The global plant-based meat market was valued at USD 7.17 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 19.4% from 2024 to 2030. The growth of this market can be attributed to the rising awareness of the health risks associated with excessive consumption of red and processed meats. Consumers are increasingly seeking healthier alternatives, with plant-based meats perceived as lower in saturated fats and cholesterol compared to their animal-based counterparts. This growing shift towards plant-based diets is supported by an expanding body of research that links plant-based eating to a reduced risk of chronic diseases, such as heart disease, diabetes, and certain cancers.

As plant-based foods become more mainstream, they are now available in a wide array of formats, from ready-to-eat meals to frozen patties and deli slices. This variety caters to a diverse range of culinary preferences and lifestyles, making it easier for consumers to incorporate plant-based options into their everyday diets. Additionally, the growing presence of plant-based meats in fast-food chains and restaurants has boosted the visibility and accessibility of these products, further normalizing them and attracting a larger audience.

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

Regional Insights

North America:

North America accounted for the largest revenue share of 38.0% in the global plant-based meat market in 2023. As awareness of the health risks associated with red and processed meats grows in the region, more individuals are turning to plant-based alternatives. These alternatives are often seen as healthier options, featuring lower levels of saturated fats and cholesterol. Consumers are increasingly recognizing plant-based meats as a better choice for weight management and reducing the risk of chronic diseases, further fueling market demand.

US:

The U.S. plant-based meat market is expected to experience significant growth during the forecast period. Over the past few years, there has been a notable increase in consumer demand for plant-based products, driven by the growing awareness of the health benefits of veganism and plant-based eating. The demand for vegetarian foods rich in fiber, vitamin C, and iron, while low in processed saturated fats, is on the rise. Manufacturers are also working to improve product quality, including extending shelf life, enhancing texture and aroma, and improving nutritional profiles, all of which are expected to drive market growth in the U.S. For example, in October 2022, Beyond Meat, Inc. launched its new Beyond Steak product to cater to the growing demand for plant-based options from meat lovers and flexitarians in the U.S.

Europe:

Europe is expected to witness the fastest-growing plant-based meat market during the forecast period. Consumers in Europe are becoming increasingly aware of the health risks associated with excessive consumption of red and processed meats, such as cardiovascular diseases and cancer. This has led to a surge in demand for plant-based meat alternatives, which are perceived to offer lower levels of saturated fats and cholesterol. The trend towards healthier eating habits is driving the plant-based meat market across Europe.

UK:

The plant-based meat market in the UK is expected to grow rapidly, supported by various government policies aimed at promoting sustainable food systems and reducing the environmental impact of agriculture. Initiatives like the National Food Strategy and government funding for plant-based food research are helping to advance the development and adoption of plant-based meat products. Public awareness campaigns and educational efforts are also driving consumer interest, creating a favorable environment for the expansion of the plant-based meat market in the UK.

Asia Pacific:

The Asia Pacific region held a significant share of the global plant-based meat market in 2023. Many countries in this region have a long-standing tradition of plant-based eating, with foods like tofu and tempeh being staples in their diets. This cultural familiarity with plant-based foods provides a solid foundation for the adoption of plant-based meat alternatives. As plant-based meat products gain more recognition in the region, the market is poised for significant growth.

India:

The plant-based meat market in India is expected to grow rapidly during the forecast period. India has a rich tradition of plant-based eating, with a large proportion of the population following vegetarian diets for religious and cultural reasons. This acceptance of plant-based foods, such as lentils, legumes, and tofu, creates a favorable environment for the growth of plant-based meat alternatives. The availability of plant-based meat products is expanding across supermarkets, grocery stores, and online platforms. Retailers and food service providers are increasingly incorporating these products into their offerings, further driving the market's growth in India.

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Key Companies & Market Share Insights

Some of the prominent companies in the plant-based meat market include Beyond Meat, Vegetarian Butcher, Amy’s Kitchen, Inc., and others, each playing a significant role in driving the growth and innovation of plant-based meat products.

Beyond Meat

Beyond Meat has established itself as a leader in the plant-based meat sector, offering a range of products designed to closely mimic the taste, texture, and appearance of traditional meat. Some of their flagship products include:

• Beyond Burger: A plant-based burger designed to replicate the flavor, juiciness, and grilling experience of beef burgers. It has been widely popular in both retail and foodservice sectors, offering a healthier and more sustainable alternative to conventional beef.
• Beyond Sausage: This product mimics the texture and taste of traditional pork sausage, catering to those who are seeking a plant-based substitute for their favorite pork dishes.

Amy’s Kitchen, Inc.

Amy’s Kitchen is another key player in the plant-based meat market, known for its wide variety of high-quality, plant-based food products. The company appeals to vegetarians, vegans, and flexitarians who are looking for nutritious, easy-to-prepare meals without compromising on taste or health. Their offerings include:

• Veggie Burgers: These burgers cater to those seeking a meat-free option without sacrificing flavor. Amy’s Kitchen uses organic vegetables, grains, and legumes in their veggie burgers to create a hearty, nutritious alternative to traditional beef burgers.
• Meatless Meatballs: These meatballs are another popular item, designed to replicate the texture and flavor of traditional meatballs. They are made with organic ingredients and cater to consumers looking for a healthier, plant-based version of this classic dish.

Vegetarian Butcher

The Vegetarian Butcher, a notable company in the plant-based meat sector, has been growing rapidly by offering a wide variety of plant-based meat products that mimic traditional animal products in taste, texture, and cooking experience. Their product range includes plant-based burgers, sausages, and chicken alternatives, making it easier for consumers to transition to plant-based eating without compromising on their favorite meals. The company’s products are available in several markets across Europe, and it continues to innovate in the plant-based protein space.

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
• Kraft Foods, Inc.
• Lightlife Foods, Inc
• Trader Joe's
• Yves Veggie Cuisine (The Hain-Celestial Canada, ULC)
• Marlow Foods Ltd. (Cauldron)
• Ojah B.V.
• Moving Mountains
• Eat JUST Inc.
• LikeMeat GmbH
• Gooddot
• OmniFoods
• No Evil Foods
• DR. PRAEGER'S SENSIBLE FOODS

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