Vegan Meat Market to be Worth $25.51 Billion by 2031

Vegan Meat Market Size, Share, Forecast, & Trends Analysis by Product (Burger Patties, Meat Balls, Sausages), Source (Soy), Meat Type (Chicken, Beef, Fish), Storage Category (Frozen), Distribution Channel (B2B, B2C {Modern Groceries}) - Global Forecast to 2031

Meticulous Research^®— leading global market research company, published a research report titled ‘Vegan Meat Market Size, Share, Forecast, & Trends Analysis by Product (Burger Patties, Meat Balls, Sausages), Source (Soy), Meat Type (Chicken, Beef, Fish), Storage Category (Frozen), Distribution Channel (B2B, B2C {Modern Groceries}) - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the vegan meat market is projected to reach $25.51 billion by 2031, at a CAGR of 13.8% during the forecast period 2024–2031. The growth of this market is driven by factors such as the increasing vegan population, rising preference for plant-based diets among consumers, and growing concerns about animal welfare. However, the high cost of vegan food and the high preference for animal-based products among a significant number of consumers may restrain market growth.

Furthermore, the rising adoption of vegan food in emerging economies and continuous product innovations are expected to create market growth opportunities. Additionally, the rising demand for sustainable food and the rising focus on health & wellness are prominent trends in the vegan meat market.

Key Players

Some of the key players operating in the vegan meat market are Beyond Meat Inc. (U.S.), Impossible Foods Inc. (U.S.), The Hain Celestial Group, Inc. (U.S.), Unilever Plc (U.K.), Maple Leaf Foods Inc. (U.S.), Nestlé S.A. (Switzerland), Conagra Brands, Inc. (U.S.), Kellanova (U.S.), Marlow Foods Limited (U.K.), VBites Food Ltd (U.K.), The Tofurky Company (U.S.), The Kraft Heinz Company (U.S.), and No Evil Foods, Inc. (U.S.).

The vegan meat market is segmented by product (burger patties, strips & nuggets, meatballs, sausages, ground meat, and other products), source (soy, wheat, pea, and other sources), Meat type (chicken, beef, pork, fish, and other types), storage category (frozen, refrigerated, and shelf stable), distribution channel (business-to-business (B2B) and business-to-consumers (B2C) {modern groceries, convenience stores, specialty stores, online stores, and other b2c channels), and geography (North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the country level.

Based on product, the vegan meat market is segmented into burger patties, strips & nuggets, meatballs, sausages, ground meat, and other products. In 2024, the burger patties segment is expected to account for the largest share of 35.0% of the vegan meat market. This segment’s large market share can be attributed to the rising popularity of vegan burger patties, which offer a taste, texture, and aroma that mimics traditional meat. Burgers are a popular and convenient meal option and have become more accessible with the emergence of vegan fast-food chains like Impossible Foods and Beyond Meat. Moreover, vegan burgers are perceived as environmentally sustainable compared to traditional beef options, which drives their demand.

Based on source, the vegan meat market is segmented into soy, wheat, pea, and other sources. The pea segment is projected to register the highest CAGR during the forecast period of 2024–2031. This segment’s growth is driven by the increasing adoption of pea protein among vegan meat manufacturers due to its high protein content. Furthermore, initiatives by leading manufacturers to expand pea protein production and the allergen-free, gluten-free, and lactose-free properties of pea protein enhance its appeal, driving the demand for pea-based meat products.

Based on meat type, the vegan meat market is segmented into chicken, beef, pork, fish, and other meat types. In 2024, the chicken segment is expected to account for the largest share of 34.3% of the vegan meat market. This segment’s large market share can be attributed to widespread consumer acceptance of chicken meat alternatives, the growing availability of various vegan chicken products, including nuggets, sausages, burgers, and cutlets, rising animal welfare concerns, and advancements in plant-based food production technology.

Based on storage category, the vegan meat market is segmented into frozen, refrigerated, and shelf stable. In 2024, the frozen segment is expected to account for the largest share of the vegan meat market. This segment’s large market share can be attributed to the longer shelf life of frozen vegan meat compared to other categories, the growing demand for convenience foods, and evolving consumer tastes and preferences.

Based on distribution channel, the vegan meat market is segmented into business-to-business (B2B) and business-to-consumers (B2C). The B2C segment is projected to register a higher CAGR during the forecast period. This segment’s growth is driven by the increased online sales of vegan meat and the rising awareness of vegan meat products in developing countries.

Based on geography, the vegan meat market is divided into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of 43.0% of the vegan meat market, followed by North America, Europe, Latin America, and the Middle East & Africa. Asia-Pacific's significant market share can be attributed to rising disposable incomes, changing lifestyles, rapid urbanization, growing emphasis on plant-based diets, and increasing government initiatives aimed at enhancing the food industry.

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Key Questions Answered in the Report:

What are the historical market sizes and growth rates of the vegan meat market?
At what rate is the vegan meat demand projected to grow over the next 5–7 years?
What are the major factors impacting market growth at the regional and country levels? What are the opportunities for existing players and new entrants in the market?
Which segments, in terms of product, source, meat type, storage category, and distribution channel, are expected to create traction for the manufacturers in this market during the forecast period 2024–2031?
What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the players operating in the vegan meat market during the forecast period 2024–2031?
Who are the major players in the vegan meat market? What are their specific product offerings in this market?
What are the recent strategic developments in the vegan meat market? What are the impacts of these strategic developments on the market?

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