Plant-Based Meat Market Opportunities: Unlocking Potential in Emerging Applications Worldwide

The global plant-based meat market size was valued at USD 7.17 billion in 2023 and is expected to grow at a CAGR of 19.4% from 2024 to 2030. As more individuals become aware of the health risks associated with excessive consumption of red and processed meats, they are actively seeking healthier alternatives. Plant-based meats are often perceived as lower in saturated fats and cholesterol than animal-based ones, making them an attractive option for health-conscious consumers. This shift in dietary preferences is supported by a growing body of research linking plant-based diets to various health benefits, including reduced risk of chronic diseases such as heart disease, diabetes, and certain cancers.

As plant-based products become more mainstream, they are increasingly available in various formats, from ready-to-eat meals to frozen patties and deli slices. This wide range of offerings caters to different culinary preferences and lifestyles, making it easier for consumers to incorporate plant-based options into their diets. Additionally, the rise of plant-based meat in fast-food chains and restaurants has enhanced accessibility and visibility, helping to normalize these products and attract a broader audience.

Gather more insights about the market drivers, restrains and growth of the Global Plant-Based Meat Market

Source Insights

Soy accounted for the largest market revenue share of 48.0% in 2023. Soy protein, derived from soybeans, offers a complete protein profile containing all essential amino acids required for human nutrition. This makes it attractive for consumers seeking a nutritious alternative to animal-based proteins. Additionally, soy-based products can be formulated into various textures and flavors, making them suitable for various meat substitutes, from burgers and sausages to nuggets and ground meat.

Product Insights

Plant-based burgers accounted for the largest market revenue share in 2023. As more people adopt vegetarian or vegan diets for health reasons, they actively seek satisfying and nutritious alternatives to traditional meat products. With their familiar format and meat-like qualities, plant-based burgers offer a compelling option that meets dietary goals while providing a similar sensory experience to beef burgers.

Type Insights

The chicken segment accounted for the largest market revenue share in 2023. Consumers are increasingly seeking healthier alternatives to traditional meat products due to concerns about saturated fat, cholesterol, and other health issues associated with animal-based proteins. Plant-based chicken typically offers lower saturated fat and cholesterol levels while providing a comparable protein content. The appeal of plant-based chicken as a healthier option helps attract health-conscious consumers looking to reduce their intake of animal-derived foods while still enjoying a familiar taste.

End-use Insights

The hotel/restaurant/café (HoReCa) segment accounted for the largest market revenue share in 2023. As more individuals adopt vegetarian or vegan diets or seek to reduce their meat consumption for health reasons, establishments in the HoReCa sector are responding by incorporating plant-based meat alternatives into their menus. This shift caters to a growing customer base and enhances brand reputation as businesses align with contemporary dietary preferences.

Storage Insights

Frozen plant-based meat accounted for the largest market revenue share in 2023. As consumers lead busier lifestyles, they seek products that are easy to prepare and store. Frozen plant-based meats offer a long shelf life. They can be quickly cooked from frozen, making them convenient for quick meal solutions without compromising health or dietary preferences. This convenience factor particularly appeals to millennials and Gen Z consumers who prioritize health and time efficiency in their food choices.

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Regional Insights

North America plant-based meat market accounted for the largest market revenue share of 38.0% in 2023. As awareness of the health risks associated with excessive consumption of red and processed meats grows in the region, many individuals turn to plant-based alternatives as a healthier option. Plant-based meats often feature lower levels of saturated fats and cholesterol and are perceived as a better choice for managing weight and reducing the risk of chronic diseases.

Key Plant-based Meat Company Insights

Some of the key companies in the plant-based meat market include Beyond Meat, Vegetarian Butcher, Amy’s Kitchen, Inc. and others.

· Beyond Meat products include Beyond Burger, designed to replicate the flavor and juiciness of beef burgers, and Beyond Sausage, which offers a similar experience to pork sausage. Additionally, they have expanded their offerings to include ground beef alternatives and various other products that cater to consumers seeking healthier and more sustainable dietary options.

· Amy’s Kitchen features an extensive line of plant-based meat alternatives that appeal to vegetarians, vegans, and flexitarians seeking healthier options. These products include veggie burgers, meatless meatballs, and various ready-to-eat meals that incorporate high-quality ingredients such as organic vegetables, grains, and legumes.

Key Plant-based Meat Companies:

The following are the leading companies in the plant-based meat market. These companies collectively hold the largest market share and dictate industry trends.

· Beyond Meat

· Impossible Foods Inc.

· Maple Leaf Foods (Field Roast & Maple Leaf)

· Vegetarian Butcher

· Conagra, Inc. (Gardein Protein International)

· Kellogg NA Co. (MorningStar Farms)

· Quorn

· Amy's Kitchen, Inc.

· Tofurky

· Gold&Green Foods Ltd.

· Sunfed

· VBites Foods Limited