Global Plant-Based Meat Market Size, Share, Growth Analysis, By Source(Soy, pea), By End User(Retail and HORECA (Hotel/Restaurant/Cafe)) - Industry Forecast 2024-2031

Global plant-based meat market size was valued at USD 4.39 billion in 2022 and is poised to grow from USD 5.48 billion in 2023 to USD 32.47 billion by 2031, at a CAGR of 24.9 % during the forecast period (2024-2031).

The global plant-based meat market has experienced rapid growth recently, fueled by the rising demand for sustainable and healthier food options. Plant-based meat offers an alternative to traditional meat products, addressing concerns about the environment and health. Made from natural ingredients like soy, peas, and wheat, plant-based meat boasts a significantly lower environmental impact compared to conventional meat. A major driver of this market is the increasing awareness of the environmental consequences of animal agriculture, which contributes more greenhouse gas emissions than the entire transportation sector. Plant-based meat provides a more sustainable and eco-friendly option. Moreover, the demand for healthier and ethically produced food products is on the rise. Plant-based meat is cholesterol-free and has lower saturated fat content, appealing to health-conscious consumers. Additionally, its production involves less animal cruelty, aligning with ethical considerations. However, the plant-based meat market faces challenges, including the relatively high production costs, which can result in higher product prices compared to traditional meat. This affordability issue may hinder market growth, especially in developing countries. Nonetheless, the market is expected to expand due to emerging trends and opportunities. For instance, plant-based meat products are becoming more widely available in mainstream stores and eateries, enhancing accessibility. Furthermore, technological advancements in production are driving cost reductions and improving the taste and texture of plant-based meat products.

Top-down and bottom-up approaches were used to estimate and validate the size of the global plant-based meat market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Plant-Based Meat Market Segmental Analysis

The global plant-based meat market is segmented based on source, end user, and region. By source, the market is segmented into soy, pea, wheat, and others. By end user, the market is segmented into retail and HORECA (hotel/restaurant/cafe). By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Plant-Based Meat Market

The growing recognition of the negative impacts associated with meat consumption, both on human health and the environment, is fueling the demand for plant-based meat products. These alternatives are viewed as healthier and more environmentally friendly options compared to animal meat, attracting consumers who prioritize health and sustainability.

Restraints in the Global Plant-Based Meat Market

The accessibility of plant-based meat options remains constrained in comparison to traditional meat choices, potentially hindering consumer adoption. Furthermore, the relatively higher cost of plant-based meat products poses a notable obstacle for budget-conscious consumers, limiting their widespread acceptance.

Market Trends of the Global Plant-Based Meat Market

Plant-based meat producers are dedicating substantial resources to research and development efforts aimed at crafting innovative products that closely mimic the taste, texture, and nutritional composition of conventional meat items. This focus on innovation is fueling the emergence of novel plant-based meat alternatives that deliver a more authentic meat-like experience to consumers.