Global Plant-based Meat Market - 2023-2030

Market Overview

The global plant-based meat market reached US$ 5.6 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 21.7 billion by 2030. The market is expected to exhibit a CAGR of 20.2% during the forecast period (2023-2030).

Vegan diets are increasing including plant-based meat and adopting a vegetarian lifestyle free of animal-based meals is becoming increasingly popular. Some consumer groups choose vegetarian ingredients to avoid animal cruelty and to consume sustainable food and beverage goods, while others are oriented towards veganism for health and ethical reasons. These are the key factors driving the plant-based meat market growth.

Furthermore, soy contains the standard amino acids, which are essential for the development of the human body. The need for soy in plant-based meat products is projected to increase in the next years due to its capacity to improve the end product's water absorption, solubility, emulsification, viscosity, anti-oxidation, and texture, which is increasing the demand for soy in plant-based meat, which in turn, is estimated to drive the plant-based meat market.

Market Dynamics

Increase in Health Consciousness Among Consumers to Encourage the Demand for Vegan Food.

According to the WHO, 650 million adults, 340 million adolescents and 39 million children worldwide are obese. By 2025, the WHO predicts that 167 million adults and children will lose some of their health due to being overweight or obese. These factors are making consumers choose healthy alternatives, which is estimated to propel the growth of the Plant-based Meat market.

These increasing health conditions increase demand for low-calorie food products to help consumers maintain a healthy diet. Most health-conscious consumers prefer plant-based Meat because they contain fewer calories than animal meat products. These factors are driving the plant-based meat market growth during the forecast years of 2023-2030.

The Increasing Population Followed by Rising Demand for Meat

The plant-based meat market is gaining popularity as a result of the strict limitations that various state and federal governments have placed on the breeding and slaughter of livestock. On the demand side, the rising incidence of food-borne illnesses, particularly those linked to animal meat and dairy products, is influencing consumers to choose nutritious plant-based substitutes, which is accelerating the expansion of plant-based meat products.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

The Global Plant-based Meat market is segmented based on product type, meat type, source, end user and region.

The Plant-based Meat Flour Product Segment Held the Largest Market Share

The global plant-based meat market has been segmented by product type into burgers, sausages, crumbles, nuggets, meatballs and others. The sausages held the second largest plant-based meat market share of 46.7% in 2022 in the plant-based meat market analysis report. Plant-based sausages are produced to resemble the flavor, satisfaction, appearance and sizzle of traditional pork sausage.

Alternatives to the typical sausage that are also free of hormones, nitrates, GMOs, nitrites, gluten, and soy are available from companies like Beyond Meat and Lightlife Foods, Inc. Product demand is anticipated to be boosted by businesses' increasing investments in developing fresh flavors for their plant-based sausages, such as spinach pesto, sweet Italian and spicy Italian. Marlow Foods Ltd., Impossible Foods Inc., and Moving Mountains are some industry leaders in plant-based sausage products.

Geographical Analysis

Rising Demand for Plant-based Meat Meal in the North American Region

The North America Plant-based Meat Market is regarded as the fastest-growing region with a Plant-based Meat market share of 44% in the market share analysis. This is due to environmental, health, and ethical considerations, plant-based meat is becoming increasingly popular in the United States, which has contributed to this development.

For instance, switching to plant-based meat alternatives can help address the growing environmental concerns caused by human activity's rising carbon footprint. Also contributing to the rise in the popularity of vegan meat are animal cruelty and ecological effects. Another important reason that contributes to the expansion of the plant-based meat sector in this region is celebrity endorsements to encourage vegetarianism.

Competitive Landscape

The major global players in the market include Beyond Meat, Impossible Foods Inc., Amy's Kitchen, Inc., Garden Protein International, Inc., Quorn Foods, Inc., Lightlife Foods, MorningStar Farms (The Kellogg Company), Tofurky, VBites Foods Limited and Before the Butcher.

Global Recession, Ukraine-Russia War, COVID-19 and Artificial Intelligence Impact Analysis:

After the COVID-19 outbreak, the global market for plant-based meat has grown as an increasing number of individuals adopt vegan diets as a result of greater health awareness. For example, according to the Vegan Society, the organization registered an impressive 16,439 products with the Vegan Trademark in 2021.

A McKinsey survey conducted in 2020 found that nearly 70% of respondents were willing to spend more time and money to buy safer and more environmentally friendly products and that nearly 60% were more likely to adopt healthy eating habits as a result of the crisis.

ProVeg International, a food awareness organization, conducted a poll of European plant-based businesses to learn more about how the conflict in Ukraine is affecting the plant-based meat sector.

The analysis, which polled residents of 31 European nations between April 1 and 20, reveals that 61% have noticed an increase in the cost of raw materials and that a similar percentage have experienced supply problems.

Why Purchase the Report?

• To visualize the Global Plant-based Meat market segmentation based on product type, meat type, source, end user, and region as well as understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development.
• Excel data sheet with numerous data points of Plant-based Meat market-level with all segments.
• The PDF report consists of a cogently put-together market analysis after exhaustive qualitative interviews and an in-depth market study.
• Product mapping is available in Excel consisting of key products of all the major market players.

The Global Plant-based Meat Market Report Would Provide Approximately 93 Tables, 109 Figures and 190 Pages.

Target Audience 2023

• Manufacturers / Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies