What is the global market size of the Plant-Based Meat Market?

Global Plant-Based Meat Market size was valued at USD 3.52 billion in 2021 and is poised to grow from USD 4.39 billion in 2022 to USD 25.85 billion by 2030, at a CAGR of 24.9 % during the forecast period (2023-2030).

Who are the key vendors in the Global Plant-Based Meat Market?

Global Plant-Based Meat Market is becoming increasingly competitive as more companies enter the space and existing players expand their offerings. The market is expected to grow significantly in the coming years, driven by factors such as increasing health and environmental awareness, changing dietary preferences, and the rise of flexitarianism. These are just some of the many companies competing in the global plant-based meat market, and the competition is expected to continue to intensify as the market grows. Factors such as product innovation, pricing, distribution, and marketing strategies will play a crucial role in determining which companies emerge as leaders in this space. 'Beyond Meat (US)', 'Impossible Foods (US)', 'Nestle (Switzerland)', 'Tyson Foods (US)', 'Kellogg Company (US)', 'Maple Leaf Foods (Canada)', 'Conagra Brands (US)', 'The Vegetarian Butcher (Netherlands)', 'Quorn Foods (UK)', 'Tofurky (US)', 'Gardein (Canada)', 'Before the Butcher (US)', 'Lightlife Foods (US)', 'Alpha Foods (US)', 'Vivera (Netherlands)', 'The Meatless Farm Co (UK)', 'Ojah BV (Netherlands)', 'Hain Celestial Group (US)', 'Sunfed (New Zealand)', 'Sweet Earth Foods (US)'

What is the key driver of the Global Plant-Based Meat Market?

The increasing awareness about the adverse effects of consuming meat on human health and the environment is driving the demand for plant-based meat products. Plant-based meat products are perceived as healthier and more sustainable alternatives to animal meat, which is driving their adoption among health-conscious and environmentally-aware consumers.

What is the key market trend for the Global Plant-Based Meat Market?

Product innovation and development: Plant-based meat manufacturers are investing heavily in research and development to create innovative products that replicate the taste, texture, and nutritional profile of traditional meat products. This trend is driving the development of new plant-based meat products that offer a more realistic meat-like experience for consumers.

Which region accounted for the largest share in the Global Plant-Based Meat Market?

North America dominated the global plant-based meat market, accounting for the largest share of the market revenue in 2021. This growth is attributed to the increasing consumer awareness of the risks associated with consuming contaminated meat products, along with the growing consumption of meatless meat products. Consumers in this region are increasingly concerned about the sustainability and safety of their food, which is driving the adoption of plant-based meat products.

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 News

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.

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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).

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. '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) '

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.

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.

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.

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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

Plant-Based Meat Market News

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What is the global market size of Plant-Based Meat Market?

Who are the key vendors in the Plant-Based Meat Market?

What is the key driver of Plant-Based Meat Market?

What is the key market trend for Plant-Based Meat Market?

Which region accounted for the largest share in Plant-Based Meat Market?

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