As per the report published by Kings Research, the global Plant-Based Meat Market was valued at USD 4,380.0 million in 2023. The market is expected to reach USD 15,994.9 million by 2031, growing at a CAGR of 17.85% from 2024 to 2031.
Innovations in plant-based meat technology are revolutionizing the food industry, thereby driving the growth of the plant-based meat market. With advancements in food science and technology, manufacturers are continually improving the taste, texture, and nutritional profile of plant-based meat products to closely mimic the characteristics of traditional meat. These innovations involve the use of novel ingredients, such as pea protein, soy protein, and mycelium, along with advanced processing techniques to create products that cater to consumer preferences for meat alternatives.
Additionally, the development of 3D printing technology and cellular agriculture potential for the evolution of plant-based meats, offers opportunities for customized textures and flavors. These technological advancements enhance the sensory experience of plant-based meats and contribute to their mainstream acceptance and adoption among consumers worldwide.
Key Insights
- Based on the source, the soy segment held the largest market share of 53.98% in 2023
- Based on type, the beef segment is projected to generate the highest revenue of USD 7.81 billion by 2031
- Based on the product format, the grounds segment is estimated to grow at a robust CAGR of 11.90% through the forecast period
- Based on distribution channel, the online retail segment is expected to witness considerable growth, registering a CAGR of 11.34% over the forecast period
- On the basis of region, Europe is anticipated to experience significant growth over the forecast period, depicting a CAGR of 10.80%
Impossible Foods Rebranded Meat Brand Identity in North America
March 2024: Impossible Foods unveiled a new brand identity influenced by the irresistible appeal of meat. This rebranding effort aims to appeal to both meat-eaters and flexitarian consumers, offering superior taste, improved health benefits, and enhanced environmental sustainability.
Surging Adoption of Healthy Lifestyle and Changing Dietary Preferences to Fuel Plant-Based Meat Market Expansion
As individuals become increasingly health-conscious, there is a growing inclination toward adopting healthier lifestyles and making more informed dietary choices. Plant-based meat products align with this trend by offering consumers a healthier alternative to traditional meat products, which are often high in saturated fats and cholesterol.
Moreover, changing dietary preferences, including the rise of flexitarians and veganism, contribute to the increasing demand for plant-based meat options. These dietary shifts reflect consumers' concerns regarding personal health, animal welfare, and environmental sustainability, which is driving them toward plant-based alternatives, thereby fueling the expansion of the market.
Growing Demand for Organic Food Products Drives Plant-Based Meat Market Growth
Consumers are increasingly seeking organic alternatives due to growing concerns regarding pesticides, genetically modified organisms (GMOs), and synthetic additives in conventional food products. Organic plant-based meat products offer a natural and environmentally sustainable option, appealing to health-conscious consumers who prioritize clean eating and sustainable agriculture practices.
Additionally, organic certifications provide consumers with assurance regarding the product's adherence to strict organic standards, thereby stimulating demand. As awareness of the benefits of organic foods continues to rise, the demand for organic plant-based meat products is expected to surge, thereby contributing to the expansion of the market.
Europe to Experience Significant Growth, Exhibiting a 10.80% CAGR Between 2024 and 2031
Based on region, the global plant-based meat market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America. Europe is set to record a staggering CAGR of 10.80% between 2024 and 2031. This growth trajectory is driven by several factors, including increasing consumer awareness regarding health and sustainability, rising adoption of plant-based diets, and favorable government policies promoting environmental conservation and animal welfare. European consumers are increasingly adopting plant-based meat alternatives as they seek healthier and more environmentally friendly food options.
Moreover, the presence of a robust food innovation ecosystem, along with investments in research and development, is supporting the growth of the plant-based meat market in Europe. With a growing emphasis on sustainable living and ethical consumption, Europe is likely to experience significant expansion in the plant-based meat sector in the coming years.
Market Leaders Concentrate on Collaborations and Acquisitions to Sustain Growth
The global plant-based meat market is fragmented with key players such as Beyond Meat Inc., Conagra, Inc., Kellanova, Quorn, Unilever, Maple Leaf Foods, Impossible, Paulig, The Kraft Heinz Company, Sunfed, and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.