Plant-based Meat Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2024-2031

Description

Persistence Market Research has recently published an extensive report on the global Plant-based Meat Market. This report offers a comprehensive analysis of the key market dynamics, including drivers, trends, opportunities, and challenges, providing deep insights into the market structure.

Key Insights:

Plant-based Meat Market Size (2024E):US$14.51 Bn
Projected Market Value (2031F): US$36.13 Bn
Global Market Growth Rate (CAGR 2024 to 2031):13.9 %

Plant-based Meat Market - Report Scope:

The Plant-based Meat Market encompasses a variety of meat alternatives derived from plant sources such as soy, peas, wheat, and others. These products are designed to replicate the taste, texture, and nutritional value of traditional meat while catering to consumers seeking vegetarian or vegan options. The market serves diverse segments, including supermarkets, convenience stores, online platforms, and direct-to-consumer services. Growth is driven by increasing consumer preference for sustainable and cruelty-free food options, advancements in food technology, and the expanding application of plant-based products across various consumer demographics.

Market Growth Drivers:

Several key factors are driving the global Plant-based Meat Market. The rising demand for sustainable and ethical food solutions among health-conscious consumers boosts the market's growth. Technological advancements in food processing and ingredient innovation have improved the taste, texture, and nutritional value of plant-based meats, further fueling market expansion. Additionally, the growing consumer focus on reducing meat consumption for health and environmental reasons drives demand. Enhanced research and development activities, along with the introduction of new product varieties and flavors, contribute to market growth by offering more tailored solutions for consumers with different dietary preferences and lifestyles.

Market Restraints:

Despite promising growth prospects, the Plant-based Meat Market faces challenges related to the high costs of premium products and the potential consumer skepticism regarding the taste and texture of plant-based meats compared to traditional meats. Market growth can be hindered by the availability of alternative protein sources, such as lab-grown meats or other meat substitutes, which may be preferred by some consumers. Additionally, concerns about the processing methods and the use of additives in plant-based meats pose challenges for market expansion. Addressing these issues requires ongoing investment in research and development to improve the sensory attributes of plant-based meats, reduce production costs, and incorporate clean-label ingredients.

Market Opportunities:

The market presents significant opportunities driven by the increasing adoption of plant-based diets and the rising demand for protein-rich alternatives. The development of advanced processing technologies, such as extrusion and fermentation, caters to the growing need for more realistic and satisfying meat substitutes. The expansion of e-commerce platforms and direct-to-consumer delivery services provides new channels for market growth, allowing companies to reach a broader audience and offer convenient access to a wide variety of products. Strategic partnerships, investments in sustainable sourcing, and the introduction of fortified and functional plant-based meats are essential for capitalizing on emerging opportunities and maintaining market leadership.

Key Questions Answered in the Report:

What are the primary factors driving the growth of the Plant-based Meat Market globally?
Which types and formats of plant-based meats are leading the adoption in various settings?
How are technological advancements influencing the competitive landscape of the Plant-based Meat Market?
Who are the key players in the Plant-based Meat Market, and what strategies are they employing to stay competitive?
What are the emerging trends and future prospects in the global Plant-based Meat Market?

Competitive Intelligence and Business Strategy:

Leading players in the global Plant-based Meat Market, including Beyond Meat, Impossible Foods, and Maple Leaf Foods, focus on innovation, product differentiation, and strategic collaborations to gain a competitive edge. These companies invest in R&D to develop advanced plant-based meat solutions and explore new product formats. Collaborations with suppliers, distributors, and retail partners facilitate market access and promote new product adoption. Emphasis on consumer education, high-quality products, and comprehensive marketing strategies fosters market growth and enhances brand loyalty in the evolving Plant-based Meat Market landscape.

Key Companies Profiled:

Beyond Meat
Impossible Foods Inc.
Kellogg Company
Conagra Brands
Maple Leaf Foods
Unilever
Tofurky
Gold&Green Foods Ltd
Sunfed
Monde Nissin
VBites Foods Limited
Lightlife Foods, Inc.
Quorn Foods
Field Roast
Eat JUST

Plant-based Meat Market Industry Segmentation

By Source

Soy
Wheat
Pea
Mycoprotein
Gluten
Others

By Product Type

Burger Patties
Sausages
Tempeh
Tofu
Pork
Beef
Chicken
Fish
Others

By Storage

Frozen
Refrigerated
Shelf-Stable

By Distribution Channel

Store-Based
Supermarkets
Hypermarkets
Specialty Stores
Non-Store-Based
E-commerce
Direct Sales

