meat products' health and environmental benefits has driven consumer demand for alternatives to traditional animal-based meat. This trend has been further supported by the growing number of individuals adopting vegetarian, vegan, and flexitarian lifestyles.

The global key market players include Gold & Green Foods, Zikooin, Amy's Kitchen, Tofurky, Garden Protein International, Beyond Meat, Greenwise, Impossible Foods, Novameat, Quorn Foods, Sunfed, Omnipork, Maple Leaf Foods, V2food, The Vegetarian Butcher, Morningstar Farms, and VBites.

Polaris Market Research has segmented the plant-based meat market report based on source, product, distribution channel, and region:

Plant-Based Meat, Source Outlook (Revenue - USD Million, 2019 - 2032)

Soy

Wheat

Peas

Others

Plant-Based Meat, Products Outlook (Revenue - USD Million, 2019 - 2032)

Burger Patties

Sausages

Strips & Nuggets

Meatballs

Others

Plant-Based Meat, Distribution Channel (Revenue - USD Million, 2019 - 2032)

Retail Outlets

Foodservice

E-commerce

Plant-Based Meat, Regional Outlook (Revenue - USD Million, 2019 - 2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa