Plant-Based Meat Market Size, Share, Growth Analysis, By Type, By Products, By Distribution Channel, By Region - Industry Forecast 2024-2031

Global plant-based meat market size was valued at around USD 4.39 billion in 2022 and is expected to rise from USD 5.48 billion in 2023 to reach a value of USD 32.47 billion by 2031, at a CAGR of 24.9% over the forecast period (2024-2031).

The global market for plant-based meat has been expanding rapidly in recent years, driven by a rising demand for sustainable and healthier food options. The aim of this market is to offer a viable substitute for traditional meat products, which are often linked to environmental and health issues. Plant-based meat, produced from natural ingredients like soy, peas, and wheat, has a significantly lower environmental impact compared to conventional meat. A major factor propelling the growth of the plant-based meat market is the increasing awareness of the environmental damage caused by animal agriculture, which, according to the United Nations, contributes more greenhouse gas emissions than the entire transportation sector. Plant-based meat offers a more sustainable and eco-friendly alternative. Another key driver is the rising demand for healthier and ethically produced food products. Plant-based meat is cholesterol-free and contains lower levels of saturated fat, making it a healthier choice for consumers. Furthermore, the production of plant-based meat involves less animal cruelty, which is a crucial consideration for many people. Despite these advantages, the plant-based meat market faces challenges, such as the relatively high production costs, which can make these products more expensive than traditional meat. This pricing issue can hinder market growth, especially in developing regions where affordability is a significant concern. Nevertheless, the market is expected to continue its growth due to emerging trends and opportunities. Increased availability of plant-based meat products in mainstream grocery stores and restaurants is making them more accessible to consumers. Additionally, technological advancements are helping to reduce production costs and enhance the taste and texture of plant-based meat products.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Plant-Based Meat market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Plant-Based Meat Market Segmental Analysis

The global plant-based meat market is segmented based on source, end user, type, product, distribution channel and region. Based on source, the market is segmented into soy, pea, blends, wheat, and others. Based on end user, the market is segmented into retail and HORECA (hotel/restaurant/cafe). Based on type, the market is segmented into Beef, Chicken, Pork, Fish, Others (lamb and turkey). Based on products, the market is segmented into Burger patties, Strips & nuggets, Sausages, Meatballs, Others (slices, fillets, cutlets, slides, fingers, and crumbles). Based on distribution channel, the market is segmented into food retail, food services, and e-commerce. Based on storage, the market is segmented into frozen, refrigerated, and shelf-stable. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Plant-Based Meat Market

Rising awareness of the negative impacts of meat consumption on health and the environment is fueling the demand for plant-based meat products. These alternatives are viewed as healthier and more eco-friendly compared to traditional animal meat, leading to increased adoption among consumers who are concerned about their health and the environment.

Restraints in the Global Plant-Based Meat Market

Despite significant improvements in taste and texture, plant-based meat products still face limitations in replicating the taste and texture of traditional meat products. This can be a significant barrier for consumers who are accustomed to the taste and texture of traditional meat and may not be willing to switch to plant-based alternatives. Additionally, certain plant-based meats may lack the juiciness and mouthfeel that many meat eaters enjoy. Some consumers also report that plant-based options can have an aftertaste or different flavor profile that doesn't fully mimic meat. Furthermore, the sensory experience of eating meat, which includes elements like the smell and the way it cooks, is difficult to replicate with plant-based ingredients. These factors collectively contribute to consumer hesitancy, highlighting the need for ongoing innovation and development in the plant-based meat industry.

Market Trends of the Global Plant-Based Meat Market

Plant-based meat manufacturers are significantly investing in research and development to innovate products that closely replicate the taste, texture, and nutritional profile of traditional meat. This focus on product innovation is driving the creation of new, more realistic meat alternatives, enhancing consumer experiences. Simultaneously, these manufacturers are expanding their presence into new markets, particularly in Asia and Africa, where there is a rising demand for meat alternatives. This expansion is propelled by increasing consumer awareness of the environmental and health benefits of plant-based diets, offering substantial growth opportunities in these regions.