USD 4.39 billion
Plant-Based Meat Market Size, Share, Growth Analysis, By Source(Soy, Wheat, Blendss, Pea), By Type(Beef, Chicken, Pork, Fish), By Distribution Channel(Food Retail, Food Services, E-Commerce, by Storage), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30I2310 |
Region:
Global |
Published Date: August, 2024
Pages:
198
|Tables:
62
|Figures:
75
Plant-Based Meat Market Insights
Global Plant-Based Meat Market size was valued at USD 4.39 Billion in 2022 poised to grow from USD 5.48 Billion in 2023 to USD 32.47 Billion by 2031, growing at a CAGR of 24.9% in the forecast period (2024-2031).
Growing vegetarianism and worries about animal cruelty have led to a tremendous surge in the global plant-based meat market substitutes. These days, a lot of shops are stocked with a wide variety of plant-based meat substitutes, including vegetarian sausage, Quorn patties, vegan shrimp, and ground beef. The demand for plant-based meat is also expected to increase in the coming years due to growing health concerns about obesity, diabetes, cardiovascular diseases, and other illnesses brought on by the high fat content of animal-based meat products. This is due to the high protein and low-calorie content of plant-based meat substitutes.
The capacity of plant-based meat products to mimic animal-based meat products is a major factor driving the expansion of the global plant-based meat market. As an example, these items imitate the appearance, texture, taste, and smell of meat products derived from animals. In comparison to ground beef, plant-based meat products are a better source of fibre, iron, and folate and contain less saturated fat, according to a study funded by the US National Institutes of Health. The main ingredients of plant-based meat substitutes are coconut oil, beetroot juice, and vegetable protein extract. The growing number of vegetarians and flexitarians is expected to cause a shift in consumer preferences towards plant-based meat substitutes, which will help the plant-based meat sector become more well-known in future years.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Retail
Fastest Growth
HORECA (Hotel/Restaurant/Café)
Growth Rate
24.9% CAGR
Global Plant-Based Meat Market ($ Bn)
Country Share by North America (%)
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Plant-Based Meat Market Segmental Analysis
The global plant-based meat market is segmented based on Source, Type, Distribution Channel, region. In terms of source, the market is segmented into Soy, Wheat, Blendss, Pea and Other Sources. Based on the Type, the market is grouped into Beef, Chicken, Pork, Fish and Other Type. Based on the Distribution Channel, the market is segmented into Food Retail, Food Services, E-Commerce, by Storage, Frozen, Refrigerated and Shelf-Stable. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa.
Analysis by Source
As per categorization by source, the market is classified as soy, wheat, blendss, pea and other sources. Among these, Soy earned the largest share and continues to dominate the market. With its high protein content, adaptable texture, and neutral taste that goes well with a variety of meat substitutes, soy source is a major invention in the global plant-based meat market substitutes. Its dominance is due to its broad availability, built-in customer confidence, and shown ability to replicate the nutritional and sensory qualities of meat, which motivates its widespread use.
As wheat contains a high amount of gluten, which gives it a texture similar to meat, it is predicted to develop at the quickest rate in the worldwide market for plant-based meat alternatives. Furthermore, its quick adoption in plant-based meat products might be attributed to its low cost, extensive cultivation, and rising customer desire for non-soy substitutes.
Analysis by Distribution Channel
Food retail is propelling innovation in the global plant-based meat market by increasing the accessibility and prominence of products in traditional grocery shops. It is a major distribution channel for this market because of its dominance, which is supported by rising consumer demand, clever alliances with plant-based companies, and the ease of providing a variety of affordable meat substitutes.
The increased demand from consumers for plant-based options in restaurants and fast-food chains is expected to propel the food services category in the global plant-based meat market to become the fastest-growing one. Growing numbers of restaurants offering plant-based menus encourage wider acceptance, accommodate a range of dietary needs, and promote industry expansion.
Global Plant-Based Meat Market By Source (%)
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Plant-Based Meat Market Regional Insights
Due to early embrace of alternative proteins, high consumer awareness of environmental and health issues, and substantial investment in plant-based innovation, North America is leading the global plant-based meat market. The market is expanding due to the region's well-established infrastructure for the food sector, the presence of significant enterprises producing plant-based meat, and an increasing number of vegan and flexitarian consumers. The regulatory landscape in North America also facilitates the development and promotion of plant-based products, and the growing accessibility of these goods through mainstream food service and retail channels adds to their appeal and strengthens the region's position as a global leader in the industry.
The desire from consumers for ethical and ecological food options, increased environmental consciousness, and health-conscious tendencies has led to Europe becoming the region with the fastest growth in the global plant-based meat market. Market growth is accelerated by the region's progressive regulatory framework, which promotes plant-based innovation, as well as the broad industry and governmental support for cutting back on meat consumption. Flexitarian diets are becoming more and more popular among European consumers, and this expansion is being fuelled in part by the increased availability of plant-based options in grocery stores and dining establishments. Furthermore, major markets like the Netherlands, Germany, and the UK are leading the way in this change, making Europe a vibrant and quickly growing region in the global plant-based meat market.
Global Plant-Based Meat Market By Geography
- Largest
- Fastest
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Plant-Based Meat Market Dynamics
Drivers
Increase in Government Programs and a Substantial Investment:
- Governments everywhere are encouraging the use of plant-based meat alternatives because of the health advantages these products provide and the environmental issues with animal-based meat. Government organizations are also making significant investments in the production of products and research related to plant-based meat.
Customers are Paying More Attention to Meat Substitutes:
- With customers becoming more health conscious, plant-based and plant-infused meat products are replacing a variety of food items, including sausages and patties. This trend is predicted to increase demand for plant-based meat products. Therefore, during the forecast period, producers of plant-based meat will have a lot of opportunities due to the growing number of vegan and flexitarian consumers.
Restraints
Exorbitant Costs Compared to Conventional Beef:
- The global plant-based meat market is heavily constrained by considerations such as price. In price-sensitive regions like India, China, and South Africa, the expansion of plant-based meat is expected to be impacted because it is not as profitable as animal-based meat. While the high cost of plant-based meat substitutes over conventional meat is impeding the quickly expanding plant-based industry, companies that provide these alternatives are attempting to lower their pricing.
Views on the Flavour of Plant-Based Meat Substitutes:
- When choosing to substitute meat, consumers believe that there has been a considerable loss of flavour. Take soy protein, for example, which is not recommended for intake due to its strange flavour. Alcohol, furans, ketones, and aldehydes are among the substances that give off the bad flavour. Medium-chain aldehydes are mostly responsible for the beany and grassy flavour of soy products.
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Plant-Based Meat Market Competitive Landscape
Intense rivalry, innovation, and strategic alliances define the competitive environment of the global plant-based meat market. Global reach and a varied range of products are driving the business, as demonstrated by the success of major international companies like Nestlé, Impossible Foods, and Beyond Meat. To enhance flavour, texture, and nutritional qualities while simultaneously growing their distribution networks, these companies make significant investments in R&D. Increased market presence and growth potential can be achieved through partnerships with food stores and food service providers.
Top Player’s Company Profiles in Plant-Based Meat Market
- Beyond Meat (US)
- Kellogg Company (US)
- Impossible Foods Inc. (US)
- Maple Leaf Foods (Canada)
- Unilever (UK)
- Conagra Foods (US)
- Tofurky (US)
- Sunfed (New Zealand)
- Monde Nissin (Philippines)
- Planterra Foods (US)
- Fazendo Futuro (Brazil)
- Alpha Foods (US)
- Foods (Argentina)
- Before the Butcher (US)
- VBites Foods Ltd. (UK)
Plant-Based Meat Market Recent Developments
- In August 2023, Beyond Meat expanded its product portfolio with the introduction of its new plant-based chicken tenders. With the goal of gaining a bigger portion of the plant-based poultry industry through collaborations with grocery stores and restaurants, the company concentrated on enhancing texture and flavour to closely resemble regular chicken.
- In May 2023, With Impossible Sausage Links, the company's first plant-based pork product, it aimed to appeal to the morning and brunch markets. This innovation is a reflection of the company's ambition to broaden its product line and satisfy growing consumer demand for plant-based substitutes for meat in a variety of meat categories, especially in the rapidly expanding breakfast industry.
- In June 2023, Garden Gourmet Sensational Vuna, Nestlé's plant-based seafood brand, made its market debut in Europe. With this introduction, Nestlé enters the alternative seafood market, addressing growing concerns about overfishing and the impact of seafood production on the environment while meeting the growing demand for plant-based fish substitutes.
Plant-Based Meat Key Market Trends
- Evolving Consumer Preferences and Food Innovation Powering Plant-Based Meat Market: The growing trend of plant-based meat is being driven by evolving consumer preferences, increased natural awareness, and advancements in food innovation. This leads to a wider variety of plant-based food options. The plant-based meat market prioritizes the use of common, clearly labelled ingredients over synthetic additives and genetically modified organisms.
- Plant-Based Meat Brands Are Redefining Accessibility and Mainstream Appeal in the Food Industry: Brands associated with plant-based meat are being framed by foundations in the food industry, fast food chains, and restaurants. This oddity demonstrates how plant-based patterns are expanding the plant-based food industry by making plant-based products more accessible and adequate for the general public.
Plant-Based Meat Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, an increasing number of people are choosing plant-based meat alternatives as a result of health concerns about animal products and expanding vegetarianism. Plant-based meat is becoming more and more popular due to its improved nutritional value—namely, higher protein and less fat—as the market expands with products like vegan prawns and vegetarian sausages.
Key ingredients like soy and wheat are leading the way in texture and taste innovations that support this trend. Plant-based meat is becoming a mainstay of modern diets due to the growing presence of plant-based goods in retail and food services, which is backed by large corporations and forward-thinking regional markets. This evolution of the sector is quite quick.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 4.39 Billion |
| Market size value in 2031 | USD 32.47 Billion |
| Growth Rate | 24.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Plant-Based Meat Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Plant-Based Meat Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Plant-Based Meat Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Plant-Based Meat Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Plant-Based Meat Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Plant-Based Meat Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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