Redding, California - September 3, 2024
Plant-based Meat Market to Reach $27.14 Billion by 2031
Plant-based Meat Market Size, Share, Forecast, & Trends Analysis by Type (Tofu, TVP, Tempeh, Seitan, Meatballs, Burger Patties, Nuggets, Crumble, Shred), Source (Soy, Wheat, Pea), Distribution Channel (B2B, B2C {Convenience Store}) - Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled, ‘Plant-based Meat Market Size, Share, Forecast, & Trends Analysis by Type (Tofu, TVP, Tempeh, Seitan, Meatballs, Burger Patties, Nuggets, Crumble, Shred), Source (Soy, Wheat, Pea), Distribution Channel (B2B, B2C {Convenience Store})—Global Forecast to 2031.’
According to this latest publication from Meticulous Research®, the global plant-based meat market is projected to reach $27.14 billion by 2031, at a CAGR of 13.7% from 2024 to 2031. The market for plant-based meat is growing due in substantial part to consumer preferences for plant-based foods, the rise of veganism, concerns about animal cruelty, and a surge in demand for substitute proteins. Furthermore, advancements in food technology and increased venture capital investment in the plant-based food sector are anticipated to drive market growth. The market's growth may be hindered by consumer preferences for products that are free of soy and gluten and a strong inclination for animal-based products. Moreover, the high cost of plant-based products is a major challenge faced by plant-based meat manufacturers.
Key Players
The global plant-based meat market is characterized by a moderately competitive scenario due to many large and small-sized global, regional, and local players. The key players operating in the global plant-based meat market are Beyond Meat Inc. (U.S.), Impossible Foods Inc (U.S.), The Hain Celestial Group, Inc. (U.S.), Unilever Plc (U.K.), Kellogg Company (U.S.), Lightlife Foods, Inc. (Part of Maple Leaf Foods Inc., Canada) (U.S.), Nestlé S.A. (Switzerland), Conagra Brands, Inc. (U.S.), Taifun –Tofu GmbH (Germany), Atlantic Natural Foods LLC (U.S.), VBIte Food Ltd (U.K.), Sunfed Meats (New Zealand), Quorn Foods (U.K.), Ojah B.V. (Netherlands), and The Kraft Heinz Company (U.S.).
The plant-based meat market study presents historical market data in terms of value (2022 and 2023), estimated current data (2024), and forecasts for 2031. This market is segmented by type (tofu, textured vegetable protein (TVP), burger patties, tempeh, hot dogs and sausages, seitan, meatballs, ground meat, nuggets, crumbles, shreds, other plant-based meat), by source (soy, wheat, pea, other sources), by distribution channel (business to business, business to consumers [modern groceries, convenience store, specialty store, online retail, others]) and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). This study also evaluates industry competitors and analyzes the market at regional and country levels.
Among the types studied in this report, the tofu segment is expected to account for the largest share, 20.4%, of the global plant-based meat market in 2024. This segment's large market share is attributed to its increasing adoption due to its lower cost, easy availability, and high protein content with all the essential amino acids. In addition, the rising health and wellness trend is further expected to boost the demand for this segment.
Among the sources studied in this report, the pea segment is expected to register the highest CAGR during the forecast period. This segment's rapid growth is attributed to its high protein content, the rising number of investments from leading manufacturers to increase pea protein production, and increasing consumer demand for healthy and non-GMO protein options. In addition, peas are allergen-free, gluten-free, and lactose-free, which further increases the demand for pea-based meat.
Among the distribution channels studied in this report, the business-to-consumer segment is expected to account for the largest share of the plant-based meat market in 2024. This segment's large market share is attributed to factors such as increasing e-commerce, increased sales of plant-based food in well-established supermarkets and hypermarket chains, and increasing consumer expenses on vegan food products.
Among all the regions studied in this report, Asia-Pacific is expected to account for the largest share, 45.0%, of the plant-based meat market in 2024. This region's large market share is attributed to its high awareness regarding the importance of protein-rich diets, rising consumer awareness of the risks associated with consuming contaminated meat goods, rising investments in the plant-based sector, and well-established food sector.
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Key Questions Answered in the Report-
- What is the current value of revenue generated by the global plant-based meat market?
- At what rate is the global demand for plant-based meat projected to grow over the next five to seven years?
- What are the historical market sizes and growth rates of the global plant-based meat market?
- What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing players and new entrants in the market?
- Which segments, in terms of type, source, and distribution channel, create major traction for manufacturers in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the plant-based meat market?
- Who are the major players in the global plant-based meat market? What are their specific product offerings in this market?
- What are the recent strategic developments in the global plant-based meat market? How have these developments impacted the market?
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