Vegan Meat Market Size & Forecast

The Vegan Meat Market is expected to reach $25.51 billion by 2031, at a CAGR of 13.8% from 2024 to 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 foods and the rising focus on health & wellness are prominent trends in the vegan meat market.

Vegan Meat Market Growth Drivers

Increasing Vegan Population

In recent years, there has been a major shift toward veganism across the globe due to increasing health & environmental concerns and animal welfare. Many people are becoming more conscious of the health risks associated with consuming large amounts of animal protein and are seeking out plant-based alternatives. Veganism is a modern social trend that continues to expand, particularly in developed countries. As of 2023, the global vegan population numbered approximately 88 million, constituting around 1.1% of the world's population. Additionally, the Veganuary campaign saw significant participation, with approximately 700,000 individuals committing to vegan-only diets in January 2023. This represents a notable increase from previous years: 692,000 participants in 2022, 582,000 in 2021, and 400,000 in 2020 (source: The Vegan Society). The rising adoption of vegan lifestyles globally is expected to drive the demand for vegan meat.

Consumers’ Rising Preference for Plant-based Diets

Consumers today are increasingly gravitating towards plant-based foods due to their perceived health benefits, rising environmental concerns, and growing awareness of the negative impacts associated with animal products. Moreover, Plant-based products are now more accessible and affordable, facilitating easier adoption of a plant-based diet among consumers.

According to the Plant Based Foods Association and The Good Food Institute, retail sales of plant-based foods in the U.S. were valued at USD 8.1 billion in 2023. Moreover, projections suggest that by 2040, 66% of consumers aged 16–40 plan to increase their spending on plant-based meat and milk products. Additionally, many vegan meat products are designed to be convenient and quick to prepare, appealing to busy consumers seeking quick and hassle-free meal options. Therefore, the growing preference for plant-based diets is anticipated to drive the growth of the vegan meat market.

Vegan Meat Market Growth Trends

Rising Demand for Sustainable Foods

Consumers are becoming increasingly aware of the environmental impact of their food choices and are actively seeking more sustainable options. They are becoming more conscious of the greenhouse gas emissions, deforestation, and water pollution associated with animal agriculture, prompting a shift towards plant-based alternatives. Additionally, there is growing awareness of the health risks linked associated with the high consumption of red meat, including heart disease, stroke, and cancer. Plant-based meats are often perceived as a healthier choice due to their lower levels of saturated fat and cholesterol.

Moreover, many consumers are prioritizing cruelty-free products that align with their ethical values, driving the demand for vegan meat. Therefore, the rising consumer trend towards healthier and more sustainable lifestyles is anticipated to drive the growth of the vegan meat market.

Increasing Focus on Health & Wellness

Consumers have become increasingly health-conscious, recognizing the importance of proper nutrition in maintaining overall well-being. There is a growing preference for alternatives to traditional meat products that are lower in saturated fats and cholesterol yet remain rich sources of protein. This shift towards healthier eating habits is driven by heightened awareness of the adverse health effects associated with animal-based diets and the recognized benefits of plant-based alternatives. The demand for alternative meat products is driven by a desire for cleaner and more natural food choices, with consumers actively seeking options free from antibiotics and hormones commonly found in animal-derived meats. According to the ProVeg International and Plant Futures survey, the number of consumers who tried vegan meat rose from 53% in 2021 to 73% in 2023. Of these respondents, 39% cited health as their primary motivation for choosing plant-based meat alternatives. This trend is expected to continue as consumers become more aware of the benefits of plant-based diets and the negative health impacts of animal-based diets.

Vegan Meat Market Growth Opportunity

Rising Adoption of Vegan Food in Emerging Economies

As developing countries continue to experience economic growth, the vegan food market is expected to witness significant growth. This growth is driven by factors such as rising disposable incomes, rapid urbanization, evolving consumer preferences, increasing preference for plant-based diets, and the expansion of distribution channels. Regions such as Asia-Pacific, Latin America, and the Middle East & Africa are anticipated to witness a significant increase in demand for vegan food in the coming years.

