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

The Plant-based Meat Market is expected to reach $27.14 billion by 2031, at a CAGR of 13.7% from 2024 to 2031.

Plant-based Meat Market Size & Forecast

The increasing demand for alternative proteins, the growing vegan population, the increased emphasis on animal welfare, and the surge in demand for plant-based food products are all contributing factors to this market's growth. Furthermore, it is anticipated that players operating in this market will have growth opportunities due to advancements in food technology and an increase in venture capital investments in the plant-based food industry.

Plant-based Meat Market Growth Drivers

Growing Preference for Plant-based Food Products

Diets across the globe are changing due to health concerns, ethics, and sustainability. Rapid urbanization, changes in lifestyle, industrialization, economic development, health & wellness trends, and rising awareness about health concerns with the long-term consumption of animal proteins have created immense growth opportunities for manufacturers of plant-based protein products. This traction in the plant-based protein products market is supported by food security challenges in terms of the growing demand for livestock animals to ensure the longer sustainability of the animal protein model.

Planned vegetarian and vegan diets are nutritionally adequate for pregnant women, children, and athletes. These plant-based diets reduce the risks of health conditions such as heart diseases, Type 2 diabetes, hypertension, certain types of cancer, and obesity. Plant-based products are high in fiber and provide all the nutrients when planned well. Vegetarians and vegans use plant-based protein sources, such as beans, legumes, nuts, seeds, soy foods, and protein powders. Therefore, increasing demand for plant-based food is expected to drive the growth of the plant-based meat market globally.

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Growing Vegan Population

Veganism is a contemporary and expanding social phenomenon that has been growing in developed countries. In recent years, there has been a major shift toward vegetarianism and veganism due to increasing health & environmental concerns and empathy for animals. According to Vegan Statistics, in 2021, around 10% of the global population was vegetarian. In 2020, 40% of millennials were vegan. Baby Boomers and Generation X accounted for 21% each, with only 2% of seniors considering themselves vegan.

In the last four years, the number of vegans in Europe has doubled from 1.3 million to the current estimated figure of 2.6 million, representing 3.2% of the European population in 2021. Nearly half of all-vegan Europeans (45.5%) stated they would like more vegan alternatives for sausages, cold cuts, and cheese. There is also a growing demand for plant-based baked goods (38.6%) and snacks (32.9%) (Source: Veganz).

According to the Academy of Nutrition and Dietetics, appropriately planned vegetarian diets are healthy and nutritionally adequate as they reduce the risk of certain health conditions.

Thus, the growing vegan population and consumers’ increasing preference for plant-based foods are expected to drive the demand for plant-based meat.

Plant-based Meat Market Trends

Sustainable Foods

Consumers’ growing preference for eco-friendly and sustainable diets is attributed to increasing health & environmental awareness and rising greenhouse gas emissions. The livestock sector is a major driver of climate change. The GHG emissions along the livestock supply chain are around 7.1 gigatons CO2 eq per annum, representing around 14.5% of all human-induced emissions. In addition, the meat & dairy businesses account for more than 65% of livestock GHG emissions, while methane constitutes 45% of these emissions. Moreover, rapid climate change is expected to accelerate the spread of zoonotic and vector-induced infectious diseases in humans and livestock.

Furthermore, the production of livestock meat requires extensive use of fresh water. Livestock farming accounts for almost one-third of global freshwater consumption. Protein production using alternative sources is more environmentally friendly than livestock farming. Moreover, producing plant-based meat is more eco-friendly as it minimizes GHG emissions. Plant-based meat alternatives require significantly less water, land, and energy compared to traditional animal agriculture. This reduces greenhouse gas emissions, deforestation, and water pollution. Thus, the rising focus on eco-friendly food production and the growing public awareness regarding the negative impacts of conventional meat production on climate change is expected to drive the demand for plant-based meat in the coming years.

Plant-based Meat Market Opportunities

Rising Venture Investments in the Plant-based Food Space

In the plant-based meat market, companies are engaging in product launches, raising funds, agreements, collaborations, and partnerships to drive growth, innovation, and market expansion. For instance, in January 2023, No Meat Factory, a Canadian plant-based meat manufacturer, secured USD 42 million in Series B funding. Tengelmann Growth Partners and Emil Capital Partners led the funding round. Further, in July 2022, Meati (U.S.), a plant-based meat manufacturer, raised USD 150 million in Series C funding to increase its output. Moreover, In July 2021, NotCo (Chile), a plant-based meat and dairy substitute manufacturer, raised USD 235 million in a Series D funding round. With roots in both Latin America and North America, NotCo had raised USD 370 million in total as of 2022.

Thus, increasing strategic developments in the plant-based meat industry are driving the growth of the market.

Plant-based Meat Market Analysis: Key Findings

By Type: In 2024, the Tofu Segment to Dominate the Plant-based Meat Market

Based on type, the global plant-based meat market is segmented into tofu, TVP, burger patties, tempeh, hot dogs and sausages, seitan, meatballs, ground meat, nuggets, crumbles, shreds, and other plant-based meat. In 2024, the tofu segment is expected to account for the largest share of 20.4% of the global plant-based meat market. This segment’s large market share is attributed to its increasing adoption due to its lower cost, easy availability, and high protein content, including all the essential amino acids. In addition, the rising health and wellness trend is further expected to boost the demand for this segment because tofu is renowned for its cholesterol-lowering effects.

However, the hot dogs and sausages segment is expected to register the highest CAGR of 20.2% during the forecast period. This segment's rapid growth is attributed to its increasing popularity as a ready-to-eat food, rising new product launches of plant-based sausages, and availability in many restaurants.

By Source: In 2024, the Soy Segment to Dominate the Plant-based Meat Market

Based on source, the global plant-based meat market is segmented into soy, wheat, pea, and other sources. In 2024, the soy segment is expected to account for the largest share of the global plant-based meat market. This segment’s large market share is attributed to the rising demand for meat alternative manufacturers, wide availability of raw materials, lower cost compared to other sources, wide usage of plant-based meat products, and higher consumer acceptance level due to its meat-like texture and taste.

However, the pea segment is slated 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 the increasing consumer demand for pea protein-based vegan foods. Moreover, peas are free of allergens, gluten, and lactose, which further increases the demand for pea-based meat.

By Distribution Channel: In 2024, the Business to Customer Segment to Dominate the Plant-based Meat Market

Based on the distribution channel, the plant-based meat market is segmented into business-to-business (B2B) and business-to-consumer (B2C). In 2024, the B2C distribution channel segment is expected to account for the largest share of the plant-based meat market. This segment’s large market share is attributed to the increasing e-commerce, increased sales of plant-based food in well-established supermarkets and hypermarket chains, and increasing consumer expenses on vegan food products.

Geographical Analysis

Based on geography, the global plant-based meat market is majorly segmented into five 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 45.0% of the global plant-based meat market. This region’s large market share is attributed to the growing awareness of the importance of protein-rich diets, the risks associated with consuming contaminated meat goods, rising investments in the plant-based sector, and a well-established food sector.

Moreover, this region is also expected to register the highest CAGR during the forecast period. The rapid growth of this region is mainly attributed to rising disposable income and improving standard of living, rapid urbanization, a growing focus on the inclusion of healthy diets such as plant-based food, and the rising presence of a large number of key players in the market.

Plant-based Meat Market: Key Companies

The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last three to four years. Some of the key players operating in the 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.).

Plant-based Meat Industry Overview: Latest Developments from Key Industry Players

• In April 2024, Alpine Bio (formerly Nobell Foods, Inc.) received a tenth U.S. patent for recombinant milk proteins and food compositions comprising these proteins.
• In March 2024, Gosh! Food Limited (U.K.), a plant-based food brand, launched street food and glaze & grill BBQ kits.
• In December 2023, Konscious Foods (Canada) launched frozen plant-based sushi, poke bowls, and onigiri in 4,500 retailers across North America.
• In September 2022, The Better Food Foundation (U.S.) launched its canned vegan meat in the U.S., along with other products such as cold cuts, patties, and meatballs.

Plant-based Meat Market Research Summary:

Key questions answered in the plant-based meat market report: