Plant Based Meat Market Size, Share, Growth, and Industry Analysis, By Type (Soy-based Meat Alternatives, Mycoprotein Meat Alternatives, Wheat-based Meat Alternatives and Others), By Downstream Industry (Vegetarian and Non-vegetarian), and Regional Forecast to 2032

Updated On: 11 November 2024

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PLANT BASED MEAT MARKET OVERVIEW

The Plant Based Meat Market Size was US$ 12907.04 Mn in 2023 and is projected to touch US$ 42863.24 Mn By 2032, Exhibiting a CAGR of 12.75% During the Forecast Period.

Plant-based meat is a market that deals with products that simulate the true meat in every aspect through plant-derived protein sources such as soy, peas, wheat, among others. The foods are meant to share the flavour, feel, and look of normal animal protein to meet the needs of vegetarians, vegans, and flexitarians. This sector has expanded over time because of increased concern of people on environmental conservation, nutrition, and animal welfare. Plant-based meats have become more affordable, mainly with the contribution of food giant firms, and start-ups releasing new products such as burgers, sausages, and chicken analogs. With growing concern toward what one is consuming, especially from the vegan side, this market is likely to continue growing.

GLOBAL CRISES IMPACTING PLANT BASED MEAT MARKET - RUSSIA-UKRAINE WAR IMPACT

"Plant Based Meat Market Had a Negative Effect Due To Russia’s Significant Role as a Major Producer during the Russia-Ukraine War"

The Russia Ukraine conflict has affected global supply chains which have resulted to increased costs and scarcity of inputs in making plant-based meat products including wheat, sunflower oil among others. An initial sufferer clearly is Ukraine, a large exporter of grains and oils, where agricultural exports have been substantially affected by the conflict. This has led to cost fluctuations to manufacturers and producer’s uncertainty by varying wholesale prices of the ingredients used in plant-based meat production. Also, this war has brought energy and logistic issues to car manufacturing and transportation making their production and cost of transportation expensive. The overall outcome has been erosion of margins and possibilities of a rise in price of plant-based meat products in international markets.

LATEST TREND

"More Investment in Cellular Agriculture for Development of Plant-Based Meat to Drive Market Growth"

One latest trend in the Plant Based Meat Market is becoming increasingly popular in plant-based meat as it involves using plant-based and cellular methods to produce lab-grown meat. There are efforts to adapt strategies necessary to mimic muscle and fat characteristics and tastes while incorporating plant derived and cultured cells to improve product’s nutritional values. To overcome these challenges such as taste and texture this innovation is set to improve the sensory aspect and nutritional value of the plant-based meats. According to Tal, Huber man and Zilberfeld, venture capital and various collaborations begun between food technology start-ups and traditional meat manufacturing companies are rapidly advancing this technological solution, which may bring a change in the market and offer wider choices to the consumers in the future.

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PLANT BASED MEAT MARKET SEGMENTATION

BY TYPE

Based on Type, the global market can be categorized into Soy-based Meat Alternatives, Mycoprotein Meat Alternatives, Wheat-based Meat Alternatives and Others.

• Soy-based Meat Alternatives: These products are got from soy beans and they duplicate the texture of meat by incorporating soy protein. They are well known because of the high proportion of protein as well as its similarity of the texture of meat.

• Mycoprotein Meat Alternatives: Extracted from fungi especially Fusarium species, mycoprotein mimics meat by its fibrous structure, is highly cellular and is rich in protein and fibber.

• Wheat-based Meat Alternatives: Often referred to as seitan, these substitute items are made by making a dough out of wheat gluten then kneading and washing it until all of the starch is removed – they are popular particularly because of their high protein and low fat content that imitates meat.

• Others: This can also refer to proteins from pea protein, lentil protein, chickpea protein or other plant based proteins that bring about a variety of textural and taste perspectives.

BY APPLICATION

Based on Industry Analysis, the global market can be categorized into Vegetarian and Non-vegetarian.

• Vegetarian: The product perfectly replicates the meat’s flavour profile and texture profile while having no animal inputs. Such products are ideal for vegetarians and those people who want to consume vegan foods for health or even environmental concerns.

• Non-vegetarian: plant-based meat is targeted to the meat consumer as a better choice for them. While the structure of the products does not assume the actual use of meat from animals, they are intended to mimic the traditional real-animal Meat products.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.

DRIVING FACTORS

"Growing Environmental Concerns to Boost the Market"

A factor in the Plant Based Meat Market growth is the concern of processing traditional meat production’s negative effect on the environment. The livestock farming plays roles in greenhouse gas emission, deforestation, water use and drainage, and loss of bio-diversity. Plant based foods are gaining more popularity due to the population’s awareness of climate change and willingness to have a positive impact on the environment. Regulatory authorities and non-governmental organizations involved in environmental conservation also advocate for the adoption of plant-based diets through policies and advocacy campaigns thus boosting the consumption of ecological meat substitutes.

"Health Considerations to Expand the Market"

In the recent past, there has been a lot of concern over the dangers of consuming a lot of red and processed meats which include heart diseases, cancer and obesity, among others; this has led to the search for plant based products. These are advertised to be healthy containing less cholesterol, saturated fats and advertised as free from antibiotics and hormones. Another driver of the plant-based meat industry has been the growth of flexitarians diets where consumers cut down on their meat consumption but do not eliminate it completely from their diets due partly to health benefits that are associated with plant-based products while at the same time enjoying the taste of the traditional meat products.

