Plant-based Meat Market Forecasts to 2030 - Global Analysis By Product, Source, Type, Storage, Distribution Channel, End User and by Geography

According to Stratistics MRC, the Global Plant-based Meat Market is accounted for $10.76 billion in 2024 and is expected to reach $27.18 billion by 2030 growing at a CAGR of 16.7% during the forecast period. Utilizing components derived from plants, plant-based meat is a novel food product that aims to replicate the nutritional makeup, texture, and flavor of traditional meat. Many different materials are used to create these substitutes, such as soy, peas, wheat, and even unique proteins like mycoprotein and algae. Moreover, in order to appeal to both vegetarians and meat eaters looking for healthier, sustainable options, producers try to replicate the sensory experience of eating animal meat by utilizing cutting-edge food science techniques.

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Market Dynamics:

Driver:

Growing interest in plant-based meat substitutes

Some of the key elements that have been drawing consumer's attention to plant-based meats are their safety when compared to conventional meat and their nutritional advantages. Overindulgence in meat derived from animals can lead to diet-related illnesses like obesity, type-2 diabetes, heart disease, and some types of cancer. Meat derived from plants has fewer calories, cholesterol, and saturated fat than meat derived from animals. People are being encouraged to eat more fruits, vegetables, legumes, nuts, and seeds as a result of the growing plant-based movement. Furthermore, consumers are becoming more aware of the numerous health advantages linked to plant-based products.

Restraint:

Higher price for goods

In price-sensitive markets like India, China, and South Africa, the comparatively high cost of plant-based meat will probably hinder its expansion. Animal-based meat is more profitable. While the high cost of plant-based meat substitutes over conventional meat hinders the rapidly expanding plant-based industry, companies that offer these alternatives are attempting to lower their prices. Compared to traditional meat, plant-based meat is more costly. Additionally, because of COVID-19, trade restrictions, disruptions in the raw material supply, and ineffective distribution channels, it is anticipated that the costs of plant-based meat substitutes will rise even more.

Opportunity:

Beneficial marketing of meat substitutes

Adopting marketing techniques like segmentation and diversification can boost the growing sales of plant-based meat substitutes. The goal is to increase consumer demand from groups like vegans, flexitarians, vegetarians, and health-conscious consumers. Moreover, it is essential to place the product through the appropriate sales channel at the appropriate location. In order to remain competitive and boost sales, major players must concentrate on this criterion. By broadening their consumer base and reaching a wider audience worldwide, they must reposition themselves.

Threat:

Discrimination based on plant-based meat substitutes flavours

It is widely believed by consumers that choosing meat alternatives results in a noticeable loss of flavor. Soy protein is not recommended for consumption due to its off-flavor. Compounds like aldehydes, ketones, furans, and alcohols are the source of the off-flavor. One of the main causes of the beany and grassy flavors of soy products is medium-chain aldehydes. But demand for soy has increased due to its high nutritional value. The nutritional advantages of plant-based meat substitutes are comparable to those of animal meat. Furthermore, the texture, color, flavor, and taste of meat substitutes are all intended to be as close to real meat as possible.

Covid-19 Impact:

The COVID-19 pandemic has affected every industry, including the market for plant-based meat. The unexpected COVID-19 pandemic has both positive and negative effects on the market for plant-based meat. Because more plant-based meat is being used in the food and beverage and pharmaceutical industries, the market has seen modest volume growth and earnings during the lockdown. The market for plant-based meat has tremendous growth potential as a result of the COVID-19 pandemic.

The Burger Patties segment is expected to be the largest during the forecast period

The burger patties segment is anticipated to hold the largest market segment for plant-based meat. This category has a large market share because of its broad appeal and adaptability. Because consumers want convenient, well-known, and delicious meat substitutes, plant-based burger patties have become a mainstay in the foodservice and retail industries. Moreover, these patties are a favorite among flexitarians and vegetarians alike because they are made to resemble classic beef burgers in both flavor and texture.

The Hotel/Restaurant/Cafe (HoReCa) segment is expected to have the highest CAGR during the forecast period

In the market for plant-based meat, the hotel/restaurant/Cafe (HoReCa) segment is anticipated to grow at the highest CAGR. The rise in popularity of plant-based meat options on menus at many restaurants, hotels, and cafes can be attributed to the growing trend of vegan and flexitarian diets. Additionally, these restaurants are responding to consumer demand by providing a range of plant-based meat dishes, such as burgers, nuggets, and sausages, in an effort to provide healthier and more environmentally friendly dining options.

Region with largest share:

Over the course of the forecast period, North America is anticipated to hold the largest market share. Due to the support of start-ups like Impossible Foods Inc. (US) and Beyond Meat (US), which spearheaded the development of plant-based meat products, North America is the center of the market for meat substitutes. The increase in meatless meat product consumption and growing consumer awareness of the dangers of eating tainted meat products are credited with the growth. Furthermore, a further shift in consumer perceptions regarding food sustainability and safety is anticipated as a result of the increased consumption of plant-based foods, including plant-based meat.

Region with highest CAGR:

The region with the highest predicted CAGR during the forecast period is Asia-Pacific. Because people are adopting healthier lifestyles and choosing natural ingredients, plant-based food products are becoming more and more popular in the area. Sales of plant-based foods should increase as a result. Additionally, rising consumer health concerns about animal-based protein sources, along with ethical and environmental concerns, are predicted to drive up demand for plant-based meat substitutes in the upcoming years.

Key players in the market

Some of the key players in Plant-based Meat market include Impossible Foods Inc., Conagra Foods, Gold&Green Foods Ltd., Kellogg Company, Maple Leaf Foods, Amy's Kitchen, Inc., Marlow Foods Ltd. (Cauldron), Tofurky, Unilever, Lightlife Foods, Inc, VBites Foods Limited, Beyond Meat, Morningstar Farms, Kraft Foods, Inc. and Omni Foods.

Key Developments:

In February 2024, Conagra Brands, Inc. announced that one of its subsidiaries has entered into a definitive agreement with funds advised by Convergent Finance and Samara Capital to divest its 51.8% ownership stake in Agro Tech Foods Limited (ATFL), a food company based in Mumbai, India, and listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

In December 2023, Unilever announced it has signed an agreement to acquire the premium biotech haircare brand K18. This marks another step in the optimisation of Unilever's portfolio towards higher growth areas. Founded in 2020 by Suveen Sahib and Britta Cox, K18 is a fast-growing brand that sits at the intersection of beauty and biotechnology.

In February 2023, Tofurky, a leading manufacturer of plant-based meats in the U.S., announced that Morinaga Nutritional Foods, the U.S.-based manufacturer of Mori-Nu Silken Tofu, has acquired the company and its sister brand, Moocho. With the acquisition of Tofurky, Morinaga Nutritional Foods will own the #3 retail brand for plant-based meats in the U.S.

Products Covered:

• Burger Patties
• Strips and Nuggets
• Sausages
• Meatballs
• Slices
• Fillets
• Cutlets
• Slides
• Fingers
• Tofu
• Tenders and Cutlets
• Crumbles
• Other Products

Sources Covered:

• Soy
• Quinoa
• Oats
• Beans
• Nuts
• Wheat
• Seed
• Blends
• Pea
• Other Sources

Types Covered:

• Beef
• Chicken
• Pork
• Lamb
• Turkey
• Fish
• Other Types

Storages Covered:

• Refrigerated plant-based Meat
• Frozen peas based Meat
• Shelf stable plant-based Meat

Distribution Channels Covered:

• Business-to-Business
• Business-to-Consumer
• Other Distribution Channels

End Users Covered:

• Food Industry
• Hotel/Restaurant/Cafe (HoReCa)
• Households
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

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  • Comprehensive profiling of additional market players (up to 3)
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