By Region

North America
Europe
Asia-Pacific
The Middle East and Africa
Latin America

Product Code: PMRREP24592

1. Executive Summary

1.1. Global Plant-based Meat Market Snapshot, 2024-2031
1.2. Market Opportunity Assessment, 2024-2031, US$ Bn
1.3. Key Market Trends
1.4. Future Market Projections
1.5. Premium Market Insights
1.6. Industry Developments and Key Market Events
1.7. PMR Analysis and Recommendations

2. Market Overview

2.1. Market Scope and Definition
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Opportunity
- 2.2.4. Challenges
- 2.2.5. Key Trends
2.3. Macro-Economic Factors
- 2.3.1. Global Sectorial Outlook
- 2.3.2. Global GDP Growth Outlook
- 2.3.3. Global Healthcare Spending Outlook
2.4. COVID-19 Impact Analysis
2.5. Forecast Factors - Relevance and Impact

3. Value Added Insights

3.1. Product Adoption Analysis
3.2. Epidemiology - Deafness and Hearing Loss
3.3. Technology Assessment
3.4. Regulatory Landscape
3.5. Value Chain Analysis
- 3.5.1. List of Distribution/Marketplaces
  - 3.5.1.1. Retail
  - 3.5.1.2. Supermarket
  - 3.5.1.3. online
- 3.5.2. List of End User (Industry)
3.6. Key Deals and Mergers
3.7. PESTLE Analysis
3.8. Porter's Five Force Analysis

4. Price Trend Analysis, 2019-2031

4.1. Key Highlights
4.2. Key Factors Impacting Type Prices
4.3. Pricing Analysis, By Product
4.4. Regional Prices and Product Preferences

5. Global Plant-based Meat Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

5.1. Key Highlights
- 5.1.1. Market Volume (Units) Projections
- 5.1.2. Market Size (US$ Bn) and Y-o-Y Growth
- 5.1.3. Absolute $ Opportunity
5.2. Market Size (US$ Bn) Analysis and Forecast
- 5.2.1. Historical Market Size (US$ Bn) Analysis, 2019-2023
- 5.2.2. Current Market Size (US$ Bn) Analysis and Forecast, 2023-2031
5.3. Global Plant-based Meat Market Outlook: Source
- 5.3.1. Introduction / Key Findings
- 5.3.2. Historical Market Size (US$ Bn) and Volume (Units) Analysis, By Source, 2019-2023
- 5.3.3. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Source, 2024-2031
  - 5.3.3.1. Soy
  - 5.3.3.2. Wheat
  - 5.3.3.3. Pea
  - 5.3.3.4. Mycoprotein
  - 5.3.3.5. Gluten
  - 5.3.3.6. Others
5.4. Market Attractiveness Analysis: Source
5.5. Global Plant-based Meat Market Outlook: By Product Type
- 5.5.1. Introduction / Key Findings
- 5.5.2. Historical Market Size (US$ Bn) Analysis, By Product Type, 2019-2023
- 5.5.3. Current Market Size (US$ Bn) Analysis and Forecast, By Product Type, 2024-2031
  - 5.5.3.1. Burger Patties
  - 5.5.3.2. Sausages
  - 5.5.3.3. Tempeh
  - 5.5.3.4. Tofu
  - 5.5.3.5. Pork
  - 5.5.3.6. Beef
  - 5.5.3.7. Chicken
  - 5.5.3.8. Fish
  - 5.5.3.9. Others
5.6. Market Attractiveness Analysis: By Product Type
5.7. Global Plant-based Meat Market Outlook: Storage
- 5.7.1. Introduction / Key Findings
- 5.7.2. Historical Market Size (US$ Bn) Analysis, By Storage, 2019-2023
- 5.7.3. Current Market Size (US$ Bn) Analysis and Forecast, By Storage, 2024-2031
  - 5.7.3.1. Frozen
  - 5.7.3.2. Refrigerated
  - 5.7.3.3. Shelf-Stable
5.8. Market Attractiveness Analysis: Storage
5.9. Global Plant-based Meat Market Outlook: Distribution Channel
- 5.9.1. Introduction / Key Findings
- 5.9.2. Historical Market Size (US$ Bn) Analysis, By Distribution Channel, 2019-2023
- 5.9.3. Current Market Size (US$ Bn) Analysis and Forecast, By Distribution Channel, 2024-2031
  - 5.9.3.1. Store-Based
  - 5.9.3.2. Supermarkets
  - 5.9.3.3. Hypermarkets
  - 5.9.3.4. Specialty Stores
  - 5.9.3.5. Non-Store-Based
  - 5.9.3.6. E-commerce
  - 5.9.3.7. Direct Sales
5.10. Market Attractiveness Analysis: Distribution Channel