RESTRAINING FACTOR

"High production costs leading to high prices and unaffordability Impede Market Growth"

A restraining factor in the Plant Based Meat Market is high cost of manufacturing the plant-based meats, which is a major pullback to the market place. Sophisticated processing techniques, research, and smart proteins such as pea protein or soy isolates are used in order to achieve the similar texture, taste, and similar nutritional value to typical meat originating from animals, which leads to higher costs compared to a regular animal-based meat. These costs variations could hamper the market growth prospects especially because value-conscious clients will be locked out. This is the reason why a lack of affordability for a long time will be an issue even when production processes are not efficient enough to achieve economies of scale common in developing markets.

OPPORTUNITY

"Expanding Consumer Base through Flexitarian Diets to Create Opportunity for the Product in the Market"

One key opportunity in the plant-based meat market is the growing popularity of flexitarians diets—where consumers aim to reduce, rather than eliminate, their meat intake. This trend allows plant-based meat companies to target not only vegetarians and vegans but also health-conscious meat-eaters seeking to diversify their protein sources. By creating products that closely mimic traditional meat in taste and texture, brands can attract a broader audience. This opportunity can lead to increased market penetration, especially as more consumers become environmentally and health-aware but still enjoy meat occasionally.

CHALLENGE

"Understanding the Consumer Perceptions and their Taste Preferences Could Be a Potential Challenge"

Some important issue, which has to be solved in plant-based meat sector, is the shift of consumers’ attitude and their taste preferences. Lots of consumers, especially the so-called flexitarians population who have a conventional inclination toward meat consumption, have some level of scepticism towards plant-based meat products because of the issues of taste, texture, and, indeed, realism. The problem that remains for companies is what has always remained a challenge and that is getting the market to accept these products currently; there are constant innovations that replicate the sensations of a real piece of meat. The key issue that is important for mass-market acceptance of plant-based meat is to persuade consumers that the food can offer the same kind of satisfaction such as animal-based meat, and taste good at the same time.

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PLANT BASED MEAT MARKET REGIONAL INSIGHTS

• NORTH AMERICA (U.S. COMPULSORY)

North America has the dominated Plant Based Meat Market share, thanks to continuous emergence of consumer consciousness on environmental and health issues. The U. S. Plant Based Meat Market has been the most affected by this growth through innovative firms such Beyond Meat and Impossible Foods. There has also been a growing popularity of plant-based products among the major food chains and retailers hence increasing the market availability. Eco-tourism awareness in the region and increasing trend for healthy products create the momentum of growth. North America has maintained a good and enabling environment in the research and development of these plant-based meats and has been favourable for investments.

• EUROPE

The European region interests itself with the plant-based meat market due to an existing robust political support in environmental conservation initiative. The European Union’s Green Deal that targets to reduce the Green House gas emissions in food consumption matches the consumers’ increasing demand for the environmental friendly food products. These changes have popularised the so called flexitarians diets whereby consumers reduce their meat consumption but do not exclude it altogether, thus driving the market forward. Also, nations in Europe including Germany, the UK and the Netherlands have experienced a quickly developing market as more and more people adopt veganism and vegetarianism. The above demand is being met in the market through retailers and food chains that now incorporate plant-based meat products in their menu.

• ASIA

Market for plant-based meat is growing in Asia with factors such as increasing concern for health, food insecurity and sustainable food supply influencing people’s choice in Asia. While the choice of plant-based diets is relatively recent, where people have embarked on getting involved in diets consisting of foods originating from plants, there has been for a long time now that people in countries like China, Japan, and India have been taking plant-based diets. Other than that, factors such as the large and growing population of Asia, urbanization, and emergence of middle class are pushing the PFA market. Furthermore, there is the question of food supply chain and more often during the pandemic and other crises; people have been forced to look for the sustainable sources of foods. Large companies are also following plant-based R&D and diversifying its product offering to fit the Asian palate.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Key enterprise gamers inside the outdoors projectors market consist Beyond Meat and Impossible Foods that are in the forefront presenting unique plant-based meat products. Other players that have joined the market include Nestlé and Unilever with products such as Garden Gourmet and The Vegetarian Butcher among others the expanding the market to the international markets. Other major market competitors include Maple Leaf Foods with its Greenleaf Foods subsidiary, Tyson Foods Company as well as the Kellogg Company through its MorningStar Farms. At the same time, innovative SMEs, including Heura Foods and Oumph! Endeavour to establish them on that market. Are becoming popular, while such giant retailers and the fast-food giants have joint hands with such companies to deliver plant based products.

LIST OF TOP PLANT BASED MEAT COMPANIES

• Nutrisoy (Singapore)
• Sweet Earth (U.S.)
• Impossible Foods (U.S.)
• Amy's Kitchen (U.S.)

KEY INDUSTRY DEVELOPMENT

In March 2024: The beyond Meat firm that has been producing plant based meats unveiled its Beyond Steak in March 2024 thus expanding its portfolio in plant based meats. Steak is another new addition in Beyond Meat’s products, which was created to look and feel like real meat. The launch emphasizes the company’s constant development of better products to mimic meat and capture a rapidly expanding market for better meat substitutes mainly for the consumer looking to eat plant-based meats but specifically for premium meat cuts.

REPORT COVERAGE

In general, one can state that the market for plant-based meats is rapidly growing due to the augmentation of consumers’ attention to their health, environmental impact, and moral values. Some of the key areas that constitute this growth are the North America which has commanded the innovation and market and penetration, Europe which is now incorporating sustainability polices, and the Asia area that is swiftly growing because of the awakening health and culture concerns. Some big players in the industry such as Beyond Meat, Impossible Foods and Nestlé are leading the race in innovation through new offerings and partnerships. Nonetheless, problems like the following: consumer perception, taste, etc, are still enormous problems that are hard to overcome. More commitment in settings R&D effort as well as better market communication strategies will pay significant roles in the removal of these barriers. All in all, it is possible to state that the market has a highly potential to grow significantly, which corresponds to the general trend of people’s changing preferences toward the eco-friendly and effectively healthy eating patterns.