Global Vegan Meat Market By Source (Soy, Wheat, Mycoprotein, Pea, Legumes), By Product Type (Chicken, Beef, Pork, Fish, Turkey), By Product Form (Burgers & Patties, Strips & Nuggets, Tenders & Cutlets, Sausages, Meatballs), By Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Convenience Stores, and Online Retail) By End-User (Residential and Commercial), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

In 2022, the Global Vegan Meat Market was valued at USD 5.2 Billion and is expected to reach USD 19.1 Billion in 2032. Between 2023 and 2032, this market is estimated to register a CAGR of 14.3%.

Vegan meat refers to a type of food product which are made to replicate the taste & texture of traditional animal-based meats but are entirely made from plant-based ingredients. Vegan meats are prepared to provide a more sustainable alternative to conventional anima-based meat products. Vegan meat products are made from different protein combinations, fats, and other plant-based ingredients.

Some protein sources used in making vegan meat include soy, wheat gluten, peas, lentils, mushrooms, chickpeas and more. Vegan meat products come in different forms, such as patties, slices, nougats, and even products that resemble seafood, such as fish and shrimp.

The growing emphasis on environmental sustainability and conscious consumer choices propels the global vegan meat market. Consumers are seeking more sustainable dietary options as the detrimental impacts of conventional meat production on land use, water resources, and greenhouse gas emissions become increasingly evident.

This heightened awareness of the ecological footprint of traditional meat is fostering a surge in demand for innovative and flavorful plant-based meat substitutes, thus shaping the market’s future.

Actual Numbers Might Vary in the Final Report

Key Takeaways

Market Scope

Source Analysis

The Soy Segment Held the Largest Market Share in 2022 Due to its Complete Protein Profile, Realistic Texture, and Cost-Effective Production.

Based on Sources, the vegan meat market is segmented into Soy, Wheat, Mycoprotein, Peas, Legumes, and Other Sources. Among these sources, the soy segment was the most lucrative in the global vegan meat market, with a market share of 47.9% in 2022. Soy-based vegan meats are popular because they offer a rich source of complete plant-based protein, essential amino acids, and dietary fiber.

Moreover, soy’s ability to mimic the texture and taste of traditional meat products makes it a favored choice for creating realistic meat alternatives. Its neutral flavor profile allows for easily incorporating various seasonings and flavors, catering to diverse consumer preferences. Additionally, soy is readily available and cost-effective, making it an attractive option for manufacturers seeking to produce affordable vegan alternatives at scale.

Pea is the fastest-growing segment due to the myriad benefits that pea-based ingredients provide. Peas are rich in protein, low in saturated fats and cholesterol, and contain various vitamins and minerals, contributing to bone health, the immune system, stable blood sugar levels, etc.

Moreover, pea protein is often considered hypoallergenic and is free from common allergens such as soy and gluten, catering to a broader range of dietary preferences and restrictions.

Product Type Analysis

The Chicken Segment Held the Largest Market Share in 2022 Due to the Chicken Analog’s Familiarity and Alignment with Health, Ethical, and Environmental Considerations.

Based on product type, the vegan meat market is segmented into Chicken, Beef, Pork, Fish, Turkey, and Other Product Types. Among these product types, chicken was the most lucrative in the global vegan meat market, with a market share of 34.1% in 2022. This reason can be attributed to the fact that chicken is one of the most widely consumed meat at the global level.

Chicken alternatives align with health-conscious trends and consumers, as plant-based options usually contain lower saturated fats & cholesterol levels compared to animal-based meat. Animal welfare and sustainability concerns are also another factor contributing to the appeal of plant-based chicken alternatives.

The beef segment accounted for the largest market share in 2022, followed by chicken. The dominance can be attributed to beef being a staple food in the dietary worldwide, making it a main focus for plant-based vegan meat.

Vegan beef options, such as patties, sausages and minced meat, have gained prominence as they offer a way to enjoy the taste of beef without the ethical and ecological challenges tied to animal agriculture.

Product Form Analysis

The Patties Segment is Dominant in the Vegan Meat Market Due to its Universal Appeal, Adaptability, and Versatile Culinary Applications.

Based on product form, the Vegan Meat market is segmented into Patties, Strips and nuggets, Tenders & Cutlets, Sausages, Meatballs, and Other Product Forms. Among these product forms, the patties segment is expected to be the most lucrative in the global vegan meat market.

It is expected to dominate the market with a CAGR of 27.6%. Patties hold a universal appeal as a convenient and versatile food option. They are widely recognized and consumed across cultures, making them a familiar choice for consumers worldwide.

Moreover, patties are easily adaptable to various culinary preferences and occasions. They can be enjoyed in traditional burgers but are also widely used in sandwiches, wraps, salads, and more. This versatility allows consumers to incorporate them into a wide range of meals. The sausages segment is the fastest-growing segment.

Sausages hold a distinct advantage in terms of flavor diversity. They also have a versatile application in different cuisines and dishes. They can be served as standalone for breakfast, pasta, sandwiches, and more. Furthermore, they are easy to cook, requiring minimal preparation, which resonated with busy consumers seeking quick and hassle-free meal solutions.

Distribution Channel Analysis

The Online Retail Segment is Dominant in the Vegan Meat Market Due to its Unmatched Convenience and Diverse Product Selection

Based on the distribution channel, the vegan meat market is segmented into Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, and Online Retail. Among these distribution channels, the online retail segment stands out as a dominant segment. Online retail provides unparalleled convenience for consumers.

They can browse and purchase a wide variety of vegan meat products from the comfort of their homes, eliminating the need for physical travel. Moreover, the online platform offers a broader selection of products compared to brick-and-mortar stores. Consumers can explore a diverse range of vegan meat brands, flavors, and types, catering to different preferences and dietary needs. Furthermore, the online retail channel enables direct interaction between manufacturers and consumers.

This direct connection facilitates sharing product information, ingredient details, and sustainability commitments, fostering transparency and trust. The supermarkets/hypermarkets segment is the fastest growing segment due to its widespread accessibility and consumer familiarity.

Consumers frequently visit supermarkets and hypermarkets for regular shopping, making exploring and purchasing vegan meat products alongside other items convenient. The physical presence of vegan meat products on store shelves allows shoppers to interact with and evaluate various options, aiding in their decision-making process.

Key Market Segments

Based on the Source

• Soy
• Wheat
• Mycoprotein
• Pea
• Legumes
• Other Sources

Based on Product Type

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

Based on the Product Form

• Patties
• Sausages
• Strips & Nuggets
• Tenders & Cutlets
• Meatballs
• Other Product Forms

Based on the Distribution Channel

• Supermarkets/Hypermarkets
• Convenience Stores
• HoReCa
• Online Retail

Drivers

Health Concerns and Disease Prevention

The rising awareness of health risks associated with consuming animal-based meat products, such as cardiac disease, cancer, and obesity, is a significant driver for the global vegan meat market. Scientific studies have correlated excessive meat consumption, mainly red & processed meats, to an increased risk of chronic ailments. As consumers seek healthier dietary alternatives, the demand for vegan meat products, which offer lower saturated fats and reduced health risks, continues to grow.

Growing Environmental Awareness

Growing environmental awareness is another significant driver of the global vegan meat market. Consumers seek sustainable dietary choices as concerns over climate change, deforestation, and resource depletion intensify. The livestock industry’s substantial ecological footprint, encompassing land use, water consumption, and greenhouse gas emissions, has prompted individuals to explore vegan alternatives. This awareness-driven shift towards vegan meat consumption reflects a collective effort to reduce the environmental impact of food choices and foster a more sustainable future.

Restraints

Limited Sensory Replication

A significant restraint for the global vegan meat market is the challenge of fully replicating the sensory experience of traditional animal-based meats. While significant advancements have been made in mimicking textures and flavors, achieving an exact match remains complex. Consumers who have grown accustomed to the taste and mouthfeel of conventional meats may find certain aspects of vegan alternatives lacking. This limitation can pose a barrier to broader adoption, particularly among those who prioritize authenticity in their culinary choices.

Limited Accessibility and High Prices

Another significant barrier lies in the limited accessibility and relatively higher prices of vegan meat products compared to their conventional counterparts. While the popularity of veganism is increasing, these products might not be readily available in all regions or local stores, hindering widespread adoption. Additionally, the production process and ingredients in creating high-quality vegan meats can lead to higher manufacturing costs, resulting in premium pricing that may deter budget-conscious consumers.

Opportunity

Tapping into the Growing Flexitarian Trend

The global vegan meat market is poised for remarkable growth by capitalizing on the rising flexitarian trend. With a significant increase in consumers seeking to reduce their meat consumption while enjoying familiar flavors, the market offers a unique opportunity to cater to this expanding demographic. As health and sustainability concerns take center stage, vegan meat products provide an appealing solution, offering the taste and texture of traditional meat without ethical and environmental drawbacks.

This opportunity extends across various sectors, from fast-food chains incorporating vegan burger options to upscale restaurants experimenting with gourmet plant-based dishes. Businesses can entice flexitarians and health-conscious individuals by focusing on taste innovation, nutritional value, and clear communication of the eco-friendly benefits. Building strategic partnerships with culinary influencers and wellness advocates can help drive awareness and adoption.

Trends

Hyper-Realistic Vegan Meat

The global vegan meat market is undergoing a significant shift towards hyper-realistic plant-based meat alternatives. As food science and technology advance, companies increasingly focus on creating vegan meats that closely mimic traditional animal-derived products’ taste, texture, and appearance. This trend is driven by the desire to provide consumers with a seamless transition from conventional meats to plant-based options, catering to committed vegans and flexitarians seeking familiar culinary experiences.

Advancements in ingredients such as pea protein, soy, and mycelium are enabling the production of plant-based products that sizzle, sear, and satisfy just like their animal counterparts. Cutting-edge techniques such as 3D printing, cell-based agriculture, and precision fermentation further push the boundaries of vegan meat innovation, promising an entirely new level of realism. Hyper-realistic vegan meats tap into a wider audience, including meat eaters looking to reduce their environmental impact and adopt healthier eating habits.

Regional Analysis

North America is the Dominant Region in the Global Vegan Meat Market in 2022.

In 2022, North America held the leading position in the global market, with a significant market share of 32.1%. The region’s remarkable market share can be attributed mainly to a substantial population of health-conscious consumers actively seeking sustainable and plant-based alternatives. A robust food technology sector in North America has led to the development of innovative and realistic plant-based meat products that align with consumer preferences.

Strong marketing campaigns and celebrity endorsements and influences have also propelled the popularity of these products. The region’s well-established distribution networks and retail infrastructure ensure widespread availability and accessibility. Furthermore, a diverse culinary landscape and a history of embracing dietary trends have created a receptive market for vegan meat. Supportive policies and regulations focused on food labeling and sustainability have encouraged the growth of this market segment in North America.

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 players in the market include Beyond Meat, Inc., Impossible Foods Inc., Lightlife Foods, Gardein, Quorn Foods, Tofurky, etc. They are investing in research to develop hyper-realistic vegan meat alternatives that mimic traditional meats’ exact taste and texture. These players also prioritize sustainability by using eco-friendly packaging and transparent sourcing, appealing to environmentally conscious consumers.

Market Key Players

• Beyond Meat, Inc.
• Impossible Foods Inc.
• Lightlife Foods
• Tofurky
• Gardein
• MorningStar Farms
• Quorn Foods
• Rollin’ Greens
• Amy’s Kitchen
• No Evil Foods
• Alpha Foods
• Upton’s Naturals
• Before the Butcher
• Other Key Players

Recent Developments

July 2023 – SimpliiGood, a subsidiary under AlgaeCore Technologies, has introduced a breaded chicken cutlet alternative crafted mainly from the nourishing microalgae spirulina.

June 2023 – Prominent canned seafood company John West enters the vegan market by launching plant-based tuna.

June 2023 – Building upon the triumph of their plant-based frozen products, Frosta launched vegan fish fingers into their product line.

Report Scope