6. Global Plant-based Meat Market Outlook: Region

6.1. Key Highlights
6.2. Historical Market Size (US$ Bn) and Volume (Units) Analysis, By Region, 2019-2023
6.3. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Region, 2024-2031
- 6.3.1. North America
- 6.3.2. Europe
- 6.3.3. East Asia
- 6.3.4. South Asia and Oceania
- 6.3.5. Latin America
- 6.3.6. Middle East & Africa
6.4. Market Attractiveness Analysis: Region

7. North America Plant-based Meat Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

7.1. Key Highlights
7.2. Pricing Analysis
7.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis, By Market, 2019-2023
- 7.3.1. By Country
- 7.3.2. By Source
- 7.3.3. By Product Type
- 7.3.4. By Storage
- 7.3.5. By Distribution Channel
7.4. Current Market Size (US$ Bn) Analysis and Forecast, By Country, 2024-2031
- 7.4.1. U.S.
- 7.4.2. Canada
7.5. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Source, 2024-2031
- 7.5.1. Soy
- 7.5.2. Wheat
- 7.5.3. Pea
- 7.5.4. Mycoprotein
- 7.5.5. Gluten
- 7.5.6. Others
7.6. Current Market Size (US$ Bn) Analysis and Forecast, By Product Type, 2024-2031
- 7.6.1. Burger Patties
- 7.6.2. Sausages
- 7.6.3. Tempeh
- 7.6.4. Tofu
- 7.6.5. Pork
- 7.6.6. Beef
- 7.6.7. Chicken
- 7.6.8. Fish
- 7.6.9. Others
7.7. Market Attractiveness Analysis
7.8. Current Market Size (US$ Bn) Analysis and Forecast, By Storage, 2024-2031
- 7.8.1. Frozen
- 7.8.2. Refrigerated
- 7.8.3. Shelf-Stable
7.9. Market Attractiveness Analysis
7.10. Current Market Size (US$ Bn) Analysis and Forecast, By Distribution Channel, 2024-2031
- 7.10.1. Store-Based
- 7.10.2. Supermarkets
- 7.10.3. Hypermarkets
- 7.10.4. Specialty Stores
- 7.10.5. Non-Store-Based
- 7.10.6. E-commerce
- 7.10.7. Direct Sales
7.11. Market Attractiveness Analysis

8. Europe Plant-based Meat Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

8.1. Key Highlights
8.2. Pricing Analysis
8.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis, By Market, 2019-2023
- 8.3.1. By Country
- 8.3.2. By Source
- 8.3.3. By Product Type
- 8.3.4. By Storage
- 8.3.5. By Distribution Channel
8.4. Current Market Size (US$ Bn) Analysis and Forecast, By Country, 2024-2031
- 8.4.1. Germany
- 8.4.2. France
- 8.4.3. U.K.
- 8.4.4. Italy
- 8.4.5. Spain
- 8.4.6. Russia
- 8.4.7. Turkey
- 8.4.8. Rest of Europe
8.5. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Source, 2024-2031
- 8.5.1. Soy
- 8.5.2. Wheat
- 8.5.3. Pea
- 8.5.4. Mycoprotein
- 8.5.5. Gluten
- 8.5.6. Others
8.6. Current Market Size (US$ Bn) Analysis and Forecast, By Product Type, 2024-2031
- 8.6.1. Burger Patties
- 8.6.2. Sausages
- 8.6.3. Tempeh
- 8.6.4. Tofu
- 8.6.5. Pork
- 8.6.6. Beef
- 8.6.7. Chicken
- 8.6.8. Fish
- 8.6.9. Others
8.7. Market Attractiveness Analysis
8.8. Current Market Size (US$ Bn) Analysis and Forecast, By Storage, 2024-2031
- 8.8.1. Frozen
- 8.8.2. Refrigerated
- 8.8.3. Shelf-Stable
8.9. Market Attractiveness Analysis
8.10. Current Market Size (US$ Bn) Analysis and Forecast, By Distribution Channel, 2024-2031
- 8.10.1. Store-Based
- 8.10.2. Supermarkets
- 8.10.3. Hypermarkets
- 8.10.4. Specialty Stores
- 8.10.5. Non-Store-Based
- 8.10.6. E-commerce
- 8.10.7. Direct Sales
8.11. Market Attractiveness Analysis

