Global Plant-based Meat Market Report and Forecast 2024-2032

Global Plant-based Meat Market Outlook

The global plant-based meat market size was approximately USD 8.54 billion in 2023. The market is assessed to grow at a CAGR of 19.8% between 2024 and 2032, reaching a value of USD 43.42 billion by 2032.

Key Trends in the Market

Plant-based meat is a term used to refer to meat prepared from plant-source rather food animals like goat, sheep, and others. Plant-based meat and meat products mimic the taste and texture of animal meat while serving a sustainable food alternative. They can be prepared from plant sources, including soy, pea, jackfruit, seitan, tofu, and tempeh, among others.

• One of the key plant-based meat market trends is the rapid expansion of the plant-based alternative foods market, supported by growing vegan and flexitarian population and innovations towards revolutionising the food system. Plant-based alternative foods can help fulfill the rising global demand for meat, creating a food system with a greater dependence on plant-based food sources to sustainably feed the global population while addressing pressing environmental issues including the climate change.

• Increasing global concerns related to zoonotic diseases are encouraging consumers to adopt plant-based food alternatives over animal-based foods. Irresponsible use of antibiotics in food animals results in increased antimicrobial resistance in them, leading to an increase in the number of infectious diseases transmitted from animals to humans. This is creating a need to modernise meat production to lower the risk of global public health issues by reducing reliance on animals in the food system.

• The plant-based meat market growth is likely to be supported by innovations in plant ingredient and optimisation of supply chain, with a growing emphasis on developing plant-based meat with improved sensory qualities and texture, cleaner ingredient formulations, and affordable prices. The growing customer inclination towards clean label products is likely to support this trend.

Market Analysis

Based on source, the market is segmented into soy, wheat, and pea, among others. On the basis of type, the market can be divided into pork, beef, chicken, fish, and others. The plant-based meat market segmentation, based on product type, includes burger patties, sausages, strips and nuggets, meatballs, and tenders and cutlets, among others.

By distribution channel, the market is broadly bifurcated into offline and online. The market is categorised into households and HoReCa based on end use. The major regional markets for plant-based meat include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global plant-based meat market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Impossible Foods Inc. 

• Beyond Meat, Inc. 

• Redefine Meat Ltd. 

• Maple Leaf Foods Inc. 

• Kellogg Company 

• Unilever PLC

• VBites Foods Ltd 

• Conagra, Inc. 

• Sunfed 

• Simple Foods Inc. 

• Others

Market Share by End Use

As per the plant-based meat market analysis, the HoReCa sector is expected to be the major demand driver of plant-based meat products. The expansion of food service chains and the evolving consumer food habits, with a growing shift towards plant-based products with clean ingredient decks, are the key factors driving the segment growth. There has been a steady growth in the inclusion of plant-based meat products in menus of leading restaurant chains such as McDonald’s, Burger King, and Starbucks in regions like the UK, Israel, Canada, and the US.

Market Share by Region

North America accounts for a significant plant-based meat market share due to the growing appeal of plant-based foods among consumers for varying reasons, including health concerns, taste, environmental sustainability, and animal welfare. In the United States, the sales of plant-based meat in the foodservice sector witnessed a remarkable growth, with plant-based burgers accounting for a significant market share.

Meanwhile, there has been an increase in the launch of plant-based meat startups in countries such as Brazil, India, China, and the Netherlands, with several food and agribusiness companies focusing on launching plant-based offerings and expanding their product lines, to tap into the growing plant-based meat space.

Competitive Landscape

Impossible Foods Inc., is a company that offers plant-based and vegan substitutes for meat products, with a focus on transforming the global food system into something that is truly sustainable, by reducing the need to prepare food from animals. In 2016, the company debuted its first product, the Impossible Burger, which is a plant-based alternative to beef hamburger.

Beyond Meat, Inc., founded in 2009, is a food company engaged in the production of plant-based meats. From its first plant-based beef product, this Los Angeles–based company has expanded its offerings to include plant-based pork, among other products.

Redefine Meat Ltd., established in 2018, develops animal-free meat, replicating the texture and flavour of traditional meat by using advanced technology and processes. The company aims to become the leading global meat producer by leveraging technology instead of animals and using natural and sustainable ingredients.

Other plant-based meat market players include Maple Leaf Foods Inc., Kellogg Company, Unilever PLC, VBites Foods Ltd, Conagra, Inc., Sunfed, and Simple Foods Inc.

Key Highlights of the Report