PLANT BASED MEAT MARKET ANALYSIS

Market Size and Trends

Global plant based meat market is estimated to be valued at USD 5.79 Bn in 2024 and is expected to reach USD 27.17 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 24.7% from 2024 to 2031.

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Consumers are increasingly opting for plant based meat products due to rising health and environmental concerns related to conventionally produced meat. Moreover, ongoing product innovation and expanding availability of innovative vegan meat alternatives in retail channels are expected to drive the market growth. Several startups are innovating and bringing novel product varieties made from ingredients like soy, wheat, and pea proteins to cater to the rising demand. Established food companies have also entered this market and come up with their proprietary blends of plant-based ingredients to mimic real meat texture and taste. This has boosted competition and driven overall market expansion. Increased marketing and promotional activities by market players have raised awareness regarding benefits of plant based meat, thus, driving the market growth.

 Growing Health Consciousness

Rising awareness about health and wellness is expected to drive the plant based meat market growth. People are increasingly realizing the importance of following a healthy and balanced diet for various fitness goals as well as overall well-being. There is plenty of research and evidence now that over-consumption of red meat and processed meats can increase the risks of serious health issues like heart diseases, diabetes and certain types of cancers. More consumers are cutting back on animal proteins and turning to plant based options as a healthier choice. Plant based meats are seen as a nutritional and diet-friendly substitute to regular meat as these are lower in cholesterol and saturated fats. Food companies have also played a vital role in promoting plant based products as healthier and more sustainable alternatives through extensive marketing campaigns. Healthy lifestyle blogs and social media further reinforce these messages. With growing health issues like obesity being linked to improper dietary habits, people are eager to make positive changes in their diets. This makes the plant based meat appealing to those focused on wellness along with environment and animal welfare concerns. The emphasis on preventive healthcare also encourages exploring protein sources other than conventional meat itself.

Market Concentration and Competitive Landscape

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Rising awareness among consumers about issues like climate change and sustainability of various industries can drive the market growth. There has been more emphasis on ethical treatment of animals for food. The meat industry is known to have high environmental costs owing to intensive agricultural practices required to raise livestock as well as their greenhouse gas emissions. Many scientific studies have highlighted how meat, especially red meat and processed meat production contributes significantly to carbon footprint. Practices like land/habitat destruction, pollution of water resources and inhumane treatment of animals in cramped industrial facilities have raised questions on the ethics and consequences of intensive animal farming. Many people feel that plant based alternatives can address these concerns to some degree since these does not involve raising and slaughtering animals. Especially the young, urban demographic is more exposed to such viewpoints through active discussions online. People want the brands these support to have ethically responsible practices. This makes plant based meat products an appealing commercial prospect for companies wanting to align with sustainability and animal welfare values of forward-looking customers. Environmental protection and ethics regarding treatment of animals is an important driver to explore alternative sources of protein.

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Higher prices of plant based meat products as compared to conventional animal meat hampers its mass adoption and overall growth of the global plant based meat market. While plant based meat alternatives aim to offer similar taste and texture as animal products, their current price points tend to be significantly higher. This price disparity is a major concern for most budget-conscious consumers.  The higher prices of plant based meats can be attributed to several factors like production of most plant based meat products is expensive and labor-intensive as these involve complex scientific processes to isolate and refine plant proteins for mimicking animal meat. There are considerable research and development investments involved as well to continuously enhance the product formulations. The economies of scale for plant-based meat industries are still developing compared to long-established animal agriculture industries.

Opportunity: Product innovation & improved nutrient profile

Product innovation and fortifying products with nutrients offers a tremendous opportunity for growth of plant based meat market. As consumers become increasingly health-conscious and concerned about sustainability, companies are actively developing products that mimic the taste and texture of meat more closely, while also providing nutritional benefits. Recent innovations like pea, soy and mushroom-based "meats" that closely resemble ground beef or chicken nuggets when cooked have increased demand significantly. These realistic meat alternatives appeal to both vegetarians looking to reduce meat consumption and flexitarians interested in occasional meat-free options.  To capitalize on this demand, plant based meat companies are investing heavily in research and development to create even more innovative products. Many companies are focusing on fortifying their products with important nutrients like protein, vitamins and minerals that consumers associate with meat. 

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In terms of source, soy segment is estimated to contribute the 82.1% of the market share in 2024, owing to its diverse uses and nutrient-rich qualities. As a complete protein containing all essential amino acids, soy is highly versatile and can be formulated to resemble meat in both taste and texture. Its ability to retain moisture during cooking results in product stability and mouthfeel similar to animal meat. Extensive research has also improved soy protein functionality, allowing manufacturers to craft burger patties, grounds, and sliced cuts that satisfy consumer demand for meat alternatives. Soy's neutral flavor also permits bold seasoning and savory flavors without compromising the natural taste. Strong agricultural infrastructure ensures a stable supply of non-GMO soy crops to support continued market growth. With ongoing innovation, soy is likely to maintain its leading position as a crucial building block for plant based meat that can seamlessly replace animal proteins.

Insights, By Product Type: Consumers' Craving for Burgers Boosts their Popularity in Plant Based Meat

In terms of product type, burgers segment is estimated to contribute the 35.7% of the market share in 2024, due to widespread popularity and mass appeal. As the quintessential grilling item in Western cuisines, burgers are a familiar format consumers readily adopt for plant-based options. Manufacturers prioritize replicating the taste, juiciness and grilling experience of traditional beef patties to attract flexitarians. The simple preparation of burgers also makes them a hassle-free gateway for consumer’s skeptics to try meat alternatives. Favorable unit economics allow retailers to competitively price plant-based burgers as compared to animal meat.

Insights, By Type: Beef’s Flavor Profile Inspires plant-Based Innovation in the Meat Space

In terms of type, beef segment is estimated to contribute the 35.5% of the market share in 2024 as manufacturers prioritize developing alternatives to this flavorful variety of meat. As a staple in iconic dishes worldwide, beef awakens deep-seated cravings that drive repeat purchases of plant-based options. Patties and ground formats ease replication of beef’s savory taste without its heaviness. Meanwhile, original equipment manufacturer partnerships tackle tech challenges to craft juicy cuts mimicking marbled steaks.  Beef’s widespread consumption during social occasions further motivates companies to capture this sizable segment transitions away from animal products. Commitment to the beef category demonstrates understanding of omnivorous palates that demand seamless substitution for traditional red meat favorites.

Regional Insights

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North America has established itself as the dominant region in the global plant-based meat market with estimated 37.8% share in 2024. The U.S., in particular, has seen tremendous growth in both the production and consumption of plant based meat products over the past decade. Several major plant based meat producers are headquartered in the U.S. and have established widespread distribution channels across both brick-and-mortar retailers as well as online platforms. The likes of Impossible Foods and Beyond Meat now provide extensive product ranges that are carried in mainstream grocery stores, fast food chains and restaurants across the country.  The widespread availability and mainstream acceptance of plant-based meats has enabled the North American market to achieve high levels of market penetration. American consumers have shown an increased willingness to pay premium price points for plant based meat products, driven in large part by health, environmental and animal welfare related priorities. This has further contributed to creating a robust and profitable market landscape for both producers and retailers in the region. However, with saturated growth potential in the largest economy, producers are expanding focus to other regions globally.

Asia Pacific has emerged as the fastest growing regional market for plant based meat. China, in particular, presents monumental opportunities, given the size of its population and growing environmental awareness. While plant based meat is still a niche category in China compared to other proteins, it is increasingly gaining traction among younger consumers in major cities. The market is still in a nascent phase but has witnessed double digit growth rates annually over the past five years. The market growth is driven by both domestics mall firms looking to cater to this rising demand as well as global brands establishing local manufacturing operations or distribution agreements to directly serve the China market. The region's growing appetite for meat alternatives is expected to continue given its dense population and rising middle class. If production and distribution challenges for plant-based meat companies can be overcome, China may surpass North America as the largest market within the foreseeable future.

Market Report Scope

Key Developments

• In March 2024, Kraft Heinz Not Co. to launch first plant-based meat products
• In October 2022, Licious launched UnCrave, India's first D2C plant-based meat brand.
• In May 2021, Tyson Foods, Inc. (an American multinational corporation) entered the plant-based meat market with launch of its new range of 100% vegan meat products including fresh patties, ground beef, fake bratwurst, and Italian sausage.
• In April 2020, JBS S.A. (a Brazil-based meat processing company) entered in the plant-based meat market through a new subsidiary, Planterra Foods, with launch of burgers, ground plant-based meat, Mexican seasoned ground plant-based meat and Italian-style meatballs under the OZO brand. The products are made with pea protein and wheat gluten

*Definition: Global plant based meat market refers to the industry for products designed to mimic the taste, texture, and appearance of slaughtered meat but are made from plant-based ingredients without using any animal products. This growing market provides consumers who are health conscious, environmentally friendly, or concerned with animal welfare with nutritious and sustainable alternatives to conventionally produced meat.

Market Segmentation

• Source Insights (Revenue, USD Bn, 2019 - 2031)
  • Soy
  • Pea
  • Wheat
  • Others
•  Product Type Insights (Revenue, USD Bn, 2019 - 2031)
  • Burgers
  • Sausages
  • Patties
  • Nuggets, Tenders & Cutlets
  • Grounds
  • Others
•  Type Insights (Revenue, USD Bn, 2019 - 2031)
  • Chicken
  • Pork
  • Beef
  • Fish
  • Others
•  Distribution Channel Insights (Revenue, USD Bn, 2019 - 2031)
  • B2B
  • B2C
• Regional Insights (Revenue, USD Bn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC Countries
    • Israel
    • Rest of Middle East & Africa
• Key Players Insights
  • Kellogg NA Co.
  • Quorn
  • Beyond Meat
  • Impossible Foods Inc.
  • Maple Leaf Foods (Field Roast & Maple Leaf)
  • Vegetarian Butcher
  • Conagra, Inc.
  • Amy's Kitchen, Inc.
  • Tofurky
  • Gold&Green Foods Ltd.
  • Sunfed
  • VBites Foods Limited
  • Kraft Foods, Inc.
  • Lightlife Foods, Inc
  • Trader Joe's
  • Yves Veggie Cuisine (The Hain-Celestial Canada, ULC)
  • Marlow Foods Ltd. (Cauldron)
  • Ojah B.V.
  • Moving Mountains
  • Eat JUST Inc.