9. East Asia Plant-based Meat Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

9.1. Key Highlights
9.2. Pricing Analysis
9.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis, By Market, 2019-2023
- 9.3.1. By Country
- 9.3.2. By Source
- 9.3.3. By Product Type
- 9.3.4. By Storage
- 9.3.5. By Distribution Channel
9.4. Current Market Size (US$ Bn) Analysis and Forecast, By Country, 2024-2031
- 9.4.1. China
- 9.4.2. Japan
- 9.4.3. South Korea
9.5. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Source, 2024-2031
- 9.5.1. Soy
- 9.5.2. Wheat
- 9.5.3. Pea
- 9.5.4. Mycoprotein
- 9.5.5. Gluten
- 9.5.6. Others
9.6. Current Market Size (US$ Bn) Analysis and Forecast, By Product Type, 2024-2031
- 9.6.1. Burger Patties
- 9.6.2. Sausages
- 9.6.3. Tempeh
- 9.6.4. Tofu
- 9.6.5. Pork
- 9.6.6. Beef
- 9.6.7. Chicken
- 9.6.8. Fish
- 9.6.9. Others
9.7. Market Attractiveness Analysis
9.8. Current Market Size (US$ Bn) Analysis and Forecast, By Storage, 2024-2031
- 9.8.1. Frozen
- 9.8.2. Refrigerated
- 9.8.3. Shelf-Stable
9.9. Market Attractiveness Analysis
9.10. Current Market Size (US$ Bn) Analysis and Forecast, By Distribution Channel, 2024-2031
- 9.10.1. Store-Based
- 9.10.2. Supermarkets
- 9.10.3. Hypermarkets
- 9.10.4. Specialty Stores
- 9.10.5. Non-Store-Based
- 9.10.6. E-commerce
- 9.10.7. Direct Sales
9.11. Market Attractiveness Analysis

10. South Asia & Oceania Plant-based Meat Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

10.1. Key Highlights
10.2. Pricing Analysis
10.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis, By Market, 2019-2023
- 10.3.1. By Country
- 10.3.2. By Source
- 10.3.3. By Product Type
- 10.3.4. By Storage
- 10.3.5. By Distribution Channel
10.4. Current Market Size (US$ Bn) Analysis and Forecast, By Country, 2024-2031
- 10.4.1. India
- 10.4.2. Southeast Asia
- 10.4.3. ANZ
- 10.4.4. Rest of South Asia & Oceania
10.5. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Source, 2024-2031
- 10.5.1. Soy
- 10.5.2. Wheat
- 10.5.3. Pea
- 10.5.4. Mycoprotein
- 10.5.5. Gluten
- 10.5.6. Others
10.6. Current Market Size (US$ Bn) Analysis and Forecast, By Product Type, 2024-2031
- 10.6.1. Burger Patties
- 10.6.2. Sausages
- 10.6.3. Tempeh
- 10.6.4. Tofu
- 10.6.5. Pork
- 10.6.6. Beef
- 10.6.7. Chicken
- 10.6.8. Fish
- 10.6.9. Others
10.7. Market Attractiveness Analysis
10.8. Current Market Size (US$ Bn) Analysis and Forecast, By Storage, 2024-2031
- 10.8.1. Frozen
- 10.8.2. Refrigerated
- 10.8.3. Shelf-Stable
10.9. Market Attractiveness Analysis
10.10. Current Market Size (US$ Bn) Analysis and Forecast, By Distribution Channel, 2024-2031
- 10.10.1. Store-Based
- 10.10.2. Supermarkets
- 10.10.3. Hypermarkets
- 10.10.4. Specialty Stores
- 10.10.5. Non-Store-Based
- 10.10.6. E-commerce
- 10.10.7. Direct Sales
10.11. Market Attractiveness Analysis

