Plant-based Meat Market size is projected to reach USD 24.8 billion by 2030

 Plant-based Meat Industry Overview

The global plant-based meat market size was valued at USD 5.06 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 19.3% from 2022 to 2030.

Growing consumer interest in plant-based diets, coupled with the rising consciousness for animal rights through various welfare organizations is expected to drive the market.  Plant-based meat is becoming an integral part of a vegan diet, wherein the individuals adopt a vegetarian lifestyle that is devoid of animal-based foods. Consumers are inclining towards veganism for health and ethical reasons, while the other consumers are opting for vegetarian ingredients to avoid animal cruelty and to consume sustainable food and beverage products.

 

Gather more insights about the market drivers, restrains and growth of the Global Plant-based Meat Market

 

Furthermore, soy as a raw material consists of all the standard (nine) amino acids, which are essential for the growth of the human body. Its ability to enhance the water absorption, solubility, emulsification, viscosity, anti-oxidation, and texture of the final product is likely to drive the demand for soy in plant-based meat products over the upcoming years. Diverse plant-based meat types continue to grow in popularity, which diversifies and expands the category. Moreover, the demand for plant-based chicken, pork, and seafood is on the rise in addition to plant-based beef. The exponential growth of refrigerated plant-based meat is likely to continue over the forecast period. It reflects a shift in both product innovation and merchandising strategies across the plant-based industry.

 

During the COVID-19 pandemic, the food system experienced significant shifts, including interruptions to supplies of key inputs, limited access to production spaces, and disruption to the distribution of products. Despite these constraints, plant-based companies adapted and continued to launch new products and grow sales. Trade restrictions across the globe in response to COVID-19 led to disruptions in the food supply chain. Foodservice channel distribution was significantly impaired, and pantry stocking and panic buying led to a sharp increase in retail sales over the prior year. Many plant-based meat categories experienced exponential growth during the initial pantry-stocking period.

 

The COVID-19 pandemic, which led to the imposition of lockdowns, has encouraged consumers to order goods online. This, in turn, is projected to encourage the distributors to move towards online retailing channels. The U.S. has witnessed increasing demand for plant-based meat over the past few years owing to the growing awareness among consumers about the health benefits of veganism. The demand for vegetarian foods that are high in fiber, vitamin C, and iron, and contain low processed saturated fats is on the rise in the U.S. In addition, the round-the-clock efforts of manufacturers to create a product with a longer shelf life, better texture & aroma, and better nutritious profiles, are estimated to spur the market growth in the U.S.

 

Browse through Grand View Research's Processed & Frozen Foods Industry Research Reports

• Dairy Alternatives Market: The global dairy alternatives market size was valued at USD 23.2 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 12.5% from 2022 to 2030. 
• Mushroom Market: The global mushroom market size was valued at USD 50.3 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.7% from 2022 to 2030

 

Plant-based Meat Market Segmentation

Grand View Research has segmented the global plant-based meat market on the basis of source, product, type, end-user, storage, and region:

Plant-based Meat Source Outlook (Revenue, USD Million, 2017 - 2030)

• Soy
• Pea
• Wheat
• Others

Plant-based Meat Product Outlook (Revenue, USD Million, 2017 - 2030)

• Burgers
• Sausages
• Patties
• Nuggets, Tenders & Cutlets
• Grounds
• Others

Plant-based Meat Type Outlook (Revenue, USD Million, 2017 - 2030)

• Chicken
• Pork
• Beef
• Fish
• Others

Plant-based Meat End-user Outlook (Revenue, USD Million, 2017 - 2030)

• Retail
• HORECA

Plant-based Meat Storage Outlook (Revenue, USD Million, 2017 - 2030)

• Refrigerated Plant-based Meat
• Frozen Plant-based Meat
• Shelf-stable Plant-based Meat

Plant-based Meat Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa

 

Market Share Insights

• June 2020: Beyond Meat announced the expansion of its production capacity in Europe by acquiring a new production unit in Enschede, the Netherlands, and by opening a new co-manufacturing facility with Zandbergen World’s Finest Meat in Zoeterwoude, the Netherlands.
• April 2019: Amy’s Kitchen Inc., a US-based vegetarian and vegan foods manufacturer announced the opening of a third plant-based and vegan-friendly “Amy’s Drive-Thru” restaurant in Walnut Creek, California.

 

Key Companies Profile

Some of the prominent players in the plant-based meat market include:

• Beyond Meat
• Impossible Foods Inc.
• Maple Leaf Foods (Field Roast & Maple Leaf)
• Vegetarian Butcher
• Conagra, Inc. (Gardein Protein International)
• Kellogg NA Co. (MorningStar Farms)
• Quorn
• Amy's Kitchen, Inc.
• Tofurky
• Gold&Green Foods Ltd.
• Sunfed
• VBites Foods Limited
• Kraft Foods, Inc.
• Lightlife Foods, Inc
• Trader Joe's

 

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