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Report
Global Plant-based Meat Market Report and Forecast 2024-2032
Market Report I 2024-07-18 I 197 Pages I EMR Inc.
Global Plant-based Meat Market Report and Forecast 2024-2032
Market Outlook
According to the report by Expert Market Research (EMR), the global plant-based meat market size was approximately USD 13.60 billion in 2023. Aided by the increasing consumer demand for sustainable and ethical food options, the market is assessed to grow at a CAGR of 22.4% between 2024 and 2032, reaching a value of nearly USD 87.9 billion by 2032.
Plant-based meat refers to food products designed to replicate the taste, texture, and nutritional profile of traditional meat but made entirely from plant-derived ingredients. These products cater to a variety of consumers, including vegetarians, vegans, flexitarians, and those seeking to reduce their environmental footprint or improve their health.
The global plant-based meat market is undergoing a remarkable transformation, fuelled by a confluence of trends that reflect changing consumer preferences, advancements in food technology, and a growing awareness of environmental sustainability. One of the primary drivers of this market is the increasing consumer demand for sustainable and ethical food options. As awareness about the environmental impact of traditional livestock farming grows, more consumers are seeking alternatives that reduce carbon footprints, conserve water, and minimise land use. Plant-based meat, which is derived from various plant sources such as soy, peas, wheat, and other legumes, offers a sustainable solution that aligns with these environmental goals.
Health consciousness is another significant plant-based meat market trend. Consumers are becoming more aware of the health risks associated with excessive consumption of animal-based products, such as heart disease, high cholesterol, and certain cancers. As a result, there is a growing preference for plant-based diets, which are perceived to be healthier and more nutritious. Plant-based meats are often fortified with vitamins, minerals, and other nutrients to provide a comparable nutritional profile to traditional meats, catering to health-conscious consumers looking for healthier alternatives.
Technological advancements in food science and processing are playing a pivotal role in the plant-based meat market growth. Innovations in protein extraction, fermentation, and texturisation technologies are enabling the production of plant-based meats that closely mimic the taste, texture, and appearance of conventional meat. Companies are investing heavily in research and development to improve product quality and diversify their offerings. This has led to the creation of plant-based versions of a wide range of meat products, including burgers, sausages, nuggets, and even seafood, expanding the market's appeal and reach.
The rise of flexitarianism, a dietary approach that emphasises a primarily plant-based diet while allowing occasional meat consumption, is also contributing to the plant-based meat market expansion. Flexitarians are driven by a combination of health, environmental, and ethical motivations, and they represent a significant and growing consumer segment. This trend is encouraging food manufacturers to develop high-quality plant-based meat products that cater to the diverse needs of flexitarians, as well as vegetarians and vegans.
Sustainability is a critical factor driving the plant-based meat market growth. With the increasing focus on reducing greenhouse gas emissions and conserving natural resources, plant-based meats are gaining traction as a more sustainable alternative to traditional animal agriculture. The production of plant-based meats requires significantly less water, land, and energy compared to conventional meat production. Additionally, it generates fewer greenhouse gas emissions, contributing to efforts to mitigate climate change. This sustainability aspect is resonating with environmentally conscious consumers, further boosting market growth.
Marketing and branding strategies are evolving to highlight the benefits of plant-based meats. Companies in the plant-based meat market are increasingly using transparent and compelling messaging to communicate the health, environmental, and ethical advantages of their products. Social media platforms and influencer partnerships are playing a crucial role in raising awareness and driving consumer engagement. Brands are also focusing on creating appealing packaging and branding that resonates with target audiences, emphasising the natural and sustainable attributes of their products.
The impact of the COVID-19 pandemic on the plant-based meat market value has been multifaceted. On one hand, the pandemic has heightened consumer awareness about health and food safety, leading to increased interest in plant-based foods. Supply chain disruptions in the meat industry and concerns about zoonotic diseases have further accelerated this shift. On the other hand, the economic downturn has affected consumer spending, posing challenges for premium-priced plant-based meat products. However, the long-term outlook remains positive, as the pandemic has reinforced the importance of sustainable and resilient food systems.
Regulatory support and government initiatives are also fostering the plant-based meat market development. Governments in various countries are implementing policies and providing funding to support the development and commercialisation of plant-based proteins. These initiatives are aimed at promoting sustainable agriculture, reducing environmental impact, and enhancing food security. Regulatory frameworks are evolving to ensure the safety and labelling of plant-based meat products, providing clarity and building consumer trust.
The foodservice sector is playing a crucial role in the plant-based meat market expansion. Restaurants, fast-food chains, and catering services are increasingly incorporating plant-based meat options into their menus to cater to the growing demand. High-profile partnerships between plant-based meat companies and major foodservice providers are driving visibility and accessibility. This trend is helping to normalise plant-based meats as mainstream food options, appealing to a broader audience.
Investment and innovation in the plant-based meat market are at an all-time high. Venture capitalists, private equity firms, and food industry giants are investing heavily in plant-based startups and research initiatives. This influx of capital is accelerating product development, scaling production, and expanding market reach. Strategic collaborations and acquisitions are also facilitating the entry of new players and the diversification of product portfolios.
Market Segmentation
The global plant-based meat market can be divided based on source, type, product type, distribution channel, end-use, and region.
Market Breakup by Source
- Soy
- Wheat
- Pea
- Others
Market Breakup by Type
- Pork
- Beef
- Chicken
- Fish
- Others
Market Breakup by Product Type
- Burger Patties
- Sausages
- Strips and Nuggets
- Meatballs
- Tenders and cutlets
- Others
Market Breakup by Distribution Channel
- Online
- Offline
Market Breakup by End-Use
- Households
- HoReCa
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global plant-based meat market. Some of the major players explored in the report by Expert Market Research are as follows:
- Impossible Foods Inc.
- Beyond Meat, Inc.
- Redefine Meat Ltd.
- Maple Leaf Foods Inc.
- Kellogg Company
- Unilever PLC
- VBites Foods Ltd
- Conagra, Inc.
- Sunfed
- Simple Foods Inc.
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Plant-based Meat Market Analysis
8.1 Key Industry Highlights
8.2 Global Plant-based Meat Historical Market (2018-2023)
8.3 Global Plant-based Meat Market Forecast (2024-2032)
8.4 Global Plant-based Meat Market by Source
8.4.1 Soy
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Wheat
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Pea
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Others
8.5 Global Plant-based Meat Market by Type
8.5.1 Pork
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Beef
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Chicken
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Fish
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Others
8.6 Global Plant-based Meat Market by Product Type
8.6.1 Burger Patties
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Sausages
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Strips and Nuggets
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Meatballs
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Tenders and cutlets
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
8.6.6 Others
8.7 Global Plant-based Meat Market by Distribution Channel
8.7.1 Online
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Offline
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.8 Global Plant-based Meat Market by End-Use
8.8.1 Households
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 HoReCa
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.9 Global Plant-based Meat Market by Region
8.9.1 North America
8.9.1.1 Historical Trend (2018-2023)
8.9.1.2 Forecast Trend (2024-2032)
8.9.2 Europe
8.9.2.1 Historical Trend (2018-2023)
8.9.2.2 Forecast Trend (2024-2032)
8.9.3 Asia Pacific
8.9.3.1 Historical Trend (2018-2023)
8.9.3.2 Forecast Trend (2024-2032)
8.9.4 Latin America
8.9.4.1 Historical Trend (2018-2023)
8.9.4.2 Forecast Trend (2024-2032)
8.9.5 Middle East and Africa
8.9.5.1 Historical Trend (2018-2023)
8.9.5.2 Forecast Trend (2024-2032)
9 North America Plant-based Meat Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Plant-based Meat Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Plant-based Meat Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Plant-based Meat Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Plant-based Meat Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter's Five Forces Analysis
14.2.1 Supplier's Power
14.2.2 Buyer's Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Impossible Foods Inc.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Beyond Meat, Inc.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Redefine Meat Ltd.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Maple Leaf Foods Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Kellogg Company
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Unilever PLC
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 VBites Foods Ltd
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Conagra, Inc.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Sunfed
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Simple Foods Inc.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Plant-based Meat Market: Key Industry Highlights, 2018 and 2032
2. Global Plant-based Meat Historical Market: Breakup by Source (USD Billion), 2018-2023
3. Global Plant-based Meat Market Forecast: Breakup by Source (USD Billion), 2024-2032
4. Global Plant-based Meat Historical Market: Breakup by Type (USD Billion), 2018-2023
5. Global Plant-based Meat Market Forecast: Breakup by Type (USD Billion), 2024-2032
6. Global Plant-based Meat Historical Market: Breakup by Product Type (USD Billion), 2018-2023
7. Global Plant-based Meat Market Forecast: Breakup by Product Type (USD Billion), 2024-2032
8. Global Plant-based Meat Historical Market: Breakup by Distribution Channel (USD Billion), 2018-2023
9. Global Plant-based Meat Market Forecast: Breakup by Distribution Channel (USD Billion), 2024-2032
10. Global Plant-based Meat Historical Market: Breakup by End Use (USD Billion), 2018-2023
11. Global Plant-based Meat Market Forecast: Breakup by End Use (USD Billion), 2024-2032
12. Global Plant-based Meat Historical Market: Breakup by Region (USD Billion), 2018-2023
13. Global Plant-based Meat Market Forecast: Breakup by Region (USD Billion), 2024-2032
14. North America Plant-based Meat Historical Market: Breakup by Country (USD Billion), 2018-2023
15. North America Plant-based Meat Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Europe Plant-based Meat Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Europe Plant-based Meat Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Asia Pacific Plant-based Meat Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Asia Pacific Plant-based Meat Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Latin America Plant-based Meat Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Latin America Plant-based Meat Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Middle East and Africa Plant-based Meat Historical Market: Breakup by Country (USD Billion), 2018-2023
23. Middle East and Africa Plant-based Meat Market Forecast: Breakup by Country (USD Billion), 2024-2032
24. North America Historical Price Trends and Forecast 2018-2028
25. Europe Historical Price Trends and Forecast 2018-2028
26. Asia Pacific Historical Price Trends and Forecast 2018-2028
27. Latin America Historical Price Trends and Forecast 2018-2028
28. Middle East and Africa Historical Price Trends and Forecast 2018-2028
29. Global Plant-based Meat Market Structure
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