Plant-Based Meat Market Report, Analysis, Growth, overview and forecast to 2035.
Market Overview
Plant-Based Meat is an alternative to conventional Meat. It is derived from vegan sources but is similar in taste to the Meat. The purpose of developing plant-based Meat is to minimise the environmental impact caused by the meat industry and prevent cruelty towards animals.
The Plant-Based Meat Market was valued at approximately USD 8.3 billion in 2023. It is projected to increase from USD 9.15 billion in 2024 to reach around USD 27 billion by 2035. This growth reflects a compound annual growth rate (CAGR) of about 10.33% during the forecast period from 2025 to 2035.
Rising adoption of veganism by the people for environmental and ethical reasons, growing awareness about the health benefits of plant-based Meat over animal meat and campaigns by many organisations favouring a vegan diet are the main factors driving the growth of this market. Increasing investments in the plant-based meat industry and government initiatives to promote plant-based Meat are also boosting the growth of this market.
Higher costs of plant-based meat products than animal meat products act as a major restraining factor for this market. In addition, allergy to plant sources such as soy and wheat among a large section of the population is also a restraining factor. Doubts regarding the taste of plant-based Meat also pose a challenge to this market's growth.
Market Segmentation
On the basis of source, the global plant-based meat market is divided into soy, wheat, mycoprotein, gluten, pea and others. Soy held 48.1% of the market share in 2021 and is projected to dominate the market in the forecast period. Soy-based Meat is highly popular because it increases muscle mass, enhances the ability to perform exercises and hastens recovery from heavy workouts due to branch amino acids.
Request for free sample copy: https://www.marketresearchfuture.com/sample_request/8583
On the basis of type, the global plant-based meat market is divided into chicken, pork, beef, fish, tofu, seitan and others. Plant-based chicken has the same proteins and nutrients as conventional chicken and is widely used in burgers, nuggets, cutlets, etc. Chicken accounted for 34.1% of the revenues in 2021 and continues to be the largest segment in the forecast period.
On the basis of end-user, the global plant-based meat market is divided into hotels/restaurants/cafes or HORECA, households and the food industry. HORECA segment holds the largest market share, accounting for 58.6% of the revenues in 2021. This is because restaurants and other dining outlets are including Meat-free options in their menus, given the rising popularity of veganism worldwide.
The plant-based meat market trend continues to witness a remarkable trend in recent years, driven by growing consumer awareness of the environmental and health benefits of plant-centric diets. With an increasing number of people opting for meat alternatives made from ingredients like pea protein, soy, and mushrooms, this market segment has seen a surge in product innovation and investment. Major food companies are introducing a diverse range of plant-based meat products, from burgers and sausages to chicken nuggets and seafood substitutes, catering to the evolving tastes and preferences of a broader demographic. As sustainability and health-consciousness become more integral to consumers' choices, the plant-based meat market trend is poised for continued growth and expansion.
Regional Classification
On the basis of regions, the global plant-based meat market is divided into North America, Europe, Asia Pacific, South America and Middle East and Africa.
North America is the dominant market for plant-based meat products. This region accounted for 38.6% of the revenues in the year 2021. The rising demand for vegan products and the presence of multiple plant-based meat manufacturers fuel the growth of this market in this region.
Industry News
In October 2020, plant-based meat manufacturer Impossible Foods Inc. launched Impossible Burger in the Canadian market
Key Players are:
AMY's Kitchen Inc, Beyond Meat, Gardein Protein International Inc, Blue Chip Group Inc and MorningStar Farms L.C.