Plant-Based Meat Market Size By Source (Soy, Wheat, Pea), By Type (Beef, Chicken, Pork, and Fish), By Product (Burger Patties, Strips & Nuggets, Sausages), By Geographic Scope And Forecast

Plant-Based Meat Market Valuation – 2024-2031

The Plant-Based Meat Market is being propelled by a growing awareness of the environmental toll associated with animal agriculture. The market was valued at USD 5.24 Billion in 2023 and is expected to expand to USD 14.26 Billion in 2031, growing rapidly at a CAGR of 13.34% from 2024 to 2031.

Consumers are being educated about the environmental impact of animal agriculture, specifically its contribution to deforestation and greenhouse gas emissions. Alongside this, concerns regarding animal welfare are increasing, prompting many to seek more ethical food options. This trend is being met with a surge of innovation in the food science field. Advancements in plant-based protein technology have led to the development of realistic and flavorful meat alternatives. These products are no longer restricted to niche health food stores. Major supermarket chains are now dedicating significant shelf space to plant-based burgers, sausages, and ground “meat” options. Plant-based alternatives for dairy products, such as cheese and milk, along with egg replacements, are gaining significant traction.

Plant-Based Meat MarketDefinition/ Overview

Plant-based meat is becoming increasingly popular, changing the way we think about food. People are learning more about how raising animals for food can hurt the environment by causing air pollution and cutting down forests. This is making many people look for ways to get protein without eating meat. Another reason for the rise of plant-based meat is that more people care about how animals are treated on farms. Plant-based meat is seen as a more ethical choice.

What factors most influence consumer purchase decisions for plant-based meat products?

The decision to buy plant-based meat is a complex one, influenced by a variety of factors. Price remains a major consideration. While plant-based options are becoming more affordable, they often come at a premium compared to traditional meat. How sensitive consumers are to price depends on their budget and priorities. Health and nutrition are also important. Many consumers are drawn to options they perceive as healthy. Plant-based meats are generally seen as having less fat and potentially more fiber than some animal meats. However, the exact nutritional profile depends on the ingredients used in the product.

Replicating the taste and texture of real meat has been a challenge for plant-based alternatives. Advancements in technology are creating more realistic options, but consumer satisfaction with taste and texture remains crucial. Environmental concerns are another factor driving some consumers towards plant-based options. As awareness of the environmental impact of animal agriculture, such as greenhouse gas emissions and deforestation, grows, so too does the appeal of plant-based alternatives. Ethical concerns also play a role. Consumers concerned about animal welfare and factory farming practices are seeking more ethical food choices. Plant-based meat is seen as an alternative that aligns with these values. Effective marketing strategies that highlight the taste, health benefits, and sustainability aspects of plant-based meat can also influence purchase decisions. Finally, the availability and convenience of plant-based options in supermarkets and restaurants make them a more attractive choice for consumers.

Are there potential health risks associated with certain ingredients or processing methods used in plant-based meat production?

While generally considered safe for consumption, some potential health risks are associated with ingredients and processing methods used in plant-based meat production. Increased levels of sodium, unhealthy fats, and added sugars can occur due to the significant processing often required to achieve the desired texture and flavor in plant-based meat alternatives. These can be health concerns if consumed excessively, but it’s important to note that this is not unique to plant-based meat.

Concentrated protein isolates derived from sources like peas, soy, or legumes are used in some plant-based meats. While generally safe, these concentrated proteins have the potential to trigger allergic reactions in individuals with pre-existing allergies to those specific plants. Plant-based meat is a relatively new food category, and long-term studies investigating the health effects of consuming these products are ongoing. More research is needed to fully understand any potential long-term impacts. Strict adherence to proper food safety protocols during production and handling is crucial to minimize the risk of microbial contamination, as plant-based meat products are often high in moisture and have a neutral pH, creating an environment favorable for microbial growth.

Category-Wise Acumens

How Does the Versatility and Functionality of Soy Promote the Usage in the Market?

The soy segment is estimated to dominate the market during the forecast period. Soy protein is a versatile ingredient that can be used to simulate the texture and mouthfeel of meat in a variety of plant-based products. Soybeans are extremely high in protein and essential amino acids, making them an excellent base for plant-based meat replacements.

Soybeans are a less expensive and more widely available crop than certain other plant-based protein sources, such as peas. The existing infrastructure for soy farming and processing enables efficient and cost-effective large-scale manufacturing of soy-based meat replacements.

Furthermore, soy is generally regarded as safe (GRAS) by regulatory organizations in numerous countries. This established regulatory status simplifies the process of bringing soy-based meat products to market, as opposed to other newer plant-based protein sources that may require further regulatory approval.

What are the Key Factors Propelling the Use of Plant-based Chicken?

The chicken segment is estimated to dominate the market during the forecast period. Chicken is one of the most popular meats worldwide, used in a wide range of cuisines. Plant-based chicken replacements are easily incorporated into established recipes and culinary traditions, making them a familiar and convenient choice for customers. Also, chicken’s neutral flavor profile provides for greater variety in seasoning and flavoring.

Plant-based chicken products can be produced more easily and cheaply than other plant-based meat alternatives such as beef. This is because plant-based components such as peas, soy, and wheat gluten may better resemble the texture and protein content of chicken.

Furthermore, Consumers are becoming increasingly worried about their health and the impact on the environment. Chicken is considered a healthier alternative to red meats such as beef or pork. Also, plant-based chicken production has a lesser environmental impact than traditional chicken rearing. The mix of health and ecological benefits appeals to environmentally conscious consumers.

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Country/Region-wise Acumens

How are established and emerging plant-based meat companies adapting their strategies to compete within the diverse regional markets of North America?

The plant-based meat industry in North America is a diverse landscape and established and emerging companies are constantly adapting their strategies to compete effectively across these varied regions. Unique tastes and dietary needs of different regions are increasingly being addressed by companies tailoring their product offerings. For example, plant-based burger patties mimicking popular grilled flavors enjoyed on the West Coast might be developed by a brand based in that region. In contrast, replicating classic New York deli meats favored by East Coast customers might be prioritized by a brand in that area. This regional customization ensures a wider range of consumers find plant-based options that satisfy their specific palates and dietary requirements.

Flexible distribution strategies are necessitated by the need to reach different consumer segments. Established brands with extensive networks might leverage national grocery chains for broad market reach. Meanwhile, partnerships with regional grocery stores or online retailers might be prioritized by emerging companies to cater to specific local preferences. This targeted approach allows them to build brand awareness and establish a strong foothold within their chosen regions. Social media engagement and influencer partnerships are utilized to target specific regions, highlighting the environmental or health benefits that resonate most with those audiences. Companies might emphasize the sustainability benefits of plant-based meat in regions with a strong focus on eco-conscious practices. This regionalized marketing approach allows for a deeper connection with consumers and builds trust in the brand. Strategic partnerships are being formed to expand market reach and cater to diverse needs. Collaborations with local restaurants or chefs can lead to the creation of unique regional menu items featuring plant-based alternatives. Additionally, partnerships with food service companies can provide access to institutional markets like schools or hospitals in specific regions. These collaborations not only expand the reach of plant-based products but also contribute to their integration into everyday dining experiences across North America.

Regional cost variations and consumer sensitivity are being accounted for through adjustments in pricing strategies. In regions with higher average income, companies might focus on premium plant-based products with higher margins. Value-oriented options are offered in more price-conscious areas to make plant-based alternatives more accessible to a wider range of consumers. This ensures affordability remains a key consideration, allowing plant-based options to compete effectively across the diverse economic landscape of North America.

What policy initiatives or regulatory changes could encourage the sustainable and ethical growth of the plant-based meat industry across the Asia Pacific?

The sustainable and ethical growth of the plant-based meat industry in the Asia Pacific is being influenced by potential policy initiatives and regulatory changes. Clear and consistent labeling standards for these products are advocated for, empowering consumers through informed choices. Definitions for terms like “plant-based” and “vegan” could be mandated, along with clear disclosure of ingredients and nutritional information. Additionally, a regional sustainability labeling system is proposed, incentivizing companies to adopt environmentally friendly practices throughout the supply chain.

Stimulating innovation is achievable through government grants and incentives for companies developing novel and sustainable plant protein sources. This could lead to more affordable, culturally relevant, and eco-friendly plant-based meat alternatives. Investments in cold chain logistics and processing facilities specifically designed for plant-based meat production are also being considered, potentially creating a more efficient regional supply chain with reduced waste and improved product quality. A balanced market environment is crucial, and ensuring fair competition between plant-based and traditional meat producers is a key focus. Potential subsidies or regulatory advantages enjoyed by the meat industry could be addressed. Furthermore, policies that account for the environmental impact of traditional meat production (e.g., carbon taxes) could be introduced, making plant-based alternatives more cost-competitive.

Furthermore, government-supported public awareness campaigns could educate consumers about the potential health and environmental benefits of plant-based meat. This could overcome cultural barriers and encourage wider adoption. Integrating education about sustainable food choices and the environmental impact of food production into school curriculums is another possibility, fostering a generation of environmentally conscious consumers receptive to plant-based meat alternatives. By implementing a combination of these measures, governments across the Asia Pacific can significantly contribute to a supportive environment for the sustainable and ethical growth of the plant-based meat industry, benefiting consumers, the environment, and the region’s economic development.

Competitive Landscape

The Plant-Based Meat Market thrives on a dynamic interplay between established industry leaders, innovative startups, and a diverse range of ingredient suppliers. These players strive to meet the ever-evolving demands of consumers seeking healthy and sustainable food options. Key players differentiate themselves through cutting-edge product development, strategic partnerships with restaurants and distributors, and a comprehensive portfolio of plant-based meat alternatives. Companies offering a broad variety of these alternatives, including innovative plant-based burgers, sausages, and ground meat, are well-positioned for future growth.

Some of the prominent players operating in the Plant-Based Meat Market.

Beyond Meat, Impossible Foods Inc., Maple Leaf Foods, The Vegetarian Butcher, Gardein Protein International, Morningstar Farms, Quorn Foods, Amy’s Kitchen, Tofurky, Gold&Green Foods Ltd., GoodDot Enterprises Pvt. Ltd., Wakao Foods, Imagine Foods Pvt. Ltd., VBites Group, Kraft Foods, Inc., Lightlife Foods, Inc, Trader Joe’s, Yves Veggie Cuisine, Marlow Foods Ltd.

Latest Developments

• In March 2024, The Kraft Heinz Not Co. LLC, a joint venture between The Kraft Heinz Co. and TheNotCo. Inc., launched two new plant-based meat innovationsNotHotDogs and NotSausages.
• In June 2023, Wakao Foods, a plant-based meat company based in Goa, exported its largest-ever shipment of jackfruit-based meat products to the United States. The shipment included a range of items, such as nuggets, sausages, and burgers.
• In March 2022, Valio Oy acquired Gold & Green Foods in a significant purchase. This acquisition includes all intellectual property rights, research and development capabilities, and brand rights associated with Gold & Greens. Valio’s goal in acquiring Gold & Green Foods is to enhance its position in the plant-based food market and broaden its global reach.

Report Scope

Plant-Based Meat Market, By Category

Source

• Soy
• Wheat
• Pea
• Other sources (quinoa, oats, beans, nuts, and seeds)

Type

• Beef
• Chicken
• Pork
• Fish
• Other types (lamb and turkey)

Product

• Burger Patties
• Strips & Nuggets
• Sausages
• Meatballs
• Other Products (slices, fillets, cutlets, slides, fingers, and crumbles)

Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

Research Methodology of Market Research

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors.• Provision of market value (USD Billion) data for each segment and sub-segment.• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market.• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region.• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled.• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions.• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis.• Provides insight into the market through Value Chain.• Market dynamics scenario, along with growth opportunities of the market in the years to come.• 6-month post-sales analyst support.

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