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 )

Description

List of Tables

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.

Key Questions Answered in the Report:

What are the historical market sizes and growth rates of the vegan meat market?
At what rate is the vegan meat demand projected to grow over the next 5-7 years?
What are the major factors impacting market growth at the regional and country levels? What are the opportunities for existing players and new entrants in the market?
Which segments, in terms of product, source, meat type, storage category, and distribution channel, are expected to create traction for the manufacturers in this market during the forecast period 2024-2031?
What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the players operating in the vegan meat market during the forecast period 2024-2031?
Who are the major players in the vegan meat market? What are their specific product offerings in this market?
What are the recent strategic developments in the vegan meat market? What are the impacts of these strategic developments on the market?

Scope of the Report:

Vegan Meat Market Assessment-by Product

Burger Patties
Strips & Nuggets
Meatballs
Sausages
Ground Meat
Other Products

Vegan Meat Market Assessment-by Source

Soy
Wheat
Pea
Other Sources

Vegan Meat Market Assessment-by Meat Type

Chicken
Beef
Pork
Fish
Other Meat Types

Vegan Meat Market Assessment-by Storage Category

Frozen
Refrigerated
Shelf-stable

Vegan Meat Market Assessment-by Distribution Channel

Business-to-Business (B2B)
Business-to-Consumers (B2C)
- Modern Groceries
- Convenience Stores
- Specialty Stores
- Online Retail
- Other B2C Distribution Channels

Vegan Meat Market Assessment-by Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Netherlands
- Belgium
- Austria
- Poland
- Portugal
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Thailand
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of the Middle East & Africa

Product Code: MRFB - 1041262

1. Introduction

1.1. Market Definition & Scope
1.2. Market Ecosystem
1.3. Currency
1.4. Key Stakeholders

2. Research Methodology

2.1. Research Approach
2.2. Process of Data Collection and Validation
- 2.2.1. Secondary Research
- 2.2.2. Primary Research/Interviews with Key Opinion Leaders of the Industry
2.3. Market Sizing and Forecast
- 2.3.1. Market Size Estimation Approach
- 2.3.2. Growth Forecast Approach
2.4. Assumptions for the Study

3. Executive Summary

3.1. Overview
3.2. Segmental Analysis
- 3.2.1. Vegan Meat Market Analysis: by Product
- 3.2.2. Vegan Meat Market Analysis: by Source
- 3.2.3. Vegan Meat Market Analysis: by Meat Type
- 3.2.4. Vegan Meat Market Analysis: by Storage Category
- 3.2.5. Vegan Meat Market Analysis: by Distribution Channel
3.3. Regional Analysis
3.4. Market Competitors & Competitive Landscape

4. Market Insights

4.1. Overview
4.2. Drivers
- 4.2.1. Increasing Vegan Population
- 4.2.2. Rising Preference for Plant-based Diets Among Consumers
- 4.2.3. Growing Concerns About Animal Welfare
4.3. Restraints
- 4.3.1. High Cost of Vegan Food
- 4.3.2. High Preference for Animal-based Products Among a Significant Number of Consumers
4.4. Opportunities
- 4.4.1. Rising Adoption of Vegan Food in Emerging Economies
- 4.4.2. Continuous Product Innovations
4.5. Key Trends
- 4.5.1. Rising Demand for Sustainable Foods
- 4.5.2. Increasing Focus on Health & Wellness
4.6. Porter's Five Forces Analysis
- 4.6.1. Bargaining Power of Suppliers
- 4.6.2. Bargaining Power of Buyers
- 4.6.3. Threat of Substitutes
- 4.6.4. Threat of New Entrants
- 4.6.5. Degree of Competition

5. Vegan Meat Market Assessment-by Product

5.1. Overview
5.2. Burger Patties
5.3. Strips & Nuggets
5.4. Meatballs
5.5. Sausages
5.6. Ground Meat
5.7. Other Products

6. Vegan Meat Market Assessment-by Source

6.1. Overview
6.2. Soy
6.3. Wheat
6.4. Pea
6.5. Other Sources

7. Vegan Meat Market Assessment-by Meat Type

7.1. Overview
7.2. Chicken
7.3. Pork
7.4. Beef
7.5. Fish
7.6. Other Meat Types

8. Vegan Meat Market Assessment-by Storage Category

8.1. Overview
8.2. Frozen
8.3. Refrigerated
8.4. Shelf-stable

9. Vegan Meat Market Assessment-by Distribution Channel

9.1. Overview
9.2. Business-to-Business (B2B)
9.3. Business-to-Consumer (B2C)
- 9.3.1. Modern Groceries
- 9.3.2. Convenience Stores
- 9.3.3. Specialty Stores
- 9.3.4. Online Stores
- 9.3.5. Other Business-to-Consumer Channels

10. Vegan Meat Market Assessment-by Geography

10.1. Overview
10.2. North America
- 10.2.1 U.S.
- 10.2.2. Canada
10.3. Europe
- 10.3.1. U.K.
- 10.3.2. Germany
- 10.3.3. France
- 10.3.4. Italy
- 10.3.5. Spain
- 10.3.6. Netherlands
- 10.3.7. Belgium
- 10.3.8. Austria
- 10.3.9. Poland
- 10.3.10. Portugal
- 10.3.11. Rest of Europe
10.4. Asia-Pacific
- 10.4.1. China
- 10.4.2. Japan
- 10.4.3. India
- 10.4.4. Australia
- 10.4.5. South Korea
- 10.4.6. Thailand
- 10.4.7. Rest of Asia-Pacific
10.5. Latin America
- 10.5.1. Brazil
- 10.5.2. Mexico
- 10.5.3. Argentina
- 10.5.4. Rest of Latin America
10.6. Middle East & Africa
- 10.6.1. South Africa
- 10.6.2. Saudi Arabia
- 10.6.3. United Arab Emirates
- 10.6.4. Rest of Middle East & Africa

11. Competition Analysis

11.1. Overview
11.2. Key Growth Strategies
11.3. Competitive Benchmarking
11.4. Competitive Dashboard
- 11.4.1. Industry Leaders
- 11.4.2. Market Differentiators
- 11.4.3. Vanguards
- 11.4.4. Emerging Companies

12. Company Profiles

12.1. Beyond Meat Inc.
12.2. Impossible Foods Inc.
12.3. Maple Leaf Foods Inc.
12.4. The Hain Celestial Group, Inc.
12.5. Unilever Plc
12.6. Conagra Brands, Inc.
12.7. Nestle S.A.
12.8. Kellanova
12.9. Marlow Foods Limited
12.10. VBites Food Ltd
12.11. The Kraft Heinz Company
12.12. The Tofurky Company
12.13. No Evil Foods, Inc.

(Note: SWOT Analyses of the Top 5 Companies Will be Provided)

13. Appendix

13.1. Available Customization
13.2. Related Reports