Status : Published | Published On : Dec, 2023 | Report Code : VRFB11011 | Industry : Food & Beverage | Available Format : | Page : 161 |
Industry Overview
The Global Plant Meat Market is estimated to be USD 14.7 billion in 2023 and is predicted to reach USD 28 billion by 2030, growing at a CAGR of 13.8% during the forecast period 2025-2030. Plant-based meat is derived from plants. Coconut oil, beet juice, and vegetable proteins form the primary components of plant-based meat. Wheat, pea, and blends are too used in plant-based meat products. Plant-based meat also contains protein, fat, vitamins, minerals, and water just like animal meat. Also, it is healthier than animal-derived meat when consumed in moderation, such as in sandwiches, burger patties, and other dishes. The factors responsible for the growth of plant-based meat across the globe are due growing vegan population and plant-based meat products, rising consumer awareness regarding its nutritional benefits, and increasing health concerns due to COVID-19 concerns. The favorable initiatives by the government and increased investment will drive the market expansion of the plant-based meat industry.
Plant-based meat has ingredients sourced from plants such as soy flour, to mimic the texture of animal-based meat. Current innovations also claim that it offers the same cooking and eating experience as traditional animal-based meat. Few hamburger outlets have introduced plant-based burger patties, which emulate the texture of the beef offered in the same outlet.
The global pandemic of COVID-19 has positively impacted the sale of plant-based meat, particularly in the U.S. and Europe. The conventional meat industry in the U.S. is in a tailspin. Owing to the risk of infection and country-wide serious lockdown, the meat packing plants in the U.S. are closed. This closure has led to a reduction in more than 25% of meat production and disruption in the food supply. Plant-based meat producers such as Tyson Foods have announced to take advantage of such a gap in the food supply chain across the country. Moreover, the U.S.-based plant-based meat giants, Beyond Meats, and Impossible Foods have taken steps to increase their retail footprint.
Market Segmentation
Insight by Raw Material
Based on raw materials, the plant-based meat market is categorized into soy, wheat, and pea. The soy segment is expected to dominate the plant-based meat market. the segment’s high share is due to its protein richness, a good source of amino acids and widespread popularity. Soy-based meats are excellent sources of protein as compared to legumes. It also contains different kinds of protein, which are not present in animal meats including dietary cholesterol and saturated fats. This helps in recovering from energetic exercise and strengthen muscle mass.
According to the American Heart Association (AHA), Soy-based foods are low in saturated fats, whereas animal-based protein is high in saturated fats and cholesterol, which increases the probability of developing cardiovascular disease. Moreover, the growing consumer concern with the consumption of animal-based protein, as COVID-19 is considered to originate from animals, and the rise in adoption of vegan diets is expected to drive the usage of soy-based meat products.
Insight by Product
On the basis of product, the plant-based meat market is categorized into burger patties, sausages, strips & nuggets, and meatballs. The burger patties product segment is expected to be the largest among all the segments and is projected to be fastest growing, over the study period. The high preference for burger patties among consumers is owing to their low-fat content and low gluten content. Moreover, the shift in consumer preference and rising demand for burger patties from retail channels will likely complement the uptake of burger patties.
Insight by Storage
Based on Storage, the Global plant-based Meat market is segregated into Frozen, Refrigerated, and Shelf-Stabled. The Frozen segment dominates the market owing to increased market demand for vegetarian products that has led to new product development in the segment. Also, it has a longer shelf life, resulting in market development of global plant-based meat industry.
Report Metric |
Details |
Historical Period |
2018 - 2023 |
Base Year Considered |
2024 |
Forecast Period |
2025 - 2030 |
Market Size in 2023 |
U.S.D. 14.7 Billion |
Revenue Forecast in 2030 |
U.S.D. 28 Billion |
Growth Rate |
13.8% |
Segments Covered in the Report |
By Raw Material, By Product, By Storage |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Growth Drivers
Plant-based Protein Demand is Driven by Health Concerns and Millennials
The expanding reach of social media across the world, and rising concerns about food industry transparency regarding the efficacy, ill effects, and sustainability of animal-based protein foods are greatly impacting consumer buying decisions. With the ongoing pandemic of COVID-19, which is suspected to have originated from animals, the shift of consumers from meat products to plant-based meat is inevitable. Plant-based meat is situated at the lucrative crossroads of these social dynamics and is likely to benefit from this phenomenon.
