Plant-based Meat Market- Global Size & Upcoming Industry Trends (2024- 2032)

Global Plant-based Meat Market Overview

Global Plant-Based Meat Market was valued at USD 20.36 Billion in 2023 and is expected to reach USD 68.33 Billion by the year 2032, Growing at a CAGR of 14.4% From 2024-2032.

Plant-based meat products are made from plants that mimic the taste, texture, smell, and appearance of meat in every possible way. For instance, plant-based beef is manufactured from soy protein and it tastes just like beef. Genetically produced yeast gives soy proteins a taste and texture simulating that of beef. Moreover, Faux meats are said to be rich in calcium and protein and have a lower fat compared to animal proteins. This is significant for people who suffer from high cholesterol or heart disease, as they can face the same taste and texture in a healthier option. However, consuming animal meat frequently may give increase diseases such as type-2 diabetes, obesity, and heart disease. Plant-based ingredients are a source of minerals, vitamins, and antioxidants, which all have health benefits. Furthermore, reveal that plant-based diets can be useful for diabetes, weight management, and the microbiome. It also suggests that they may support different health problems, such as cholesterol, hypertension, and cardiovascular disease, and contain lower levels of saturated fat, and calories as compared to traditional meat.

Furthermore, gaining popularity for veganism among the consumer across the globe are leads to trigger the market over the forecast period. The harmful impact on the environment produced by the meat industry by its practices, coupled with celebrity recommendations and benefits of a vegan diet catching up is leading to this dietary preference. Furthermore, thermoplastic extrusion is the most commonly utilized methodology to manufacture plant-based meat products. It is considered to be a cost-effective method of helpful large-scale productions. In addition, fiber spinning increases the cost of production which eliminates the advantage of producing a cheap plant-based meat product.

Market Dynamics And Factors For The Plant-Based Meat Market

Drivers:

Plant-based meat has been popular since it first started emerging in grocery stores and restaurants. Consumers, investors, influencers, and journalists identical were captivated by-products that looked, browned and "bled" like beef, but were manufactured from plants. The trend has been highly studied. As per the survey from the International Food Information Council revealed in February, 41% of consumers determined to eat plant-based meat owing to they opted to try new foods. In addition, as per another research study by IFIC that concentrated on comparing plant-based and animal meat, 45% of consumers thought a plant-based product was stronger than ground beef based on the Nutrition Facts label. In the annual IFIC Food and Health Survey revealed in June, 43% said that a product with a description of "plant-based" would probably be the healthiest one out of several options. Thus, it leads to the growth of the market over the forecast period.

Faux meats are said to be rich in calcium and protein and have the least fat as compared to animal proteins. In addition, this is an advantage for people who suffer from high cholesterol or heart disease, type-2 diabetes, and certain cancers owing to excessive consumption of animal-based meat therefore they can experience the same taste and texture in a healthier option. Furthermore, the utilization of plant-based meat does not give rise to such diseases. Moreover, they help in building better immunity. The nutritional benefits of plant-based meats and their safety compared with conventional meat are also some of the major factors that have been contributing to reaching the attention of consumers has resulted in the growth of the market over the forecast period.

Restraints:

High manufacturing and material cost than normal meat, plant-based meat is a highly uneconomical option in countries such as India. Furthermore, there is a consciousness in the market about the taste and smell of plant-based meat substitutes caused by compounds such as aldehydes, furans, ketones, and alcohol. Nevertheless, high nutritional value has led to significant demand for the product, leading to further research and development into the density of flesh, wheat gluten, and soy protein. The barriers to entry are high, as manufacturing this kind of an enlightened product requires lots of fixed capital costs and also huge research and development costs, but the most important factor will be the way this product is marketed to consumers, who already have other options in vegetarian food. Therefore, which is expected to restrain the growth of the market over the forecast period.

Opportunities:

Shifting Perceptions

An encouraging development is a slow but sure change in public perception towards both meat and plant-based meat. Over time, more people are seeing the significance of plant-based meat over animal meat. For instance, shifting to plant-based meat, produced in a hygienic and inhumanity-free environment, can support prevent animal-farming-related problems such as disease outbreaks. Securing public safety and sustainability, utilizing plant-based meat products can support saving the lives of helpless farm animals and overcome GHG emissions. Both of these facts are not completely lost on the public. With the taste, texture, and attraction towards meat already chiseled into the non-vegetarian population plant-based meat key players will have to work towards bringing that similar experience to their products are expected to create a place in the market during the upcoming years.

