Global Plant-Based Meat Market by Source (Soy, Pea, Wheat, Blends, And Other Sources), By Meat Type (Chicken, Pork, Beef, Fish, and Other Meat Types), By Product Type (Burgers, Patties, Sausages, Other Product Types), By End-User, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

In 2022, the Global Plant-Based Meat Market size was valued at USD 6.7 billion and will reach USD 35.1 billion by 2032. Between 2023 and 2032, this market is estimated to register the highest CAGR of 18.5%.

The plant-based meat is produced directly from plants without relying on animals. Plant-based meat tastes like animal meat but is made from meat-free ingredients such as wheat, pulses, and soy. Plant-based meats contain saturated fats; they contain less saturated fat than animal meat. Plant-based meats also contain fibers and plenty of protein.

Meat gets most of the proteins from plants, lowering the risks of heart disease, high blood pressure, obesity, cancer, and other chronic diseases. Many people worldwide are now shifting towards plant-based meats for the health of the environment and personal health reasons. Plant-based meat products contain antioxidants, minerals, and vitamins with high health benefits.

Key Takeaways

• Market Growth: The global plant-based meat market experienced exceptional expansion from 2023-2032, reaching USD 6.7 billion and projecting an impressive compound annual growth rate of 18.5% during that time.
• Plant-Based Sources: Plant-based meat’s primary sources come from various plant sources, with soy, peas, and mushrooms among others being among them. These ingredients serve the increased demand for alternative meat due to both health concerns and environmental considerations.
• Source Analysis: According to various sources, the market can be segmented into pea, soy blends, wheat, and various other categories. Soy-based meat was estimated to account for 46% of revenue generation as of 2022.
• Meat Type Analysis: The market can be broken down by type of meat such as pork, chicken fish, and beef as well as others such as tofu-based products like tofu. Chicken was the leader with 35% market share by 2022 – its plant origin making this market segment even more dominant than others.
• Product Analysis for Beyond Burgers: Beyond Burgers offer 35% less fat compared to their meat-based counterparts and have lower cholesterol.
• Storage Analysis: Markets can be divided by storage type markets into refrigerated frozen and shelf-stable categories. Frozen meat produced using plant sources was the market with the highest revenue share in 2022 at 55%.
• End User Analysis: The food industry is predicted to grow at the highest CAGR over the next few years because of the increasing demand for ready-to-eat meals packed in bags.
• Market Drivers: Key factors driving the plant-based meat market include increasing awareness of animal agriculture’s environmental footprint, health concerns related to animal consumption, and increased adoption of vegetarian and vegan diets.
• Restrictions: The plant-based meat market faces challenges when compared to traditional meat. There is also the necessity of continuous research and development efforts in order to enhance these aspects while dispelling misconceptions surrounding plant-based alternatives.
• Opportunities: Advancements in manufacturing technologies, increased investments in this market sector and consumers’ changing diet preferences create growth prospects for companies operating within this market.
• Trends: The market displays notable trends, such as new product releases featuring improved taste and texture; collaborations between plant-based meat producers and traditional meat companies; and an expanding selection of plant-based meat in different cuisines and recipes.
• Regional Dominance: North America led the market with 38.5% revenue share by revenue generation in 2022. This trend can be explained by increasing consumer concerns regarding unhygienic meat-derived products and eating unrefined proteins such as steak.
• Key Players in Plant-based Meat Market: Beyond Meat, Impossible Foods and Quorn are among many companies leading this space towards developing more environmentally and ethical food solutions.

Driving Factors

Increasing Consumer Preference for Vegan Diets Driving the Growth of the Market

The changing lifestyle and high demand for plant-based meat products drive the growth of the market. Increasing consumer interest in plant-based diets and increasing health concerns drive the market’s demand for plant-based meat products. The consciousness of animal health is growing among people; therefore, people prefer vegan diets to save animals, which is a primary factor for plant based market growth.

Soy-based meat contains high protein and helps in water absorption, solubility, and emulsification. Therefore, sportspersons and athletes are shifting towards the consumption of soy meat. There are wide varieties, and flavors of plant-based meat products available in the market, aided to plant based meat market growth. With increasing globalization, the food industries and hotel industries are growing rapidly. As such, demand for vegan meat market products is increasing in hotels and food industries.

High Health Benefits of Plant-Based Meat Products Driving the Demand Among Health Conscious Individuals

The plant based meat market is rich in fibers, which helps in relieving constipation and helps in muscle development. Increasing concerns of weight loss paired with consumption of plant-based meat due to high protein values and low fats. This product helps lower blood sugar and reduces 70% of the chances of heart attack and diabetes. Therefore, people prefer vegan diets, which is driving the growth of the market.

The increasing demand for refrigerated plant-based meat drives the market’s growth. The plant-based meat is healthier than traditional animal-based meat. This contains very low saturated fats, zero cholesterol, high vitamins, and fiber. Also, demand for pea proteins is increasing in producing dietary supplements such as whey protein, driving the global plant-based meat market.

Restraining Factors

Negative Health Impacts with High Consumption of Plant-Based Meat Restraining the Market Growth

Increasing costs of plant-based meat products are expected to impact market growth negatively. Plant-based meat products do not contain essential omega-3 fatty acids, proteins, and nutrients compared to animal-based meat.

Plant-based meat products are highly processed to add flavor, aroma, and textures to products which reduces the nutritional value of products. This is expected to restrain market growth. Most plant-based meat products contain about 600 milligrams of sodium compared to animal-based meat, which has negative health consequences, including high blood pressure risks.

Source Analysis

Soy Based Meat Segment is Dominant in the Market with Largest Market Revenue Share

Based on source, the market is classified into soy, pea, wheat, blends, and other sources. The soy-based meat segment dominated the largest global revenue share of 46% in 2022. Soy is rich in amino acids (BCCAs); therefore, demand for soy-based meat in the market is increasing.

Dried soy meat is low in calories and contains various nutrients such as vitamin B1, vitamin B, folic acid, iron, potassium, and pantothenic acid. The demand in the market is increasing due to the low amount of fats, rich in dietary fibers, and zero cholesterol. Soy meat can enhance exercise performance, help fast recovery in heavy workouts, and help build muscles. Soy-based meat reduces formulation costs and exhibits a lower carbon footprint than conventional animal-based meat and dairy products.

The pea-based meat segment is expected to grow at the fastest CAGR during the forecast period due to its high energy quantity and high protein value compared to traditional animal-based meat products. Pea-based meat is a good source of folate & iron, and fibers and contains less saturated fats than ground beef.

Meat Type Analysis

Plant-Based Chicken Segment is Dominant in the Plant-Based Meat Market

The market is segmented based on meat types: chicken, pork, beef, fish, and other meat types. The plant-based chicken segment was dominant, with the largest market revenue share of 35% in 2022. Due to high animal fats, proteins, and cholesterol, chicken is the primary ingredient in products such as patties, cutlets, and nuggets in traditional meat industries.

Compared to traditional meats, plant-based chicken products contain the same amount of proteins and other nutrients. This tends to increase demand for plant-based chicken as an alternative to conventional animal-based chicken. The plant-based pork meat segment is expected to grow at the fastest CAGR due to the increasing popularity of pork meat among individuals. This product is made from pea protein and soy, which contains high proteins and fibers with zero cholesterol and low fats.

Product Type Analysis

Plant-Based Meat Burger Patties Segment is Dominant in the Market, with Largest Market Revenue Share

Based on product type, the market is classified into burgers, patties, sausages, strips & nuggets, meatballs, and other product types. The burger patties segment dominated the market, with the largest share of 30% in 2022.

The burger ingredients add flavor, meat’s “bleeding” texture, and aroma. Plant-based meat burgers are made from ingredients such as soy and pea protein, enriched with nutrition, and have good taste and texture. Individuals prefer plant-based meat burgers due to their good taste and variety of flavors. The Beyond burgers have 35% less fat than a beef burger and contain less cholesterol than traditional meat burgers.

The plant-based sausages market segment is expected to grow at the fastest CAGR during the forecast period. Key companies such as Beyond Meat and Lightlife Foods Inc. are launching juicy alternatives to traditional sausages; therefore, demand for plant-based meat sausages is anticipated to increase in the forecast period.

Storage Analysis

The Frozen Plant-Based Meat Segment is Dominant in the Market, with Largest Market Revenue Share

Based on storage, the market is segmented into refrigerated, frozen, and shelf-stable. The frozen plant-based meat segment dominated the market with the largest revenue share of 55% in 2022. The increasing demand for innovative vegetarian food products increased the demand for frozen plant-based meat products.

Frozen plant-based meat offers products a long shelf life and protection from external microorganisms. Frozen plant-based meat lasts six to eight months in its original state without losing nutritional value, taste, odor, and texture. Therefore, the demand for frozen plant-based meat is increasing in the market. The refrigerated plant-based meat segment is expected to grow at the fastest CAGR in the forecast period due to increasing demand in the food & beverage industries.