Consumers around the world are reducing animal meat, owing to growing awareness of the link between high meat consumption and the spread of non-communicable diseases (NCDs), as supported by continuous scientific evidence over the years. This in effect encourages health campaigners, experts, and policymakers to send a clear message about the effects of less meat consumption. The trend is expected to continue over the years. According to the research published in the British Medical Journal (BMJ) elevated rates of red meat intake to a 26 percent enhanced likelihood of developing more than nine NCDs, including obesity, type 2 diabetes, strokes, and Alzheimer's. Moreover, the World Health Organization (WHO) also listed red and processed meat as carcinogenic.
Consumers find potential advantages of plant-based foods, on the other side, and equate such items with better health outcomes and higher nutritional value. A 2016 study by Oxford University found that a 'healthy' diet (i.e. one that contains less meat) could prevent 5.1 million deaths worldwide by 2050.
Meat-free protein products are no longer restricted to the relatively small group of consumers who identify as vegetarian or vegan. For example, 39 percent of Americans are actively trying to incorporate more plant-based foods into their diets, and this shift is driven by millennials: 30 percent eat meat alternatives every day, while 50 percent eat meat alternatives several times a week (Nielsen 2017).
Challenges
Consumer wariness over over-processing and unnecessarily long comments on ingredients is probably the greatest obstacle confronting plant-based meat producers. The ill impacts of plant-based meat products are still to be deciphered. Moreover, the market is also constrained by the lawsuits against it by lobby forces supporting animal-based meat products.
Geographic Overview
Geographically, North America is the largest revenue contributor in the plant-based meat market. The North American region, in particular the US, is experiencing adverse COVID-19 outcomes. Retail chains in the US have also extended shelf and storage space to meet the growing demand for plant-based meat products. The number of COVID-19 cases in North America is also increasing rapidly with registered cases of deaths as registered.
Europe's growing trend of veganism has pushed the growth of the meat industry based on plants. The UK hosts the world's largest vegan population, further boosting demand for vegetable-based meat products in Europe. The latest epidemic of COVID-19 and adverse comparisons of animal-based food would also improve the demand in North America and Europe in the coming years as COVID's worst effects have been seen by various countries in both areas.
Moreover, developed economies across the world have issued dietary guidelines to reduce the consumption of animal meat consumption. European countries such as the U.K, Sweden, France, and the Netherlands have established guidelines for their citizens to reduce their intake of meat and dairy products.
Canada's Food Guide focuses on plant-based foods over animal proteins. In China's Ministry of Health revised to lower the range of meat consumption to encourage its citizens to reduce their intake of meat. Governments are now beginning to understand the climatic and environmental effects of diets. The expert panel of the review team recommended the inclusion of key material environmental indicators during the most recent revision of the US dietary guidelines. Denmark is considering proposals for imposing a red meat tax. In Sweden's Green Party tabled a motion in the Swedish parliament calling for a climate tax on food. Moreover, The French National Assembly adopted an amendment to the country's Rural Code, where it states that designations relating to animal products cannot be used to market food products of which is a substantial part of vegetables.
The 2022 reform of the Novel Food Regulation aimed to improve the first two of these requirements by creating a consistent mechanism for product authorization and streamlining the process in order to provide for quicker consumer acceptance of goods. The third condition, financial incentives for innovation, lies outside the scope of the Novel Food Regulation itself, although the provision of five-year data protection for proprietary, newly developed scientific evidence or data supporting the application provides manufacturers with a degree of financial assurance by safeguarding their competitive advantage over a period of time.
Recent Development by Key Players
Impossible Foods is launching a plant-based beef hot dog that will be available in both grocery stores and restaurants the coming year. The product innovation isn’t stopping. The forthcoming hot dog will be the first product made to replicate the quintessential American food by the Impossible Foods.