11. Latin America Plant-based Meat Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

11.1. Key Highlights
11.2. Pricing Analysis
11.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis, By Market, 2019-2023
- 11.3.1. By Country
- 11.3.2. By Source
- 11.3.3. By Product Type
- 11.3.4. By Storage
- 11.3.5. By Distribution Channel
11.4. Current Market Size (US$ Bn) Analysis and Forecast, By Country, 2024-2031
- 11.4.1. Brazil
- 11.4.2. Mexico
- 11.4.3. Rest of Latin America
11.5. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Source, 2024-2031
- 11.5.1. Soy
- 11.5.2. Wheat
- 11.5.3. Pea
- 11.5.4. Mycoprotein
- 11.5.5. Gluten
- 11.5.6. Others
11.6. Current Market Size (US$ Bn) Analysis and Forecast, By Product Type, 2024-2031
- 11.6.1. Burger Patties
- 11.6.2. Sausages
- 11.6.3. Tempeh
- 11.6.4. Tofu
- 11.6.5. Pork
- 11.6.6. Beef
- 11.6.7. Chicken
- 11.6.8. Fish
- 11.6.9. Others
11.7. Market Attractiveness Analysis
11.8. Current Market Size (US$ Bn) Analysis and Forecast, By Storage, 2024-2031
- 11.8.1. Frozen
- 11.8.2. Refrigerated
- 11.8.3. Shelf-Stable
11.9. Market Attractiveness Analysis
11.10. Current Market Size (US$ Bn) Analysis and Forecast, By Distribution Channel, 2024-2031
- 11.10.1. Store-Based
- 11.10.2. Supermarkets
- 11.10.3. Hypermarkets
- 11.10.4. Specialty Stores
- 11.10.5. Non-Store-Based
- 11.10.6. E-commerce
- 11.10.7. Direct Sales
11.11. Market Attractiveness Analysis

12. Middle East & Africa Plant-based Meat Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

12.1. Key Highlights
12.2. Pricing Analysis
12.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis, By Market, 2019-2023
- 12.3.1. By Country
- 12.3.2. By Source
- 12.3.3. By Product Type
- 12.3.4. By Storage
- 12.3.5. By Distribution Channel
12.4. Current Market Size (US$ Bn) Analysis and Forecast, By Country, 2024-2031
- 12.4.1. GCC Countries
- 12.4.2. Egypt
- 12.4.3. South Africa
- 12.4.4. Northern Africa
- 12.4.5. Rest of Middle East & Africa
12.5. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Source, 2024-2031
- 12.5.1. Soy
- 12.5.2. Wheat
- 12.5.3. Pea
- 12.5.4. Mycoprotein
- 12.5.5. Gluten
- 12.5.6. Others
12.6. Current Market Size (US$ Bn) Analysis and Forecast, By Product Type, 2024-2031
- 12.6.1. Burger Patties
- 12.6.2. Sausages
- 12.6.3. Tempeh
- 12.6.4. Tofu
- 12.6.5. Pork
- 12.6.6. Beef
- 12.6.7. Chicken
- 12.6.8. Fish
- 12.6.9. Others
12.7. Market Attractiveness Analysis
12.8. Current Market Size (US$ Bn) Analysis and Forecast, By Storage, 2024-2031
- 12.8.1. Frozen
- 12.8.2. Refrigerated
- 12.8.3. Shelf-Stable
12.9. Market Attractiveness Analysis
12.10. Current Market Size (US$ Bn) Analysis and Forecast, By Distribution Channel, 2024-2031
- 12.10.1. Store-Based
- 12.10.2. Supermarkets
- 12.10.3. Hypermarkets
- 12.10.4. Specialty Stores
- 12.10.5. Non-Store-Based
- 12.10.6. E-commerce
- 12.10.7. Direct Sales
12.11. Market Attractiveness Analysis

13. Competition Landscape

13.1. Market Share Analysis, 2023
13.2. Market Structure
- 13.2.1. Competition Intensity Mapping By Market
- 13.2.2. Competition Dashboard
13.3. Company Profiles (Details - Overview, Financials, Strategy, Recent Developments)
- 13.3.1. Beyond Meat
  - 13.3.1.1. Overview
  - 13.3.1.2. Segments and Products
  - 13.3.1.3. Key Financials
  - 13.3.1.4. Market Developments
  - 13.3.1.5. Market Strategy
- 13.3.2. Impossible Foods Inc.
- 13.3.3. Kellogg Company
- 13.3.4. Conagra Brands
- 13.3.5. Maple Leaf Foods
- 13.3.6. Unilever
- 13.3.7. Tofurky
- 13.3.8. Gold&Green Foods Ltd
- 13.3.9. Sunfed
- 13.3.10. Monde Nissin
- 13.3.11. VBites Foods Limited
- 13.3.12. Lightlife Foods, Inc.
- 13.3.13. Quorn Foods
- 13.3.14. Field Roast
- 13.3.15. Eat JUST

14. Appendix

14.1. Research Methodology
14.2. Research Assumptions
14.3. Acronyms and Abbreviations