Top 10 Companies Dominating the Global Plant-based Meat Market

Impossible Foods Inc., Beyond Meat, Inc., Redefine Meat Ltd., Maple Leaf Foods Inc., Kellogg Company, Unilever PLC, VBites Foods Ltd, Conagra, Inc., Sunfed, and Simple Foods Inc., among others, are the major players in the global plant-based meat market. 

The global plant-based meat market reached a value of about USD 8.54 billion in 2023. The market is projected to grow at a CAGR of 19.8% in the forecast period of 2024-2032 to reach around USD 43.42 billion by 2032. As per the analysis by Expert Market Research, the market is expected to be driven by rising awareness regarding the health benefits of a plant-based diet.

Plant-based meat and meat products are a sustainable food alternative to animal meat products. Animal meat production makes use of around half of the world’s land and is responsible for around 15% of global greenhouse gas emissions. Further, it consumes 25% of the world’s freshwater. 

Plant-based meat can be prepared from plant sources, such as soy, pea, seitan, tofu, jackfruit, and tempeh, and is popular among vegan, vegetarian, and flexitarian consumers. Producers are increasingly investing in research to develop innovative products. Plant-based meats fulfil the rising global demand for meat to sustainably feed the global population. 

Increasing global concerns regarding zoonotic diseases are stimulating consumers' demand for plant-based food alternatives over animal-based foods. The rising awareness regarding the carbon footprint of raising livestock further increases the plant-based meat market growth. The health benefits associated with a plant-based diet, include blood pressure control, improvement in heart health, prevention of diabetes, reduction in the risk of obesity, and improvement in cholesterol levels. Such health benefits are increasing the demand for plant-based meat products among consumers. 

In September 2023, Novozymes, a global biosolutions provider launched Vertera® ProBite, an advanced product to help manufacturers reduce the use of unwanted texturisers. The product is expected to help plant-based meat producers meet consumers' demand for clean-label products. Vertera® ProBite is based on the enzyme MTGase designed to improve the texture of plant-based products. It provides exceptional mouthfeel and consistency while ensuring a satisfying culinary experience for consumers.

Top 10 Plant-based Meat Companies in the World:

Impossible Foods Inc.

Impossible Foods Inc. produces a range of plant-based meat, including beef, chicken, and pork in the form of sausages, meatballs, and ground beef. The company serves customers across various countries including the United States, Canada, Hong Kong, Australia, Macau, the United Kingdom, Singapore, New Zealand, and the UAE. Impossible™ products get their heme, a protein that gives animal meat its taste from the protein soy leghaemoglobin. This protein is naturally found in soy roots. Impossible Foods produces soy leghemoglobin through genetic engineering to give its products a rich, meaty flavour.

Beyond Meat, Inc.

Beyond Met, Inc. is a prominent producer of plant-based meat products. The primary ingredients in the company’s products include pea protein, mung bean protein, fava bean protein, and brown rice protein. Potato starch and methylcellulose give the texture to meat. Beet juice and apple extract are deployed to mimic the colour of meat, while coconut oil, expeller-pressed canola oil, and cocoa butter replicate the fat content found in animal products.

Redefine Meat Ltd.

Redefine Meat Ltd. specialises in creating plant-based meat alternatives. The company uses 3D printing technology to replicate the texture, flavour, and appearance of animal meat. The company has a commercial presence in several countries, including Israel, the United Kingdom, Germany, and the Netherlands. The company's key customers include Leonardo Hotels, Redwood Sports Pub and Kitchen; Broadleaf Bar, Restaurant, and Sports Lounge; and The Little Blue Door. 

Maple Leaf Foods Inc.

Maple Leaf Foods Inc. is the world’s first carbon-neutral food company. Field Roast ™ is the company’s brand of plant-based meats. It provides consumers with a range of plant-based sausages, appetisers, burgers, deli slices, and roasts. The company’s products are widely available on several distribution channels, including Whole Foods, Kroger, Publix, Walmart, Target, Safeway, Sprouts Farmers Market, and Public. 

Kellogg Company

Kellogg Company’s plant-based arm represents around 2% of the company’s net sales. In 2023, Kellogg’s split into two businesses, Kellanova and WK Kellogg Co. Kellanova’s brand, MorningStar Farms® is a producer of next-generation plant-based protein products under the brand name Incogmeato. The products cook and taste like meat. The company also produces a range of plant-based chicken tenders, chicken nuggets, and sausage products.

Unilever PLC

Unilever PLC’s brand, the Vegetarian Butcher offers plant-based meat products. The company produces high-quality vegetarian meats that perfectly replicate animal-based products in taste, texture, and nutrition. The brand caters to the needs of the food service channels as well as individual consumers. According to the company, the brand’s food Service plant-based chicken pack of 1.75kg can release one chicken from the food chain.

VBites Foods Ltd

VBites Foods Ltd is a leading producer of over 140 plant-based meat, cheese, and fish, globally. The company's products are manufactured in two AA BRC-accredited sites in the United Kingdom, including the European region’s largest vegan and plant-based manufacturing plant. VBites distributes its products to consumers across the globe in 28 countries through its strategic partnership with the Pfeifer & Langen Group, a family owned European FMCG business.

Conagra, Inc.

Conagra Brands, Inc. is a prominent food producer, owning 42 manufacturing facilities and earning around USD 12.3 billion annually. The companies renowned brands include Birds Eye®, Duncan Hines®, Marie Callender's®, Reddi-wip®, Healthy Choice®, Slim Jim®, Gardein™, Angie's® BOOMCHICKAPOP®, Duke's®, Earth Balance®, and Frontera®. Gardein ™, the company’s plant-based food line provides meat alternatives to beef, chicken, pork, turkey, and seafood. The products are widely available at grocery stores, mass retailers, and online.  

Sunfed

Sunfed is a producer of plant-based meat products that are made from natural ingredients that are free of GMOs, additives, or preservatives and 100% non-allergenic. The primary ingredients for all its products are regenerative yellow peas, water, and cold-pressed extra virgin olive oil. In New Zealand, the products are available at the Countdown supermarket chain.

The Kroger Co.

The Kroger Company is one of the world’s largest retailers. The company owns around 2,800 stores in 35 states and earns over USD 132.5 billion annually. Kroger offers a range of plant-based meat products for its consumers. The company’s Simple Truth® brand is America's largest natural and organic brand, producing affordable plant-based fresh meats under its Simple Truth Emerge product line.