Industry: Food and Beverages
Published Date: August-2024
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 142
Report ID: PMRREP24592
The global plant-based meat market is estimated to value at US$36.13 Bn by the end of 2031 from US$14.51 Bn recorded in 2024. The market is expected to secure a CAGR of 13.9% in the forthcoming years from 2024 to 2031.
Key Highlights of the Market
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Market Attributes |
Key Insights |
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Market Size (2024E) |
US$14.51 Bn |
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Projected Market Value (2031F) |
US$36.13 Bn |
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Forecast Growth Rate (CAGR 2024 to 2031) |
13.9 % |
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Historical Growth Rate (CAGR 2018 to 2024) |
11.7 % |
The plant-based meat market is a rapidly expanding sector within the global food industry, fueled by rising consumer demand for sustainable, healthy, and ethically produced food alternatives. These products are crafted to replicate the taste, texture, and nutritional profile of traditional animal meat, offering flavorful and satisfying options for vegetarians and vegans.
Plant-based meat often features key ingredients such as soy, pea protein, lentils, and other plant-based components, designed to deliver a similar culinary experience as animal-derived meats.
The market growth is driven by increasing awareness of environmental issues, health benefits, and ethical considerations surrounding meat production. As more consumers seek alternatives that align with their values and dietary preferences, the market continues to innovate and expand.
Some of the notable market trends and innovations include advancements in protein technology to achieve enhanced taste and texture. Companies are expanding product lines to include diverse options such as burgers, sausages, and nuggets.
Sustainable production practices and eco-friendly packaging are becoming more prevalent. Additionally, collaborations with major food retailers and restaurants are increasing product availability. The development of new ingredients and flavors is also driving consumer interest and market growth, catering to evolving dietary preferences and health trends.
The plant-based meat market has experienced substantial growth over the past decade, driven by rising consumer awareness of health, sustainability, and animal welfare issues.
Early market entrants set the stage with pioneering products, leading to increased acceptance and mainstream availability. Innovations in ingredient technology and flavor profiles have further fueled this growth, with major food companies and startups alike investing in product development and market expansion.
The plant-based meat market is anticipated to maintain its growth, driven by advancements in food technology, wider retail distribution, and rising consumer demand for sustainable and ethical food choices.
Continued expansion into new global markets and the launch of innovative product categories are expected to further propel market growth. As these trends unfold, the market will likely see sustained upward momentum.
Environmental Sustainability Concerns Drive Consumers Towards Plant-Based Meat Options
Environmental sustainability concerns are a significant growth driver for the market. As awareness of the environmental impact of traditional meat production increases, including greenhouse gas emissions, deforestation, and water usage, consumers are seeking eco-friendlier alternatives.
Plant-based meats offer a solution by requiring fewer natural resources and generating lower emissions compared to animal farming. This shift towards sustainable consumption is particularly appealing to environmentally conscious consumers who prioritize reducing their carbon footprint and preserving natural ecosystems.
Consequently, the demand for plant-based meat products is rising, driven by their perceived benefits in promoting environmental sustainability and ecological balance.
Social Media and Influencer Marketing Promote Plant-Based Diets
Social media and influencer marketing play a crucial role in promoting plant-based diets, driving growth in the plant-based meat market. Platforms like Instagram, YouTube, and TikTok are filled with influencers and content creators who share recipes, health benefits, and environmental impacts of plant-based eating.
Such influencers reach diverse and broad audiences, creating trends and fostering a community around plant-based lifestyles. Their endorsements and engaging content make plant-based diets more appealing and accessible, encouraging followers to try and adopt these diets.
Additionally, social media campaigns by plant-based meat companies amplify their reach, providing information and enticing visuals that resonate with younger, health-conscious consumers, thus boosting market demand and growth.
Cultural Dietary Preferences Hinder Acceptance of Plant-Based Alternatives
Cultural dietary preferences can significantly hinder the acceptance of plant-based alternatives, acting as a barrier to market growth. In many regions, traditional meat consumption is deeply ingrained in cultural practices, cuisines, and social norms.
The preferences make it challenging for plant-based products to gain acceptance, as consumers may perceive them as inferior or less authentic compared to conventional meat.
Additionally, strong cultural associations with meat as a symbol of prosperity and tradition can further resist the shift towards plant-based diets. Overcoming these cultural barriers requires targeted marketing, education, and the development of plant-based products that closely mimic the taste and texture of traditional meats to appeal to local palates.
Inappropriate Sensory Appeal Limits Adoption
The perception that plant-based meat does not closely resemble the taste and texture of real meat is a significant factor impeding market growth. Consumers accustomed to traditional meat often find plant-based alternatives lacking in authenticity, which can deter them from making the switch.
Despite advances in food technology, some plant-based products still struggle to match the sensory experience of animal meat. This issue is critical as the sensory appeal of meat is a major driver of consumer preference.
To address this challenge, companies are investing in research and development to enhance the flavor, texture, and overall eating experience of plant-based products. Successful innovation in this area could help bridge the gap and improve acceptance, driving growth in the plant-based meat market.
Innovating New Product Categories Like Plant-Based Seafood
Innovating new product categories, such as plant-based seafood, represents a significant future opportunity for plant-based meat companies. As consumer interest in diverse and sustainable food options grows, developing plant-based seafood can address a broader range of dietary preferences and market needs.
Such innovations involve creating plant-based alternatives to traditional seafood products like fish fillets, shrimp, and crab cakes, using ingredients such as seaweed, algae, and pea protein. By tapping into the seafood segment, companies can attract seafood lovers who are seeking ethical and sustainable options.
Additionally, this diversification can help companies capture new market segments and increase overall consumer adoption, further driving market expansion and growth.
Customization to Cater to Regional Tastes and Dietary Preferences
Customizing products to cater to regional tastes and dietary preferences offers a valuable opportunity for plant-based meat companies. By developing region-specific flavors and formulations, companies can better appeal to diverse consumer bases and local cuisines.
This approach involves tailoring ingredients, spices, and product types to align with regional dietary habits and preferences, such as creating plant-based versions of popular local dishes.
Customization can also address unique dietary restrictions and cultural practices, increasing product acceptance and market penetration. This strategy not only broadens market appeal but also enhances consumer loyalty by offering products that resonate with local tastes and dietary needs.
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Category |
Projected CAGR through 2031 |
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Source - Soy |
8.1% |
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Product Type - Tempeh |
7.3% |
Soy Remains the Most Widely Preferred Source
The soy segment dominated the plant-based meat market in 2023 and is projected to be the fastest-growing segment from 2024 to 2031.
Soy is widely used as a meat substitute due to its taste and texture, which closely resemble those of meat. This makes it a preferred ingredient in plant-based meat products such as sausages, minced meat substitutes, burger patties, and other goods.
The versatility and meat-like qualities of soy protein have contributed to its popularity among consumers seeking alternatives to animal meat. As the demand for plant-based meat continues to rise, soy-based products are expected to maintain strong growth and play a crucial role in the market's expansion.
Tempeh Leads the Way with Multiple Health Benefits, and Production Ease
The tempeh sub-segment captured the highest market share in 2023, driven by its simplicity and efficiency in producing plant-based meat with desired purity. Tempeh, a safe alternative to animal meat, offers significant health benefits, including a lower risk of cardiovascular disease due to its low cholesterol content.
As a protein powerhouse, tempeh supports various bodily functions, such as maintaining healthy hair, skin, and nails, and aiding in oxygen transport. These attributes contribute to its growing popularity.
The ease of production, combined with its health benefits, is expected to boost demand for tempeh-based plant meat in the coming years, solidifying its position as a key player in the plant-based meat market.
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Region |
CAGR through 2031 |
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North America |
5.9 % |
North America Marches Ahead with a Market Share of over 38.6%
North America dominated the plant-based meat market, accounting for 41.6% of total sales. This growth is driven by rising consumer awareness of the health risks associated with consuming tainted meat products and the increasing adoption of meatless alternatives.
As consumers become more conscious of the benefits of plant-based meals, such as improved health and reduced environmental impact, their perceptions of food sustainability and safety are evolving.
The region's expanding variety of plant-based meat options has further fueled this trend, making meatless products more accessible and appealing. North America is thus expected to continue leading the market, with consumers increasingly prioritizing plant-based meals for their perceived health benefits and environmental sustainability.
The plant-based meat market is highly competitive, featuring both established companies and innovative startups. Major players like Beyond Meat and Impossible Foods lead with their widely recognized and advanced meat alternatives.
Traditional food giants such as Kellogg’s (MorningStar Farms), Nestlé (Sweet Earth), and Tyson Foods (Raised & Rooted) have entered the market, leveraging their extensive distribution networks.
Companies like Gardein, Quorn, and Tofurky offer diverse product lines catering to various consumer preferences. Artisanal brands like Field Roast, and Amy’s Kitchen focus on premium, high-quality plant-based meats.
Continuous innovation, strategic partnerships, and aggressive marketing efforts are key strategies driving competition as these companies strive to capture growing consumer demand for sustainable and ethical food options.
Recent Industry Developments
In Jul 2023, Alpha Foods (Alpha) was acquired by Livekindly Collective to grow in the US, Europe, and South African markets. This revelation comes in the wake of the meat replacement market's explosive growth. However, the acquisition will serve as Alpha's second line of defense, enabling it to carry on business in a bigger setting that will enable it to grow more quickly.
In Jun 2023, Wakao Foods, an Indian alternative meat company, has declared that it has started shipping the greatest amount of plant-based meat from India to the US. With this decision, Wakao Foods, a company that produces meat products based on jackfruit, will now be available in the US. In preparation for its US launch, the company conducted a thorough R&D program to create items that appeal to American consumers, such as BBQ Jack and sausages with American herbs.
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Attributes |
Details |
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Forecast Period |
2024 to 2031 |
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Historical Data Available for |
2018 to 2023 |
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Market Analysis |
US$ Million for Value |
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Key Regions Covered |
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Key Market Segments Covered |
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Key Companies Profiled in the Report |
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Report Coverage |
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Customization & Pricing |
Available upon request |
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By Product Type
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By Distribution Channel
By Region
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The demand for plant-based meat is surging due to increasing consumer awareness of health benefits, environmental sustainability, ethical concerns about animal welfare, and the desire for diverse, high-quality vegetarian and vegan food options.
Some of the key players operating in the market are Beyond Meat, Impossible Foods Inc., Kellogg Company Conagra Brands, and Maple Leaf Foods.
By source, the soy segment records a significant market share.
A compelling opportunity in the plant-based meat market lies in developing innovative seafood alternatives. This caters to the growing demand for sustainable, ethical seafood options, tapping into new consumer segments and expanding market reach while addressing overfishing and environmental concerns.
North America is expected to account for a significant share of the market.