The Vegetarian Butcher Launches Vegan Christmas Turkey in Rotterdam’s First Plant-Based Butchery. The Vegetarian Bucher has been experiencing significant growth, expanding internationally as far as China and establishing noticeable partnerships with Burger King and Subway. The brand launched two meat alternatives offering the experience of beloved meat classics to make the transition to plant-based meat easier.
Tofurky, a pioneering plant-based meat business since 1995, announces the addition of two new flavors to its renowned line of sausages: Chorizo and Mango Chipotle. The new additions bring the company's sausage assortment to five, complementing its plant-based deli slices, tempeh, chick'n, and roasts.
The Düzgün Group, a döner producer, and The Vegetarian Butcher has partnered to launch a plant-based meat skewer in Europe that tastes and feels just like its animal meat counterpart and can be prepared in the same manner. This partnership is expected to cause a disruption in the kebab market.
Competitive Insight
Key players operating in the global plant-based meat market include Impossible Foods, Beyond Meat, Maple Leaf Foods Inc., The Meatless Farm Co., Garden Protein International, The Vegetarian Butcher, Morningstar Farms, Quorn Foods, Amy’s Kitchen, and Tofurky. These players have broad industry coverage and high operational and financial strength.
Primary Research
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data, and have key opinions from the industry experts. The key profiles approached within the industry include, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behavior.
The Plant Based Meat Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
Geographical Segmentation
Source: VynZ Research
Source: VynZ Research
1. Research Overview
1.1. The Report Offers
1.2. Market Coverage
1.2.1. By Raw Material
1.2.2. By Product
1.2.3. By Distribution Channel
1.3. Research Phases
1.4. Limitations
1.5. Research Methodology
1.5.1. Data Sources
1.5.1.1. Primary Research
1.5.1.2. Secondary Research
1.5.2. Methodology
1.5.2.1. Data Exploration
1.5.2.2. Forecast Parameters
1.5.2.3. Data Validation
1.5.2.4. Assumptions
1.5.3. Study Period & Data Reporting Unit
2. Executive Summary
3. Industry Overview
3.1. Industry Dynamics
3.1.1. Market Growth Drivers
3.1.2. Market Restraints
3.1.3. Key Market Trends
3.1.4. Major Opportunities
3.2. Industry Ecosystem
3.2.1. Porter’s Five Forces Analysis
3.2.2. Recent Development Analysis
3.2.3. Value Chain Analysis
3.3. Competitive Insight
3.3.1. Competitive Position of Industry Players
3.3.2. Market Attractive Analysis
4. Global Market Estimate and Forecast
4.1. Global Market Overview
4.2. Global Market Estimate and Forecast to 2030
5. Market Segmentation Estimate and Forecast
5.1. By Raw Material
5.1.1. Soy
5.1.1.1. Market Definition
5.1.1.2. Market Estimation and Forecast to 2030
5.1.2. Wheat
5.1.2.1. Market Definition
5.1.2.2. Market Estimation and Forecast to 2030
5.1.3. Pea
5.1.3.1. Market Definition
5.1.3.2. Market Estimation and Forecast to 2030
5.2. By Product
5.2.1. Burger Patties
5.2.1.1. Market Definition
5.2.1.2. Market Estimation and Forecast to 2030
5.2.2. Sausages
5.2.2.1. Market Definition
5.2.2.2. Market Estimation and Forecast to 2030
5.2.3. Strips & Nuggets
5.2.3.1. Market Definition
5.2.3.2. Market Estimation and Forecast to 2030
