Plant-based Meat Market Share, Size, Trends, Industry Analysis Report, By Source (Soy, Wheat, Peas, And Other Sources); By Product; By Distribution Channel; By Region; Segment Forecast, 2024- 2032
- Published Date:Jun-2024
- Pages: 116
- Format: PDF
- Report ID: PM1689
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The plant-based meat market size was valued at USD 7,417.1 million in 2023. The market is anticipated to grow from USD 9,031.8 million in 2024 to USD 38,273.9 million by 2032, exhibiting a CAGR of 19.8% during the forecast period.
Industry Trend
Increasing awareness regarding nutrient contents along with rising concerns regarding animal slaughter is expected to propel the industry's growth. Plant-based meat in simple terms can be defined as products manufactured by using plant ingredients that mimic the animal-derived meat both in terms of taste and appearance and are designed in a way to be indistinguishable from animal meat. These products can be made by using a variety of sources such as peas, wheat, soy among others and as they directly substitute animal meat hence are often referred to as meat products.
To Understand More About this Research:Request a Free Sample Report
The concept of plant-based meat was originally formed to replace animal meat consumption and to curb the adverse effects of the same both on the human health as well as environmental impact. The concept has garnered a lot of attention both from public as well as government alike.
Inclination towards healthy lifestyles, competitive strategies adopted by key market participants, and favorable initiatives across the globe is benefitting the market growth. Moreover, considerable investments and ventures by leading personalities across the globe such as Bill Gates. The founder of Microsoft Corporation has invested in Beyond Meat, which is one of the major players in the industry. There have been many such instances of investments, funding, as well as deals in the recent past and this trend is expected to continue over the forecast period thus favoring plant-based meat market growth.
Many companies, both startups as well as established companies are entering the plant-based meat market. Industry participants are trying to expand their footprint by entering into partnerships with retail chains, as well as restaurants. Such moves are aimed at improving the overall product availability by utilizing the pre-established distribution channels of retail chains as well as restaurants. One of the other driving factors prompting rapid market growth mainly in the U.S. as well as Europe is the adoption of flexitarian lifestyle and incorporation of plant-based food in their diets by a sizeable number of citizens.
- For instance, in June 2021, Kellogg's Away from Home announced three-year Incogmeato by MorningStar Farms partnership with Sodexo in order to meet rising consumer demand for 'just-like-meat' plant-based proteins.
Key Takeaway
- North America dominated the largest market and contributed to more than 38% of the share in 2023.
- The Asia Pacific market is expected to be the fastest-growing CAGR during the forecast period.
- By source category, the soy segment accounted for the largest market share in 2023.
- By distribution channel category, the retail outlet segment is projected to grow at a high CAGR during the projected period.
What are the Market Drivers Driving the Demand for the Plant-Based Meat Market?
Growth in the Number Flexitarian, Ethical, and Health Conscious Consumer Across the Globe
Increased ethical focus of consumers, especially among millennials as well as the flexitarian trend emergence across the globe is favoring the growth of the plant-based meat industry. A ‘Flexitarian’ customer can be defined as a person who consumes meat as well as dairy but wishes to reduce its intake due to health, environmental impact and ethical reasons. Thus, in this pursuit flexitarians are rapidly adopting animal meat alternatives including plant-based meat.
In the recent past, target customers of plant-based products were vegetarians and vegans which in recent times has now expanded significantly to include millennials and flexitarians. There has been rising number of vegans across the globe especially in Europe. Strong growth in vegans have been recorded in European countries such as UK. The same trend was observed in other parts of the globe. This trend is also benefitting the overall plant-based market demand.
The advent of social media has resulted in consumers getting unprecedented access to information. Hence, there has been rising awareness regarding the adverse impacts of animal meat production on the environment as well as global warming. Significant mainstream media coverage of the topic has also resulted in increased awareness.
Which Factor is Restraining the Demand for Plant-Based Meat?