The Asia-Pacific region, in particular, stands out as an emerging market for vegan foods, driven by rising per capita incomes, the proliferation of vegan restaurants, and growing awareness of the health and environmental benefits of plant-based diets. Countries like India, China, and Japan are experiencing rising consumption of vegan foods. For instance, in 2022, investments in plant-based foods in the Asia-Pacific region increased by 30%, reaching USD 372 million (source: Nutritional Outlook).

Furthermore, in Latin America, the vegan food market is experiencing significant growth, driven by increasing health consciousness and environmental concerns among consumers. The region's growing flexitarian and vegan populations are driving the demand for sustainable plant-based meat alternatives. Moreover, the widespread availability of vegan products through supermarkets, online retailers, and specialized stores is enhancing accessibility for consumers in emerging economies. Therefore, the rising adoption of vegan food in developing nations is expected to create opportunities for the growth of the vegan meat market.

Vegan Meat Market Analysis: Key Findings

By Product: In 2024, the Burger Patties Segment to Dominate the Vegan Meat Market

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.

However, the sausages segment is projected to register the highest CAGR during the forecast period of 2024–2031. The growth of this segment is driven by the benefits offered by vegan sausage, including high protein content and lower levels of saturated fat and cholesterol content compared to regular pork sausages, making them a safer alternative to processed animal meat. Furthermore, market players are launching various types of vegan sausages. In November 2022, Dhond Group Green Infra LLP (India) launched vegan sausages in two flavors: Hot & Spicy and American Herbs. These sausages are made from jackfruit, known for its meat-like texture and nutritional value.

By Source: In 2024, the Soy Segment to Dominate the Vegan Meat Market

Based on source, the vegan 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 vegan meat market. This segment’s large market share can be attributed to the extensive use of soy in vegan meat products, driven by its widespread availability as a raw material, its cost-effectiveness in production, and its popularity among consumers seeking vegan meat products that mimic the texture and taste of meat.

However, 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.

By Meat Type: In 2024, the Chicken Segment to Dominate the Vegan Meat Market

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.

By Storage Category: In 2024, the Frozen Segment to Dominate the Vegan Meat Market

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.

By Distribution Channel: in 2024, the Business-to-Consumers (B2C) Segment to Dominate the Vegan Meat Market

Based on distribution channel, the vegan meat market is segmented into business-to-business (B2B) and business-to-consumers (B2C). The business-to-consumers (B2C) segment is sub-segmented into modern groceries, convenience stores, specialty stores, online retail, and other B2C distribution channels. In 2024, the business-to-consumers (B2C) segment is expected to account for the larger share of the vegan meat market. This segment’s large market share can be attributed to the rising sales of plant-based foods in established supermarkets and hypermarket chains, coupled with increasing consumer expenditure on vegan food products.

Moreover, 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.

Geographical Analysis

In 2024, the Asia-Pacific is Expected to Dominate the Vegan Meat Market

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 governmental initiatives aimed at enhancing the food industry.

Furthermore, the market in Asia-Pacific is projected to register the highest CAGR during the forecast period. The growth of this regional market is driven by the increasing awareness about the importance of protein-rich diets, initiatives by major market players to expand their businesses in the region, the rising awareness about the risks associated with consuming contaminated meat products, and increasing investments in the plant-based food industry.

Vegan Meat Market: Key Companies

The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios and geographic presence and the key growth strategies adopted by them over the past 3–4 years.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.).

Vegan Meat Industry Overview: Latest Developments from Key Industry Players

• In November 2023, UNLIMEAT Inc. (South Korea), a plant-based food producer, launched its online shop, UNLIMEAT SHOP, to offer its products to a wider consumer base.

• In January 2023, Final Foods Inc. (U.S.) launched its first product line of plant-based, protein-rich, vegan meat alternative products for gourmet chefs and the food service industry.

• In October 2022, Delightful Gourmet Pvt Ltd (India) launched the plant-based meat brand UnCrave in India.
• In July 2022, Tata Consumer Products Limited (U.S.) launched a plant-based range under the new brand name “Tata Simply Better”. The plant-based meat variants include nuggets, burger patty, awadhi seekh kebab, and spicy fingers.

Vegan Meat Market Research Summary

Key questions answered in the vegan meat market report: