Plant-based Meat Market by Source, Type, Product, Storage, End-User, Distribution Channel

List of Tables

The Plant-based Meat Market was valued at USD 7.36 billion in 2023, expected to reach USD 7.97 billion in 2024, and is projected to grow at a CAGR of 8.76%, to USD 13.25 billion by 2030.

The plant-based meat market encompasses products designed to mimic the taste, texture, and nutritional profile of traditional meat but made from plant-derived proteins such as soy, pea, and wheat. These substitutes address dietary needs and ethical concerns, offering sustainable and cruelty-free alternatives to meat. The necessity for these products arises from increasing global health consciousness, environmental sustainability concerns, and rising incidences of meat-related allergies and intolerances. Applications span diverse culinary uses including ready-to-eat meals, packaged foods, and cuisine-specific recipes, with end-uses stretching from individual consumers striving for healthier diets to restaurants and fast-food chains aiming to broaden menu offerings. Key growth drivers include consumer demand for ethical and sustainable products, innovation in food science technologies improving taste and texture, and strong marketing by brands capitalizing on wellness trends. Recent opportunities lie in expanding distribution channels into emerging markets and enhancing products with natural ingredients for clean labeling. Companies can capitalize on these by investing in robust R&D, partnering with culinary experts to refine product taste, and increasing collaborations with retail giants to amplify market presence.

KEY MARKET STATISTICS
Base Year [2023]	USD 7.36 billion
Estimated Year [2024]	USD 7.97 billion
Forecast Year [2030]	USD 13.25 billion
CAGR (%)	8.76%

However, the market faces significant challenges, such as price competitiveness with conventional meat, the consumer perception of processed plant-based foods being less healthy, and the taste and sensory comparison against traditional meat. Addressing these limitations involves concentration in areas of cost-effective production, ingredient transparency, and continuous product testing and enhancement to meet sensory expectations. Innovation and research should focus on extracting proteins from novel sources like algae or fungi and improving preservation methods to extend shelf-life without additives. The plant-based meat market is dynamic and rapidly expanding, characterized by evolving consumer preferences and technological advances; hence, keeping abreast of dietary trends and ethically sourcing raw materials will be crucial for sustainable business growth.

Market Dynamics: Unveiling Key Market Insights in the Rapidly Evolving Plant-based Meat Market

The Plant-based Meat Market is undergoing transformative changes driven by a dynamic interplay of supply and demand factors. Understanding these evolving market dynamics prepares business organizations to make informed investment decisions, refine strategic decisions, and seize new opportunities. By gaining a comprehensive view of these trends, business organizations can mitigate various risks across political, geographic, technical, social, and economic domains while also gaining a clearer understanding of consumer behavior and its impact on manufacturing costs and purchasing trends.

Market Drivers
- Increasing vegan and flexitarian population across the world
- Exponential availability of plant-based meat products through online platforms
- Government initiatives supporting plant-based meat development
Market Restraints
- Relatively higher price of plant-based meat products
Market Opportunities
- Launch of new and improved plant-based meat
- Rising investments and emergence of innovative packaging of plant-based meat
Market Challenges
- Nutritional limitations associated with plant-based meat

Porter's Five Forces: A Strategic Tool for Navigating the Plant-based Meat Market

Porter's five forces framework is a critical tool for understanding the competitive landscape of the Plant-based Meat Market. It offers business organizations with a clear methodology for evaluating their competitive positioning and exploring strategic opportunities. This framework helps businesses assess the power dynamics within the market and determine the profitability of new ventures. With these insights, business organizations can leverage their strengths, address weaknesses, and avoid potential challenges, ensuring a more resilient market positioning.

PESTLE Analysis: Navigating External Influences in the Plant-based Meat Market

External macro-environmental factors play a pivotal role in shaping the performance dynamics of the Plant-based Meat Market. Political, Economic, Social, Technological, Legal, and Environmental factors analysis provides the necessary information to navigate these influences. By examining PESTLE factors, businesses can better understand potential risks and opportunities. This analysis enables business organizations to anticipate changes in regulations, consumer preferences, and economic trends, ensuring they are prepared to make proactive, forward-thinking decisions.

Market Share Analysis: Understanding the Competitive Landscape in the Plant-based Meat Market

A detailed market share analysis in the Plant-based Meat Market provides a comprehensive assessment of vendors' performance. Companies can identify their competitive positioning by comparing key metrics, including revenue, customer base, and growth rates. This analysis highlights market concentration, fragmentation, and trends in consolidation, offering vendors the insights required to make strategic decisions that enhance their position in an increasingly competitive landscape.

FPNV Positioning Matrix: Evaluating Vendors' Performance in the Plant-based Meat Market

The Forefront, Pathfinder, Niche, Vital (FPNV) Positioning Matrix is a critical tool for evaluating vendors within the Plant-based Meat Market. This matrix enables business organizations to make well-informed decisions that align with their goals by assessing vendors based on their business strategy and product satisfaction. The four quadrants provide a clear and precise segmentation of vendors, helping users identify the right partners and solutions that best fit their strategic objectives.

Strategy Analysis & Recommendation: Charting a Path to Success in the Plant-based Meat Market

A strategic analysis of the Plant-based Meat Market is essential for businesses looking to strengthen their global market presence. By reviewing key resources, capabilities, and performance indicators, business organizations can identify growth opportunities and work toward improvement. This approach helps businesses navigate challenges in the competitive landscape and ensures they are well-positioned to capitalize on newer opportunities and drive long-term success.

Key Company Profiles

The report delves into recent significant developments in the Plant-based Meat Market, highlighting leading vendors and their innovative profiles. These include Basic American Foods, Beyond Meat, Inc., Co-operative Group Limited, Conagra Brands, Inc., Deliciou Pty Ltd., FoodEase, Good Food Express Limited, Hindustan Unilever Limited, Imagine Meats Platform, Impossible Foods Inc., Imposter Meat Official, Ingredion Incorporated, Livekindly Company, Inc., Maple Leaf Foods Inc., Meat Zero, Meati Inc., MisterVeg Foods Pvt Ltd., Next Meats India, Plantaway by Terra Verde Foods Pvt Ltd., Redefine Meat Ltd., Sudo by Plantly Delight Private Limited, Tata Consumer Products Limited, The Hain Celestial Group, Inc., The Kellogg Company, The Mighty Food, The Tofurky Company, Inc., VBites Foods Ltd., Vegan Store Ltd., Vezlay Foods Pvt. Ltd., and Wakao Foods.

Market Segmentation & Coverage

This research report categorizes the Plant-based Meat Market to forecast the revenues and analyze trends in each of the following sub-markets:

Based on Source, market is studied across Beans, Nuts, Oats, Pea, Quinoa, Seeds, Soy, and Wheat.
Based on Type, market is studied across Beef, Chicken, Fish, Lamb, Pork, and Turkey.
Based on Product, market is studied across Burger Patties, Crumbles, Cutlets, Fillets, Fingers, Meatballs, Sausages, Slices, Slides, and Strips & Nuggets.
Based on Storage, market is studied across Frozen, Refrigerated, and Shelf-Stable.
Based on End-User, market is studied across Commercial and Residential.
Based on Distribution Channel, market is studied across Offline and Online. The Offline is further studied across Retail Outlets and Supermarkets & Hypermarkets.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.

The report offers a comprehensive analysis of the market, covering key focus areas:

1. Market Penetration: A detailed review of the current market environment, including extensive data from top industry players, evaluating their market reach and overall influence.

2. Market Development: Identifies growth opportunities in emerging markets and assesses expansion potential in established sectors, providing a strategic roadmap for future growth.

3. Market Diversification: Analyzes recent product launches, untapped geographic regions, major industry advancements, and strategic investments reshaping the market.

4. Competitive Assessment & Intelligence: Provides a thorough analysis of the competitive landscape, examining market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, and technological advancements of key players.

5. Product Development & Innovation: Highlights cutting-edge technologies, R&D activities, and product innovations expected to drive future market growth.

The report also answers critical questions to aid stakeholders in making informed decisions:

1. What is the current market size, and what is the forecasted growth?

2. Which products, segments, and regions offer the best investment opportunities?

3. What are the key technology trends and regulatory influences shaping the market?

4. How do leading vendors rank in terms of market share and competitive positioning?

5. What revenue sources and strategic opportunities drive vendors' market entry or exit strategies?

Product Code: MRR-DD6333AE59C4

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increasing vegan and flexitarian population across the world
  - 5.1.1.2. Exponential availability of plant-based meat products through online platforms
  - 5.1.1.3. Government initiatives supporting plant-based meat development
- 5.1.2. Restraints
  - 5.1.2.1. Relatively higher price of plant-based meat products
- 5.1.3. Opportunities
  - 5.1.3.1. Launch of new and improved plant-based meat
  - 5.1.3.2. Rising investments and emergence of innovative packaging of plant-based meat
- 5.1.4. Challenges
  - 5.1.4.1. Nutritional limitations associated with plant-based meat
5.2. Market Segmentation Analysis
- 5.2.1. Source: Significant utilization of soy due to its high protein content and meat-like texture
- 5.2.2. Distribution Channel: Evolving online distribution channels for plant-based meat
5.3. Porter's Five Forces Analysis
- 5.3.1. Threat of New Entrants
- 5.3.2. Threat of Substitutes
- 5.3.3. Bargaining Power of Customers
- 5.3.4. Bargaining Power of Suppliers
- 5.3.5. Industry Rivalry
5.4. PESTLE Analysis
- 5.4.1. Political
- 5.4.2. Economic
- 5.4.3. Social
- 5.4.4. Technological
- 5.4.5. Legal
- 5.4.6. Environmental

6. Plant-based Meat Market, by Source

6.1. Introduction
6.2. Beans
6.3. Nuts
6.4. Oats
6.5. Pea
6.6. Quinoa
6.7. Seeds
6.8. Soy
6.9. Wheat

7. Plant-based Meat Market, by Type

7.1. Introduction
7.2. Beef
7.3. Chicken
7.4. Fish
7.5. Lamb
7.6. Pork
7.7. Turkey

8. Plant-based Meat Market, by Product

8.1. Introduction
8.2. Burger Patties
8.3. Crumbles
8.4. Cutlets
8.5. Fillets
8.6. Fingers
8.7. Meatballs
8.8. Sausages
8.9. Slices
8.10. Slides
8.11. Strips & Nuggets

9. Plant-based Meat Market, by Storage

9.1. Introduction
9.2. Frozen
9.3. Refrigerated
9.4. Shelf-Stable

10. Plant-based Meat Market, by End-User

10.1. Introduction
10.2. Commercial
10.3. Residential

11. Plant-based Meat Market, by Distribution Channel

11.1. Introduction
11.2. Offline
- 11.2.1. Retail Outlets
- 11.2.2. Supermarkets & Hypermarkets
11.3. Online

12. Americas Plant-based Meat Market

12.1. Introduction
12.2. Argentina
12.3. Brazil
12.4. Canada
12.5. Mexico
12.6. United States

13. Asia-Pacific Plant-based Meat Market

13.1. Introduction
13.2. Australia
13.3. China
13.4. India
13.5. Indonesia
13.6. Japan
13.7. Malaysia
13.8. Philippines
13.9. Singapore
13.10. South Korea
13.11. Taiwan
13.12. Thailand
13.13. Vietnam

14. Europe, Middle East & Africa Plant-based Meat Market

14.1. Introduction
14.2. Denmark
14.3. Egypt
14.4. Finland
14.5. France
14.6. Germany
14.7. Israel
14.8. Italy
14.9. Netherlands
14.10. Nigeria
14.11. Norway
14.12. Poland
14.13. Qatar
14.14. Russia
14.15. Saudi Arabia
14.16. South Africa
14.17. Spain
14.18. Sweden
14.19. Switzerland
14.20. Turkey
14.21. United Arab Emirates
14.22. United Kingdom

15. Competitive Landscape

15.1. Market Share Analysis, 2023
15.2. FPNV Positioning Matrix, 2023
15.3. Competitive Scenario Analysis
- 15.3.1. Kraft Heinz and TheNotCo Launch Plant-Based Variants of Classic Meat Products
- 15.3.2. Beyond Meat Unveils Beyond IV: Elevating Plant-Based Meat Standards
- 15.3.3. Nestle Expands Plant-Based Offerings with Maggi Veg in Chile
15.4. Strategy Analysis & Recommendation

Companies Mentioned

1. Basic American Foods
2. Beyond Meat, Inc.
3. Co-operative Group Limited
4. Conagra Brands, Inc.
5. Deliciou Pty Ltd.
6. FoodEase
7. Good Food Express Limited
8. Hindustan Unilever Limited
9. Imagine Meats Platform
10. Impossible Foods Inc.
11. Imposter Meat Official
12. Ingredion Incorporated
13. Livekindly Company, Inc.
14. Maple Leaf Foods Inc.
15. Meat Zero
16. Meati Inc.
17. MisterVeg Foods Pvt Ltd.
18. Next Meats India
19. Plantaway by Terra Verde Foods Pvt Ltd.
20. Redefine Meat Ltd.
21. Sudo by Plantly Delight Private Limited
22. Tata Consumer Products Limited
23. The Hain Celestial Group, Inc.
24. The Kellogg Company
25. The Mighty Food
26. The Tofurky Company, Inc.
27. VBites Foods Ltd.
28. Vegan Store Ltd.
29. Vezlay Foods Pvt. Ltd.
30. Wakao Foods