Global Plant-Based Meat Market

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 2025-2032


Report ID: SQMIG30I2310 | Region: Global | Published Date: August, 2024
Pages: 198 | Tables: 62 | Figures: 75

Plant-Based Meat Market Insights

Plant-Based Meat Market size was valued at USD 5.48 Billion in 2023 and is poised to grow from USD 6.84 Billion in 2024 to USD 40.56 Billion by 2032, growing at a CAGR of 24.9% during the forecast period (2025-2032).

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. 

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Plant-Based Meat Market size was valued at USD 5.48 Billion in 2023 and is poised to grow from USD 6.84 Billion in 2024 to USD 40.56 Billion by 2032, growing at a CAGR of 24.9% during the forecast period (2025-2032).

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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Global Plant-Based Meat Market

Report ID: SQMIG30I2310

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