Market Segmentation

Segmentation Analysis of Plant-Based Meat Market:

Based on the Source, the soy protein segment is anticipated to dominate the Plant-based meat market during the forecast period. The growth of the segment is attributed to the ability of soy-based products to absorb rich flavors from other food and it is called a complete source of protein. Other plant proteins don't have the complete nutritional value that soy does. Eating soy protein isolate rather than animal proteins can help boost overall heart health. Soy protein isolate supplements are meant to make feel full. In addition, soy foods are rich in vitamins and minerals including zinc, B vitamins, and iron. Some supplements have calcium and vitamin D in them, too. There are also enough antioxidants in soy. Owing to this soy protein has to gain popularity among individuals which helps to boost the Plant-based meat market over the forecast period.

Based on the Product Type, the Plant-based meat market is segmented into ground meat, Burger Patties, Sausages, Strips and Nuggets, Meatballs, Others. The burger patties segment dominated the Plant-based meat market, and the same trend is anticipated to follow during the forecast period owing to faster production, taste, convenience, and massive supply. Burger patties are gaining popularity in the shelf space of retail outlets.

Based on the Type, the Plant-based meat market is segmented into Chicken, Beef, Fish, Pork, Tofu, Tempeh, Quorn, Mushroom, Seitan, RTC/RTE, Natto, Others. In which, the beef segment is expected to account for the maximum market share. Plant-based beef is manufactured from soy protein and it tastes just like beef. Genetically produced yeast gives soy proteins a taste and texture simulating that of beef which leads to gaining popularity among the consumers and helps to growth of the segment.

Based on the Distribution Channel, the offline segment is anticipated to dominate the Plant-based meat market, owing to the specialty stores that can serve the customized and specific requirements of consumers. In addition, wider reach, greater shelf life, attractive discounts, easy availability, and massive strategies are the factor responsible to augment the offline segment as compared to the online segment which helps to boost the Plant-based meat market over the forecast period.

Based on Storage Technique, the Plant-based meat market is segmented into refrigerated, frozen, and shelf-stable. The frozen segment recorded the highest revenue. Frozen burgers, sausages, patties, nuggets, pizza, crumbles, strips, and other such products have gained popularity, due to their longer shelf life.

Regional Analysis of Plant-Based Meat Market:

North America currently holds the biggest slice of the pie when it comes to the global plant-based meat market. Consumers in North America are becoming increasingly aware of the potential health risks associated with consuming animal products, particularly concerns about contamination. This is driving a shift towards plant-based alternatives.

The "flexitarian" trend is gaining traction. These are people who primarily eat a plant-based diet but occasionally incorporate meat. This creates a larger consumer base for plant-based meat products. Veganism is on the rise in North America, with more people adopting this lifestyle for health, ethical, and environmental reasons. This translates to a steady demand for plant-based meat substitutes.

There's a surge in investment in the North American plant-based meat sector. This fuels research and development, allowing companies to create even more appealing products that can compete with traditional meat options. Major retailers in North America are dedicating more shelf space to plant-based meat products, recognizing the growing consumer demand. This increased visibility translates to more sales.

Players Covered in Plant-based Meat Market are:

• Alpha Foods (US)
• Beyond Meat (US)
• Impossible Foods Inc. (US)
• Hooray Foods (US)
• Maple Leaf Foods (Canada)
• The Vegetarian Butcher (Netherlands)
• Before the Butcher (US)
• Gardein Protein International (Canada)
• Yves Veggie Cuisine (Canada)
• Morningstar Farms (US)
• Quorn Foods (US)
• Amy's Kitchen (US)
• No Evil Foods (US)
• Tofurky (US)
• Gold&Green Foods Ltd. (Finland)
• VBites Food Limited (UK)
• Sunfed (New Zealand)
• Planterra Foods (US)
• Like Meat (Germany)
• The Meatless Farm Co. (England) and Other major players.

Key Industry Developments In Plant-Based Meat Market

• In march 2024, The Kraft Heinz Not Company LLC introduced NotHotDogs and NotSausages, their first plant-based offerings in collaboration with TheNotCompany, Inc. These innovative products aim to provide the same savory and smoky experience as traditional meats, catering to both brand loyalists and plant-based consumers. It marks a significant step towards creating delicious plant-based options for all.
• In February 2024, Beyond Meat, Inc. introduces its fourth-generation beef platform, Beyond IV, unveiling the new Beyond Burger® and Beyond Beef® exclusively for retail. The platform boasts advancements in taste, health, and clean labeling, featuring avocado oil to reduce saturated fat by 60%, lowered sodium by 20%, and added nutrient-dense plant-based ingredients like red lentil and faba bean protein. This marks a significant step in offering plant-based meat products that prioritize taste, nutrition, and environmental sustainability.