PUBLISHER: Meticulous Research | PRODUCT CODE: 1504192
PUBLISHER: Meticulous Research | PRODUCT CODE: 1504192
Vegan Meat Market Size, Share, Forecast, & Trends Analysis by Product (Burger Patties, Meat Balls, Sausages), Source (Soy), Meat Type (Chicken, Beef, Fish), Storage Category (Frozen), Distribution Channel (B2B, B2C {Modern Groceries})-Global Forecast to 2031
According to a new market research report titled 'Vegan Meat Market Size, Share, Forecast, & Trends Analysis by Product (Burger Patties, Meat Balls, Sausages), Source (Soy), Meat Type (Chicken, Beef, Fish), Storage Category (Frozen), Distribution Channel (B2B, B2C {Modern Groceries})-Forecast to 2031 by Meticulous Research(R), the vegan meat market is projected to reach $25.51 billion by 2031, at a CAGR of 13.8% from 2024 to 2031. The report provides an in-depth analysis of the vegan meat market across five major geographies, current market trends, size, and recent developments, and the forecast for 2031.
Succeeding extensive secondary and primary research and an in-depth analysis of the market scenario, the report conducts the impact analysis of the key industry drivers, restraints, opportunities, challenges, and trends. The growth of this market is driven by factors such as the increasing vegan population, rising preference for plant-based diets among consumers, and growing concerns about animal welfare. However, the high cost of vegan food and the high preference for animal-based products among a significant number of consumers may restrain market growth.
Furthermore, the rising adoption of vegan food in emerging economies and continuous product innovations are expected to create market growth opportunities. Additionally, the rising demand for sustainable foods and the growing focus on health & wellness are prominent trends in the vegan meat market.
Key Players
The key players operating in the vegan meat market are Beyond Meat Inc. (U.S.), Impossible Foods Inc. (U.S.), The Hain Celestial Group, Inc. (U.S.), Unilever Plc (U.K.), Maple Leaf Foods Inc. (U.S.), Nestle S.A. (Switzerland), Conagra Brands, Inc. (U.S.), Kellanova (U.S.), Marlow Foods Limited (U.K.), VBites Food Ltd (U.K.), The Tofurky Company (U.S.), The Kraft Heinz Company (U.S.), and No Evil Foods, Inc. (U.S.).
Based on product, the vegan meat market is segmented into burger patties, strips & nuggets, meatballs, sausages, ground meat, and other products. In 2024, the burger patties segment is expected to account for the largest share of 35.0% of the vegan meat market. This segment's large market share can be attributed to the rising popularity of vegan burger patties, which offer a taste, texture, and aroma that mimics traditional meat. Burgers are a popular and convenient meal option and have become more accessible with the emergence of vegan fast-food chains like Impossible Foods and Beyond Meat. Moreover, vegan burgers are perceived as environmentally sustainable compared to traditional beef options, which drives their demand.
However, the sausages segment is projected to register the highest CAGR during the forecast period of 2024-2031. The growth of this segment is driven by the benefits offered by vegan sausage, including high protein content and lower levels of saturated fat and cholesterol content compared to regular pork sausages, making them a safer alternative to processed animal meat. Furthermore, market players are launching various types of vegan sausages. In November 2022, Dhond Group Green Infra LLP (India) launched vegan sausages in two flavors: Hot & Spicy and American Herbs. These sausages are made from jackfruit, known for its meat-like texture and nutritional value.
Based on source, the vegan meat market is segmented into soy, wheat, pea, and other sources. In 2024, the soy segment is expected to account for the largest share of the vegan meat market. This segment's large market share can be attributed to the extensive use of soy in vegan meat products, driven by its widespread availability as a raw material, its cost-effectiveness in production, and its popularity among consumers seeking vegan meat products that mimic the texture and taste of meat.
However, the pea segment is projected to register the highest CAGR during the forecast period of 2024-2031. This segment's growth is driven by the increasing adoption of pea protein among vegan meat manufacturers due to its high protein content. Furthermore, initiatives by leading manufacturers to expand pea protein production and the allergen-free, gluten-free, and lactose-free properties of pea protein enhance its appeal, driving the demand for pea-based meat products.
Based on meat type, the vegan meat market is segmented into chicken, beef, pork, fish, and other meat types. In 2024, the chicken segment is expected to account for the largest share of 34.3% of the vegan meat market. This segment's large market share can be attributed to widespread consumer acceptance of chicken meat alternatives, the growing availability of various vegan chicken products, including nuggets, sausages, burgers, and cutlets, rising animal welfare concerns, and advancements in plant-based food production technology.
Based on storage category, the vegan meat market is segmented into frozen, refrigerated, and shelf stable. In 2024, the frozen segment is expected to account for the largest share of the vegan meat market. This segment's large market share can be attributed to the longer shelf life of frozen vegan meat compared to other categories, the growing demand for convenience foods, and evolving consumer tastes and preferences.
Based on distribution channel, the vegan meat market is segmented into business-to-business (B2B) and business-to-consumers (B2C). The business-to-consumers (B2C) segment is sub-segmented into modern groceries, convenience stores, specialty stores, online retail, and other B2C distribution channels. In 2024, the business-to-consumers (B2C) segment is expected to account for the larger share of the vegan meat market. This segment's large market share can be attributed to the rising sales of plant-based foods in established supermarkets and hypermarket chains, coupled with increasing consumer expenditure on vegan food products.
Based on geography, the vegan meat market is divided into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of 43.0% of the vegan meat market, followed by North America, Europe, Latin America, and the Middle East & Africa. Asia-Pacific's significant market share can be attributed to rising disposable incomes, changing lifestyles, rapid urbanization, growing emphasis on plant-based diets, and increasing governmental initiatives aimed at enhancing the food industry.
Furthermore, the market in Asia-Pacific is projected to register the highest CAGR during the forecast period. The growth of this regional market is driven by the increasing awareness about the importance of protein-rich diets, initiatives by major market players to expand their businesses in the region, the rising awareness about the risks associated with consuming contaminated meat products, and increasing investments in the plant-based food industry.
Vegan Meat Market Assessment-by Product
Vegan Meat Market Assessment-by Source
Vegan Meat Market Assessment-by Meat Type
Vegan Meat Market Assessment-by Storage Category
Vegan Meat Market Assessment-by Distribution Channel
Vegan Meat Market Assessment-by Geography
(Note: SWOT Analyses of the Top 5 Companies Will be Provided)