Plant-based Meat Market Size, Trends, Opportunities, and Leading Players (2024)

Plant-based meat refers to food products that resemble traditional animal meat in taste, texture, and appearance but are made entirely from plant-based ingredients. These products are designed to mimic the sensory experience of consuming meat without using animal-derived ingredients. Common sources for plant-based meat include soy, wheat, peas, mushrooms, and other vegetables, which are often processed and combined with various flavorings and binders to create products like burgers, sausages, nuggets, and more. Plant-based meat has gained popularity due to environmental, ethical, and health concerns associated with traditional meat production, as well as the increasing demand for vegetarian and vegan alternatives.

Plant-based Meat Market Trends

1. Increasing Health Consciousness: With growing awareness about the health benefits of plant-based diets, more consumers are opting for plant-based meat alternatives as they seek healthier protein sources. Plant-based meats are often perceived as lower in saturated fats and cholesterol compared to traditional meat products.
2. Environmental Concerns: Concerns about the environmental impact of conventional meat production, including deforestation, greenhouse gas emissions, and water usage, have led consumers to explore plant-based alternatives as a more sustainable option. Many consumers are motivated by the desire to reduce their carbon footprint and mitigate climate change.
3. Expansion of Product Offerings: The plant-based meat market has witnessed a surge in product innovation and variety. Companies are constantly introducing new plant-based meat products, ranging from burgers and sausages to chicken nuggets and seafood alternatives. This expanded product range caters to diverse consumer preferences and dietary requirements.
4. Improved Taste and Texture: Advancements in food technology have enabled manufacturers to develop plant-based meat products that closely mimic the taste, texture, and mouthfeel of traditional meat. Enhanced flavor profiles and realistic textures have helped overcome barriers to adoption among consumers who were previously skeptical about plant-based alternatives.
5. Retail and Foodservice Adoption: Plant-based meat products are increasingly available in mainstream retail outlets, restaurants, and fast-food chains. The growing presence of plant-based options on menus and grocery store shelves reflects increasing consumer demand and acceptance. Collaboration between food manufacturers and foodservice providers has facilitated broader accessibility and visibility of plant-based meat products.
6. Celebrity Endorsem*nts and Media Coverage: Endorsem*nts from celebrities, influencers, and prominent figures in the health and environmental advocacy space have contributed to the mainstream acceptance of plant-based diets and products. Media coverage highlighting the benefits of plant-based eating and the ethical considerations surrounding animal agriculture has further fueled consumer interest in plant-based meat alternatives.
7. Investment and Industry Growth: The plant-based meat market has attracted significant investment from both traditional food companies and venture capital firms. This influx of capital has supported the expansion of production capacity, research and development initiatives, and marketing efforts within the plant-based meat industry. As a result, the market is experiencing rapid growth and heightened competition among market players.

Plant-based Meat Market Opportunities: Increase in consumers’ focus on meat alternatives

Various food products such as meat patties and sausages are being replaced by plant-based/plant-infused meat products, considering the growing health awareness among consumers, which is expected to drive demand for plant-based meat products. According to The Food Science and Health Database Organization, in 2018, “22 million UK citizens now identify as being a ‘flexitarian,’ viewed not as a fad diet, but instead, a permanent lifestyle choice, notably most popular among highly influential millennials.” Thus, the increasing vegan and flexitarian population is a big opportunity for plant-based meat manufacturers in the industry during the forecast period.

The food retail segment among distribution channels is estimated to have the largest market

Based on the distribution channel, the food retail segment is estimated to account for the largest share of the plant-based meat market in 2022. Food retail refers to operating retail, supermarkets, hypermarket stores, and other stores where various products, such as grocery items, vegetables, uncooked meat, and frozen products, are made available to consumers. The distribution channel is already popular among consumers worldwide due to the wide availability of various products. Therefore, this distribution channel is being used by established plant-based meat companies and startups to increase the penetration of their products in the market, making it the largest segment during the forecast period in the plant-based meat market.

North America is the fastest-growing region in plant based meat market.

North America is the fastest-growing region, with a significant CAGR in the plant-based meat market. For American consumers, meat is a very prominent part of their diets. However, as many researchers highlighted the health risks related to the consumption of red meat, consumers are increasingly shifting toward plant-based diets as they are a healthier option compared to animal meat. Many consumers in the region are adopting flexitarian lifestyles and incorporating plant-based foods into their daily diets. Along with this, the trend of veganism is gaining momentum in the region, which is further contributing to the growth of the plant-based meat market.

Top Companies in Plant-based Meat Market

1. Beyond Meat (US)
2. Kellogg Company (US)
3. Impossible Foods Inc. (US)
4. Maple Leaf Foods (Canada)
5. Unilever (UK)
6. Conagra Foods (US)
7. Tofurky (US)
8. Gold&Green Foods Ltd (Finland)
9. Sunfed (New Zealand)
10. Monde Nissin (Philippines)

Plant-based Meat Market Target Audience:

• Meat alternative manufacturers and suppliers
• Technology providers to meat alternative manufacturers
• Processed meat alternative manufacturers/ suppliers
• Commercial Research and Development (R&D) institutions and financial institutions
• Trade associations and industry bodies
• Government organizations, research organizations, and consulting firms
• Importers and exporters of meat substitutes
• Associations, regulatory bodies, and other industry-related bodies:
• Food and Drug Administration (FDA)
• European Food Safety Agency (EFSA)
• Food Processing Suppliers Association (FPSA)
• Food Standards Australia New Zealand
• European Food Information Council (EUFIC)
• Good Food Institute (GFI)
• Plant-based Food Association (PBFA)

1. What is plant-based meat?
2. What are the main types of plant-based meat?
3. Is plant based meat good?
4. What is the current size of the global plant-based meat market?
5. Which are the leading plant based meat manufacturers in the USA?