5.2.4. Meatballs
5.2.4.1. Market Definition
5.2.4.2. Market Estimation and Forecast to 2030
5.3. By Distribution Channel
5.3.1. Retail Outlets
5.3.1.1. Market Definition
5.3.1.2. Market Estimation and Forecast to 2030
5.3.2. Foodservice
5.3.2.1. Market Definition
5.3.2.2. Market Estimation and Forecast to 2030
5.3.3. E-commerce
5.3.3.1. Market Definition
5.3.3.2. Market Estimation and Forecast to 2030
6. North America Market Estimate and Forecast
6.1. By Raw Material
6.2. By Product
6.3. By Distribution Channel
6.4. By Country
6.4.1. U.S. Market Estimate and Forecast
6.4.2. Canada Market Estimate and Forecast
6.4.3. Mexico Market Estimate and Forecast
7. Europe Market Estimate and Forecast
7.1. By Raw Material
7.2. By Product
7.3. By Distribution Channel
7.4. By Country
7.4.1. Germany Market Estimate and Forecast
7.4.2. France Market Estimate and Forecast
7.4.3. U.K. Market Estimate and Forecast
7.4.4. Italy Market Estimate and Forecast
7.4.5. Spain Market Estimate and Forecast
7.4.6. Russia Market Estimate and Forecast
7.4.7. Rest of Europe Market Estimate and Forecast
8. Asia-Pacific Market Estimate and Forecast
8.1. By Raw Material
8.2. By Product
8.3. By Distribution Channel
8.4. By Country
8.4.1. China Market Estimate and Forecast
8.4.2. Japan Market Estimate and Forecast
8.4.3. India Market Estimate and Forecast
8.4.4. South Korea Market Estimate and Forecast
8.4.5. Rest of Asia-Pacific Market Estimate and Forecast
9. Rest of the World (RoW) Market Estimate and Forecast
9.1. By Raw Material
9.2. By Product
9.3. By Distribution Channel
9.4. By Country
9.4.1. Brazil Market Estimate and Forecast
9.4.2. Saudi Arabia Market Estimate and Forecast
9.4.3. South Africa Market Estimate and Forecast
9.4.4. U.A.E. Market Estimate and Forecast
9.4.5. Other Countries Market Estimate and Forecast
10. Company Profiles
10.1. Impossible Foods
10.1.1. Snapshot
10.1.2. Overview
10.1.3. Offerings
10.1.4. Financial Insight
10.1.5. Recent Developments
10.2. Beyond Meat
10.2.1. Snapshot
10.2.2. Overview
10.2.3. Offerings
10.2.4. Financial Insight
10.2.5. Recent Developments
10.3. Maple Leaf Foods Inc.
10.3.1. Snapshot
10.3.2. Overview
10.3.3. Offerings
10.3.4. Financial Insight
10.3.5. Recent Developments
10.4. The Meatless Farm Co.
10.4.1. Snapshot
10.4.2. Overview
10.4.3. Offerings
10.4.4. Financial Insight
10.4.5. Recent Developments
10.5. Garden Protein International
10.5.1. Snapshot
10.5.2. Overview
10.5.3. Offerings
10.5.4. Financial Insight
10.5.5. Recent Developments
10.6. The Vegetarian Butcher
10.6.1. Snapshot
10.6.2. Overview
10.6.3. Offerings
10.6.4. Financial Insight
10.6.5. Recent Developments
10.7. Morningstar Farms
10.7.1. Snapshot
10.7.2. Overview
10.7.3. Offerings
10.7.4. Financial Insight
10.7.5. Recent Developments
10.8. Quorn Foods
10.8.1. Snapshot
10.8.2. Overview
10.8.3. Offerings
10.8.4. Financial Insight
10.8.5. Recent Developments
10.9. Amy’s Kitchen
10.9.1. Snapshot
10.9.2. Overview
10.9.3. Offerings
10.9.4. Financial Insight
10.9.5. Recent Developments
10.10. Tofurky
10.10.1. Snapshot
10.10.2. Overview
10.10.3. Offerings
10.10.4. Financial Insight
10.10.5. Recent Developments
11. Appendix
11.1. Exchange Rates
11.2. Abbreviations
Note: Financial insight and recent developments of different companies are subject to availability of information in secondary domain.
List of Tables
Table 1 Sources
Table 2 Study Periods
Table 3 Data Reporting Unit
Table 4 Global Plant- Based Meat Market Size, by Raw Material, 2018–2023 (USD Billion)
Table 5 Global Plant- Based Meat Market Size, by Raw Material, 2025–2030 (USD Billion)
Table 6 Global Plant- Based Meat Market Size, by Product, 2018–2023 (USD Billion)
Table 7 Global Plant- Based Meat Market Size, by Product, 2025–2030 (USD Billion)
Table 8 Global Plant- Based Meat Market Size, by Distribution Channel, 2018–2023 (USD Billion)
Table 9 Global Plant- Based Meat Market Size, by Distribution Channel, 2025–2030 (USD Billion)
Table 10 Global Plant- Based Meat Market Size, by Region, 2018–2023 (USD Billion)
Table 11 Global Plant- Based Meat Market Size, by Region, 2025–2030 (USD Billion)
Table 12 North America Plant- Based Meat Market Size, by Raw Material, 2018–2023 (USD Billion)
Table 13 North America Plant- Based Meat Market Size, by Raw Material, 2025–2030 (USD Billion)
Table 14 North America Plant-Based Meat Market Size, by Product, 2018–2023 (USD Billion)
Table 15 North America Plant- Based Meat Market Size, by Product, 2025–2030 (USD Billion)
Table 16 North America Plant- Based Meat Market Size, by Distribution Channel, 2018–2023 (USD Billion)
Table 17 North America Plant- Based Meat Market Size, by Distribution Channel, 2025–2030 (USD Billion)
Table 18 North America Plant- Based Meat Market Size, by Country, 2018–2023 (USD Billion)
Table 19 North America Plant- Based Meat Market Size, by Country, 2025–2030 (USD Billion)
Table 20 Europe Plant-Based Meat Market Size, by Raw Material, 2018–2023 (USD Billion)
Table 21 Europe Plant- Based Meat Market Size, by Raw Material, 2025–2030 (USD Billion)
Table 22 Europe Plant- Based Meat Market Size, by Product, 2018–2023 (USD Billion)
Table 23 Europe Plant- Based Meat Market Size, by Product, 2025–2030 (USD Billion)
Table 24 Europe Plant- Based Meat Market Size, by Distribution Channel, 2018–2023 (USD Billion)
Table 25 Europe Plant- Based Meat Market Size, by Distribution Channel, 2025–2030 (USD Billion)
Table 26 Europe Plant- Based Meat Market Size, by Country, 2018–2023 (USD Billion)
Table 27 Europe Plant- Based Meat Market Size, by Country, 2025–2030 (USD Billion)
Table 28 Asia-Pacific Plant- Based Meat Market Size, by Raw Material, 2018–2023 (USD Billion)
Table 29 Asia-Pacific Plant- Based Meat Market Size, by Raw Material, 2025–2030 (USD Billion)
Table 30 Asia-Pacific Plant- Based Meat Market Size, by Product, 2018–2023 (USD Billion)
Table 31 Asia-Pacific Plant- Based Meat Market Size, by Product, 2025–2030 (USD Billion)
Table 32 Asia-Pacific Plant- Based Meat Market Size, by Distribution Channel, 2018–2023 (USD Billion)
Table 33 Asia-Pacific Plant- Based Meat Market Size, by Distribution Channel, 2025–2030 (USD Billion)
Table 34 Asia-Pacific Plant-Based Meat Market Size, by Country, 2018–2023 (USD Billion)
Table 35 Asia-Pacific Plant- Based Meat Market Size, by Country, 2025–2030 (USD Billion)
Table 36 RoW Plant- Based Meat Market Size, by Raw Material, 2018–2023 (USD Billion)
Table 37 RoW Plant- Based Meat Market Size, by Raw Material, 2025–2030 (USD Billion)
Table 38 RoW Plant- Based Meat Market Size, by Product, 2018–2023 (USD Billion)
Table 39 RoW Plant- Based Meat Market Size, by Product, 2025–2030 (USD Billion)
Table 40 RoW Plant- Based Meat Market Size, by Distribution Channel, 2018–2023 (USD Billion)
Table 41 RoW Plant- Based Meat Market Size, by Distribution Channel, 2025–2030 (USD Billion)
Table 42 RoW Plant- Based Meat Market Size, by Country, 2018–2023 (USD Billion)
Table 43 RoW Plant- Based Meat Market Size, by Country, 2025–2030 (USD Billion)
Table 44 Snapshot – Impossible Foods
Table 45 Snapshot – Beyond Meat
Table 46 Snapshot – Maple Leaf Foods Inc.
Table 47 Snapshot – The Meatless Farm Co.
Table 48 Snapshot – Garden Protein International
Table 49 Snapshot – The Vegetarian Butcher
Table 50 Snapshot – Morningstar Farms
Table 51 Snapshot – Quorn Foods
Table 52 Snapshot – Amy’s Kitchen
Table 53 Snapshot – Tofurky
List of Figures
Figure 1 Market Coverage
Figure 2 Research Phases
Figure 3 Secondary Sources for Different Parameters
Figure 4 Methodology
Figure 5 Data Mining & Exploration
Figure 6 Data Triangulation
Figure 7 Assumptions for Market Estimation and Forecast
Figure 8 Market Synopsis
Figure 9 Global Plant- Based Meat Market - Growth Drivers and Restraints
Figure 10 Competitive Benchmark
Figure 11 Global Plant- Based Meat Market Highlight
Figure 12 Global Plant- Based Meat Market Size, by Raw Material, 2018 - 2030 (USD Billion)
Figure 13 Global Plant- Based Meat Market Size, by Product, 2018 - 2030 (USD Billion)
Figure 14 Global Plant- Based Meat Market Size, by Distribution Channel, 2018 - 2030 (USD Billion)
Figure 15 Global Plant- Based Meat Market Size, by Region, 2018 - 2030 (USD Billion)
Figure 16 North America Plant- Based Meat Market Highlight
Figure 17 North America Plant- Based Meat Market Size, by Raw Material, 2018 - 2030 (USD Billion)
Figure 18 North America Plant- Based Meat Market Size, by Product, 2018 - 2030 (USD Billion)
Figure 19 North America Plant- Based Meat Market Size, by Distribution Channel, 2018 - 2030 (USD Billion)
Figure 20 North America Plant- Based Meat Market Size, by Country, 2018 - 2030 (USD Billion)
Figure 21 Europe Plant- Based Meat Market Highlight
Figure 22 Europe Plant- Based Meat Market Size, by Raw Material, 2018 - 2030 (USD Billion)
Figure 23 Europe Plant- Based Meat Market Size, by Product, 2018 - 2030 (USD Billion)
Figure 24 Europe Plant- Based Meat Market Size, by Distribution Channel, 2018 - 2030 (USD Billion)
Figure 25 Europe Plant- Based Meat Market Size, by Country, 2018 - 2030 (USD Billion)
Figure 26 Asia-Pacific Plant- Based Meat Market Highlight
Figure 27 Asia-Pacific Plant- Based Meat Market Size, by Raw Material, 2018 - 2030 (USD Billion)
Figure 28 Asia-Pacific Plant- Based Meat Market Size, by Product, 2018 - 2030 (USD Billion)
Figure 29 Asia-Pacific Plant- Based Meat Market Size, by Distribution Channel, 2018 - 2030 (USD Billion)
Figure 30 Asia-Pacific Plant- Based Meat Market Size, by Country, 2018 - 2030 (USD Billion)
Figure 31 RoW Plant- Based Meat Market Highlight
Figure 32 RoW Plant- Based Meat Market Size, by Raw Material, 2018 - 2030 (USD Billion)
Figure 33 RoW Plant- Based Meat Market Size, by Product, 2018 - 2030 (USD Billion)
Figure 34 RoW Plant- Based Meat Market Size, by Distribution Channel, 2018 - 2030 (USD Billion)
Figure 35 RoW Plant- Based Meat Market Size, by Country, 2018 - 2030 (USD Billion)
Global Plant-Based Meat Market Coverage
Raw Material Insight and Forecast 2025-2030
Product Insight and Forecast 2025-2030
Storage Insight and Forecast 2025-2030
Distribution Channel Insight and Forecast 2025-2030
Geographical Segmentation
Plant-Based Meat Market by Region
North America
Europe
Asia-Pacific (APAC)
Rest of the World (RoW)
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