End-User Analysis

The market is classified into HoReCa, food industry, and household based on end-user. The hotel, restaurants, and café (HoReCa) segment is dominant, with the largest market revenue share of 58% in 2022.

With the increasing popularity of vegan healthy foods, many restaurants, hotels, casual dining, and fast food chains serving “meat-free” options to meet consumer demand is expected to drive the growth of this segment. Also, increasing numbers of hotels and restaurants are driving the demand for vegan meat in the market. People are spending more on celebrations and parties in restaurants and luxury-class hotels; therefore, the demand in the market is anticipated to increase.

The food industry is expected to drive the fastest CAGR during the forecast period due to increasing demand for packed ready meals.

Key Market Segments

By Source

• Soy
• Pea
• Wheat
• Blends
• Other Sources

By Meat Type

• Chicken
• Pork
• Beef
• Fish
• Other Meat Types

By Product Type

• Burger Patties
• Sausages
• Strips & Nuggets
• Meatballs
• Other Product Types

By Storage

• Refrigerated
• Frozen
• Shelf-Stable

By End-User

• HoReCa
• Food Industry
• Households

Opportunity

Rising Concerns About Health Concerns of Animals Expected to Create Lucrative Growth Opportunities in the Forecast Period.

Increasing popularity for individuals with plant-based meat products is expected to drive the market during the forecast period. The food producers of plant-based meat products are focusing on enhancing the nutritional values of products to fulfill consumer demand.

Also, increasing governmental acts for the prevention of cruelty to animals are expected to create lucrative growth opportunities for vegan meats in the market. Increasing consumer preference towards plant-based meats and rising demand for flexitarian diets are expected to boost market growth in the forecast period.

Increasing uses of plant-based meats in food industries are also expected to create growth opportunities in the market. Individuals are performing more physical activities with increasing numbers of gyms and sports clubs. Thus, to maintain diet and nutrition, individuals prefer plant-based soy meat, which is helpful in fast recovery and muscle development.

Trending Factors

High Demand for Soy Meat among Health Conscious Individuals is a Current Trend in Global Market

Health concerns are increasing worldwide; therefore, individuals perform physical activities such as Zumba, yoga, and sports-related activities. Therefore, they prefer soy meat as a recovery diet which helps in water absorption and muscle recovery.

Due to increasing obesity and the growing trend towards fat loss, people prefer vegan plant-based meat. Food producers are introducing different flavors of vegan meats to engage more customers. Several key players are adopting market strategies such as merging, joint ventures, and acquisitions to grab a competitive edge in the market.

Regional Analysis

North America Region is Dominant in the Global Plant-Based Meat Products Market

North America led the market with the largest revenue share of 38.5% in 2022. The market growth in this region is propelled by increasing consumer awareness of consuming contaminated meat products. Consumers in North America are shifting towards consuming plant-based flexitarian diets daily. The increasing trend of veganism in the region is expected to drive the market growth.

Europe region is expected to drive the fastest CAGR during the forecast period due to increasing demand for vegan meat products, and strict government regulations on the cruelty of animals are expected to drive the market for plant-based meat products in the region.

Key Regions and Countries

• North America
  • The US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Russia & CIS
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • ASEAN
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of MEA

Key Players Analysis

Key market players are focusing on introducing a variety of flavors of vegan meat to obtain a competitive edge in the market and fulfill consumer demand. The major plant-based meat market players have diversified their product portfolios to meet consumer preferences.

Plant-based meat market leaders are investing in R&D to create flavors that taste and feel like meat. They attract more customers by offering a variety of flavors. This has led to rapid market growth.

Market Key Players

• Beyond Meat Inc.
• Impossible Foods Inc.
• Maple Leaf Foods Inc.
• Vegetarian Butcher
• Conagra Inc.
• Kellogg NA Co.
• Marlow Foods Ltd.
• Amy’s Kitchen Inc.
• Tofurky
• Gold&Green Foods Ltd.
• Praeger’s Sensible Foods
• VBites Foods Ltd.
• LikeMeat GmbH
• Lightlife Foods Inc.
• Trader Joe’s
• The Hain-Celestial Canada ULC
• Marlow Foods Ltd.
• Ojah B.V.
• Eat Just Inc.
• No Evil Foods
• Other Key Players

Recent Developments

• In September 2021, Beyond Meat announced it would begin selling its vegan chicken tenders in retail stores, including Walmart.
• In February 2021, Beyond Meat partnered with McDonald’s and Yum Brands. This deal brings choices to the menu, such as the Mcplant Burger and plant-protein-based pizza toppings.

Report Scope