Comparatively High Cost
Alternative meats including plant-based meat products are considerably more expensive than animal meat products. For example, in the U.S., plant-based meat burger retails for a price that is almost double than that of animal meat burger. High demand but relatively small market had resulted in an increased cost of these burgers, however this scenario has changed over the years with costs bound to decline considerably in the near future.
It is anticipated that as the demand for the product grows the infrastructure required for the production will improve thus resulting in cost savings. Several manufacturing companies have secured better funding as compared to previous years thus enabling them to achieve economies of scale thus further reducing the overall costs.
Report Segmentation
The market is primarily segmented based on source, product, distribution channel, and region.
|
By Source |
By Product |
By Distribution Channel |
By Region |
|
|
|
|
To Understand the Scope of this Report:Speak to Analyst
Category Wise Insights
By Source Insights
Based on source analysis, the market is segmented on the soy, wheat, peas, other sources. Soy held the largest market share in 2023. Soy market segment is expected to witness the highest growth rate over the forecast period. In comparison to animal-based protein source, soy-based meat is healthy as it is cholesterol-free and is rich in vitamins, fibers, among other nutrients. Such factors are propelling the segment market growth. Plant-based meat production companies are increasingly adopting soy as a source of production and are utilizing the same for production of a variety of products such as sausages, burger patties, meatballs, among others. Such trends are benefitting the segment growth.
One of the primary driving forces behind this trend is the growing awareness of the environmental impact of traditional meat production. With concerns about climate change and resource depletion on the rise, consumers are increasingly seeking sustainable and eco-friendly alternatives to animal-based products. Soy-based plant-based meats offer a promising solution, as soy cultivation generally requires less land, water, and energy compared to traditional livestock farming, leading to reduced greenhouse gas emissions and environmental footprint. Furthermore, health considerations play a pivotal role in propelling the soy-based plant-based meat market forward.
By Distribution Channel Insights
Based on distribution channel analysis, the market has been segmented on the basis of retail outlet, foodservice, e-commerce. The retail outlet segment expected to be the fastest growing CAGR during the forecast period. Companies are entering into agreements with retail chains so as to increase their sales by accessing the latter’s distribution network. In addition, renewed interest of consumers in healthy foods including plant-based meat products has prompted retail outlets to grant considerable shelf-space to the product. Easy availability, broad product portfolio and competitive pricing are some of the key industry trends of the segment.
Furthermore, the mainstreaming of plant-based diets is evident in the increasing availability of plant-based meat products across retail channels, including grocery stores, restaurants, and online platforms. However, establishing a dedicated retail outlet for plant-based meats offers distinct advantages, such as providing consumers with a curated selection of high-quality products, personalized customer service, and a unique shopping experience centered around plant-based living. By hosting cooking demonstrations, tasting events, and workshops on plant-based nutrition, the retail outlet can foster a sense of community among like-minded individuals and contribute to the broader movement towards sustainable and compassionate living.
Regional Insights
North America
North America region accounted to be the largest market share in 2023. Strong demand from the U.S. is driving regional market growth. The presence of major industry players, support extended by government agencies along with high awareness pertaining to plant-based meat products is benefitting the regional market growth. In addition, easy availability of products, broad product portfolio, and competitive marketing strategies adopted by market participants are also benefitting the North American plant-based meat market growth.
Furthermore, the growth of the market is accelerated by the presence of companies across the region that are entering into strategic initiatives in order to expand their global presence. For instance, The Very Good Food Company announced increased U.S. retail expansion with plant-based beef and pork products through a new agreement with The Giant Company. This partnership will expand Very Good's product availability on the U.S. Eastern Seaboard.
Retail plant-based meat sales rose in 2020 across the United Nations. Half of the U.S. consumers are familiar with plant-based meat products, and this trend is likely to continue in the near future. Top of FormNorth
Asia Pacific
Asia Pacific is expected for the growth of fastest CAGR during the forecast period. Countries in the region, such as India and China, are expected to drive overall regional growth over the forecast period. Companies are setting up manufacturing bases in the region in anticipation of future demand. Customization of products to suit local tastes and preferences is bound to be a critical success factor in the region.
The demand for the plant-based meat market is stimulated by the increasing health consciousness as well as the rising pork prices across the region. Furthermore, the proliferation of the meat alternative industry, along with the supportive measures of the government through offering initiatives and cutting restrictions, is projected to stimulate the growth of the plant-based meat market in the near future.
Since consumers present across the globe are more open to the idea of consuming plant-based meat, the demand for the industry is anticipated to grow. The majority of the plant-based meat consumers consist of young generation consumers who are more inclined towards maintaining healthy lifestyles.
Competitive Landscape
The plant-based meat market is experiencing intense competition as consumer demand for sustainable and healthy alternatives to traditional meat products continues to surge. Startups and regional players are also proliferating in the market, further intensifying competition and driving innovation in product development, pricing strategies, and distribution channels. As the market matures, companies are focusing on expanding their product portfolios, enhancing production capabilities, and strengthening their market presence through strategic partnerships and acquisitions to gain a competitive edge.
Some of the major players operating in the global market include:
- Impossible Foods Inc.
- Conagra Brands, Inc.
- Beyond Meat Inc.
- Kellanova
- Quorn Foods
- Amy’s Kitchen Inc.
- Maple Leaf Foods Inc.
- Unilever
- Tofurky
- Sunfed
- VBites Foods Limited
- Eat JUST
- Gold & Green Foods Ltd.
- Kellogg
- Greenwise
- Boca Foods Company (Kraft Foods, Inc.)
- NOVAMEAT
- OmniPork
- Zikooin
- v2food Pty Ltd
Recent Developments
· In November 2022, v2food entered into a partnership with Leading Chinese food manufacturers.
· In June 2022, Gardein, a brand of Conagra Brands, Inc., launched a new Pea & Wheat Plant-Based Chicken line to broaden its variety of plant-based products.
· In May 2022, Maple Leaf Foods announced its investment in a start-up called Evolved Meats to accelerate the development of its cultivated meat platform and scale up production processes.
· In April 2022, Drew Barrymore announced its partnership with Quorn to make plant-based meat more affordable.
· In February 2022, NOVAMEAT raises USD 6M in Pre-Series A to stimulate the whole cut plant-based steak.
· In December 2021, Amy's Kitchen announced its plan to open 25 to 30 new drive-thru concepts by 2027.
Report Coverage
The plant-based meat report emphasizes on key regions across the globe to provide better understanding of the product to the users. Also, the report provides market insights into recent developments, trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the report covers in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions.
The report provides detailed analysis of the market while focusing on various key aspects such as competitive analysis, source, product, distribution channel, and their futuristic growth opportunities.
Plant-based Meat Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2024 |
USD 9,031.8 million |
|
Revenue forecast in 2032 |
USD 38,273.9 million |
|
CAGR |
19.8% from 2024 – 2032 |
|
Base year |
2023 |
|
Historical data |
2019 – 2022 |
|
Forecast period |
2024 – 2032 |
|
Quantitative units |
Revenue in USD million and CAGR from 2024 to 2032 |
|
Segments covered |
By Source, By Product, By Distribution Channel And By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Customization |
Report customization as per your requirements with respect to countries, region, and segmentation. |
FAQ's
The plant-based meat market report covering key segments are source, product, distribution channel, and region.
Plant-based Meat Market Size Worth $ 38,273.9 Million by 2032.
The plant-based meat market exhibiting a CAGR of 19.8% during the forecast period.
North America is leading the global market.
The key driving factors in plant-based meat market are Growth in the number flexitarian, ethical, and health conscious consumer across the globe.
© 2024 Polaris Market Research and Consulting. All rights reserved
