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Global Plant-based Meat Market Size, Share, Trends, Forecast: By Source: Soy, Wheat, Pea, Others; By Type: Pork, Beef, Chicken, Fish, Others; By Product Type: Burger Patties, Sausages, Strips and Nuggets, Meatballs, Tenders and cutlets, Others; By Distribution Channel; By End-Use; Regional Analysis; Competitive Landscape; 2024-2032
Global Plant-based Meat Market Outlook
The global plant-based meat market size was approximately USD 8.54 billion in 2023. The market is assessed to grow at a CAGR of 19.8% between 2024 and 2032, reaching a value of USD 43.42 billion by 2032.
Key Trends in the Market
Plant-based meat is a term used to refer to meat prepared from plant-source rather food animals like goat, sheep, and others. Plant-based meat and meat products mimic the taste and texture of animal meat while serving a sustainable food alternative. They can be prepared from plant sources, including soy, pea, jackfruit, seitan, tofu, and tempeh, among others.
- One of the key plant-based meat market trends is the rapid expansion of the plant-based alternative foods market, supported by growing vegan and flexitarian population and innovations towards revolutionising the food system. Plant-based alternative foods can help fulfill the rising global demand for meat, creating a food system with a greater dependence on plant-based food sources to sustainably feed the global population while addressing pressing environmental issues including the climate change.
- Increasing global concerns related to zoonotic diseases are encouraging consumers to adopt plant-based food alternatives over animal-based foods. Irresponsible use of antibiotics in food animals results in increased antimicrobial resistance in them, leading to an increase in the number of infectious diseases transmitted from animals to humans. This is creating a need to modernise meat production to lower the risk of global public health issues by reducing reliance on animals in the food system.
- The plant-based meat market growth is likely to be supported by innovations in plant ingredient and optimisation of supply chain, with a growing emphasis on developing plant-based meat with improved sensory qualities and texture, cleaner ingredient formulations, and affordable prices. The growing customer inclination towards clean label products is likely to support this trend.
Market Analysis
Based on source, the market is segmented into soy, wheat, and pea, among others. On the basis of type, the market can be divided into pork, beef, chicken, fish, and others. The plant-based meat market segmentation, based on product type, includes burger patties, sausages, strips and nuggets, meatballs, and tenders and cutlets, among others.
By distribution channel, the market is broadly bifurcated into offline and online. The market is categorised into households and HoReCa based on end use. The major regional markets for plant-based meat include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global plant-based meat market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- Impossible Foods Inc.
- Beyond Meat, Inc.
- Redefine Meat Ltd.
- Maple Leaf Foods Inc.
- Kellogg Company
- Unilever PLC
- VBites Foods Ltd
- Conagra, Inc.
- Sunfed
- Simple Foods Inc.
- Others
Market Share by End Use
As per the plant-based meat market analysis, the HoReCa sector is expected to be the major demand driver of plant-based meat products. The expansion of food service chains and the evolving consumer food habits, with a growing shift towards plant-based products with clean ingredient decks, are the key factors driving the segment growth. There has been a steady growth in the inclusion of plant-based meat products in menus of leading restaurant chains such as McDonald’s, Burger King, and Starbucks in regions like the UK, Israel, Canada, and the US.
Market Share by Region
North America accounts for a significant plant-based meat market share due to the growing appeal of plant-based foods among consumers for varying reasons, including health concerns, taste, environmental sustainability, and animal welfare. In the United States, the sales of plant-based meat in the foodservice sector witnessed a remarkable growth, with plant-based burgers accounting for a significant market share.
Meanwhile, there has been an increase in the launch of plant-based meat startups in countries such as Brazil, India, China, and the Netherlands, with several food and agribusiness companies focusing on launching plant-based offerings and expanding their product lines, to tap into the growing plant-based meat space.
Competitive Landscape
Impossible Foods Inc., is a company that offers plant-based and vegan substitutes for meat products, with a focus on transforming the global food system into something that is truly sustainable, by reducing the need to prepare food from animals. In 2016, the company debuted its first product, the Impossible Burger, which is a plant-based alternative to beef hamburger.
Beyond Meat, Inc., founded in 2009, is a food company engaged in the production of plant-based meats. From its first plant-based beef product, this Los Angeles–based company has expanded its offerings to include plant-based pork, among other products.
Redefine Meat Ltd., established in 2018, develops animal-free meat, replicating the texture and flavour of traditional meat by using advanced technology and processes. The company aims to become the leading global meat producer by leveraging technology instead of animals and using natural and sustainable ingredients.
Other plant-based meat market players include Maple Leaf Foods Inc., Kellogg Company, Unilever PLC, VBites Foods Ltd, Conagra, Inc., Sunfed, and Simple Foods Inc.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Source |
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| Breakup by Type |
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| Breakup by Product Type |
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| Breakup by Distribution Channel |
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| Breakup by End-Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Plant-based Meat Market Analysis
8.1 Key Industry Highlights
8.2 Global Plant-based Meat Historical Market (2018-2023)
8.3 Global Plant-based Meat Market Forecast (2024-2032)
8.4 Global Plant-based Meat Market by Source
8.4.1 Soy
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Wheat
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Pea
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Others
8.5 Global Plant-based Meat Market by Type
8.5.1 Pork
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Beef
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Chicken
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Fish
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Others
8.6 Global Plant-based Meat Market by Product Type
8.6.1 Burger Patties
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Sausages
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Strips and Nuggets
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Meatballs
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Tenders and cutlets
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
8.6.6 Others
8.7 Global Plant-based Meat Market by Distribution Channel
8.7.1 Online
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Offline
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.8 Global Plant-based Meat Market by End-Use
8.8.1 Households
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 HoReCa
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.9 Global Plant-based Meat Market by Region
8.9.1 North America
8.9.1.1 Historical Trend (2018-2023)
8.9.1.2 Forecast Trend (2024-2032)
8.9.2 Europe
8.9.2.1 Historical Trend (2018-2023)
8.9.2.2 Forecast Trend (2024-2032)
8.9.3 Asia Pacific
8.9.3.1 Historical Trend (2018-2023)
8.9.3.2 Forecast Trend (2024-2032)
8.9.4 Latin America
8.9.4.1 Historical Trend (2018-2023)
8.9.4.2 Forecast Trend (2024-2032)
8.9.5 Middle East and Africa
8.9.5.1 Historical Trend (2018-2023)
8.9.5.2 Forecast Trend (2024-2032)
9 North America Plant-based Meat Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Plant-based Meat Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Plant-based Meat Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Plant-based Meat Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Plant-based Meat Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Impossible Foods Inc.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Beyond Meat, Inc.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Redefine Meat Ltd.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Maple Leaf Foods Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Kellogg Company
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Unilever PLC
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 VBites Foods Ltd
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Conagra, Inc.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Sunfed
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Simple Foods Inc.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Plant-based Meat Market: Key Industry Highlights, 2018 and 2032
2. Global Plant-based Meat Historical Market: Breakup by Source (USD Billion), 2018-2023
3. Global Plant-based Meat Market Forecast: Breakup by Source (USD Billion), 2024-2032
4. Global Plant-based Meat Historical Market: Breakup by Type (USD Billion), 2018-2023
5. Global Plant-based Meat Market Forecast: Breakup by Type (USD Billion), 2024-2032
6. Global Plant-based Meat Historical Market: Breakup by Product Type (USD Billion), 2018-2023
7. Global Plant-based Meat Market Forecast: Breakup by Product Type (USD Billion), 2024-2032
8. Global Plant-based Meat Historical Market: Breakup by Distribution Channel (USD Billion), 2018-2023
9. Global Plant-based Meat Market Forecast: Breakup by Distribution Channel (USD Billion), 2024-2032
10. Global Plant-based Meat Historical Market: Breakup by End Use (USD Billion), 2018-2023
11. Global Plant-based Meat Market Forecast: Breakup by End Use (USD Billion), 2024-2032
12. Global Plant-based Meat Historical Market: Breakup by Region (USD Billion), 2018-2023
13. Global Plant-based Meat Market Forecast: Breakup by Region (USD Billion), 2024-2032
14. North America Plant-based Meat Historical Market: Breakup by Country (USD Billion), 2018-2023
15. North America Plant-based Meat Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Europe Plant-based Meat Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Europe Plant-based Meat Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Asia Pacific Plant-based Meat Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Asia Pacific Plant-based Meat Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Latin America Plant-based Meat Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Latin America Plant-based Meat Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Middle East and Africa Plant-based Meat Historical Market: Breakup by Country (USD Billion), 2018-2023
23. Middle East and Africa Plant-based Meat Market Forecast: Breakup by Country (USD Billion), 2024-2032
24. North America Historical Price Trends and Forecast 2018-2028
25. Europe Historical Price Trends and Forecast 2018-2028
26. Asia Pacific Historical Price Trends and Forecast 2018-2028
27. Latin America Historical Price Trends and Forecast 2018-2028
28. Middle East and Africa Historical Price Trends and Forecast 2018-2028
29. Global Plant-based Meat Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 8.54 billion.
The market is estimated to grow at a CAGR of 19.8% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around USD 43.42 billion by 2032.
The market is being driven by the growing plant-based alternative foods market, increasing concerns regarding zoonotic diseases, increasing environmental concerns, and rapid inclusion of plant-based meat products in food menus of restaurants.
The key trends aiding the market expansion are the rise of the flexitarian and vegan diets, growing awareness regarding animal welfare, and growing innovations in the plant-based meat space.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major sources of ingredients for plant-based meat are soy, wheat, and pea, among others.
The major players in the market are 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.
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