Plant-Based Meat Market Size to grow by USD 27293.8 million between 2024-2028
According to a research report “ Plant-Based Meat Market” by Foodservice System (Frozen, Refrigerated, Shelf-stable) Type (Plant based beef, Plant based chicken, Plant based pork, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 27293.8 million, at a CAGR of 36.92% during the forecast period. The plant-based meat market is experiencing a surge in demand due to consumers' heightened health awareness and environmental concerns. Animal meat production contributes substantially to greenhouse gas emissions, with each gram of beef production resulting in 221 grams of carbon dioxide emissions. To capitalize on this trend and expand their market presence, vendors are introducing new plant-based meat products. Notable new product launches in the global market include The Kraft Heinz Co.'s joint venture, which debuted on March 6, 2024. Successfully executing new product launches not only increases revenue streams but also strengthens a company's market position in the rapidly growing plant-based meat sector..
Browse market data tables, figures, and in-depth TOC on “Plant-Based Meat Market” by Foodservice System (Frozen, Refrigerated, Shelf-stable) Type (Plant based beef, Plant based chicken, Plant based pork, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Foodservice System, the Frozen segment is projected to dominate the market size in 2024
The Plant-Based Meat market represents a significant growth opportunity for businesses, with increasing consumer awareness and preference for sustainable, ethical food sources. This sector is experiencing robust expansion due to advancements in technology enabling the production of realistic plant-based alternatives to traditional animal-derived meat. Companies are investing heavily to meet surging demand and capitalize on this burgeoning trend.
By Type, Plant based beef segment is expected to hold the largest market size for the year 2024
The Plant-Based Meat Market represents a significant business opportunity, with growing consumer demand for sustainable and ethical food alternatives. Companies are investing heavily in research and development to produce realistic plant-based meat substitutes, leveraging advanced technologies such as textured vegetable protein, soy, and pea proteins. The market is projected to expand at a robust CAGR, driven by increasing health consciousness, animal welfare concerns, and environmental sustainability.
North America is forecasted to hold the largest market size by region in 2024
The Plant-Based Meat market represents a significant growth opportunity for businesses, as consumer preferences shift towards more sustainable and ethical food sources. This sector is experiencing robust expansion, driven by advancements in technology enabling the production of realistic plant-based meat alternatives. Companies are investing heavily in research and development to meet the increasing demand for these products, which offer the taste, texture, and nutritional benefits of traditional meat, without the environmental impact.
The Plant-Based Meat Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The plant-based meat market is experiencing significant growth as consumer interest in plant-based diets, including vegetarian and vegan lifestyles, continues to rise. This market includes refrigerated plant-based alternatives to animal-based foods such as beef, pork, chicken, and seafood. These products are made from a variety of plant-based sources, including oats, rice, corn, soy, chickpeas, and wheat. To create textures, viscosity, emulsification, solubility, and water absorption similar to animal-based meats, these plant-based products often undergo various processing techniques. For instance, plant-based beef may use soy or pea protein, while plant-based chicken might use textured wheat. Antioxidants are also added to maintain color and prevent oxidation. The human body requires amino acids, which are typically obtained from animal-based foods. However, many plant-based sources, such as soy, quinoa, and lentils, also provide all essential amino acids. The plant-based meat market offers consumers a more sustainable and ethical alternative to animal-based foods, appealing to those who follow plant-based diets for ethical, environmental, or health reasons. Companies like Impossible Foods and Beyond Meat have gained popularity for their plant-based meat alternatives that closely mimic the taste and texture of animal-based meats. Plant-based meat alternatives are not only beneficial for individuals but also contribute to a more sustainable food supply chain by reducing the demand for animal agriculture.
Market Research Overview
The Plant-Based Meat Market is experiencing significant growth as retail chains and restaurants increasingly partner with startups to offer meatless meat products. Consumers, driven by concerns for animal welfare, environmental sustainability, and health benefits, are showing strong interest in these alternatives to traditional animal-derived meats. Sales channels are expanding beyond supermarkets to include foodservice channels, with casual dining venues, fast food chains, hotels, and even online retailing channels adopting plant-based options. These products come in various forms, from vegan burgers and sausages to plant-based versions of veal, lobster, and other meats. Manufacturers are focusing on portfolio diversification, creating a wide range of meatless meat products, including strips, nuggets, burger patties, and even plant-based versions of vegan bacon. These products are designed to mimic the taste, texture, and aroma of their animal-derived counterparts, with some even containing heme iron for a more authentic "bloody" look and sizzle. Regulations and safety concerns are being addressed, with companies ensuring their products meet the same safety standards as animal-derived meats. Plant-based meat is made from a variety of sources, including pea-based meat, soy-based meat, and even oats, rice, corn, and chickpeas. These sources offer nutritious profiles, with high protein content, fiber, iron, and vitamin C. However, concerns around fat, cholesterol, and the use of ingredients like nitrites, GMOs, hormones, and nitrates remain. Companies are addressing these concerns by developing plant-based alternatives that are free from these ingredients, offering consumers a more health-conscious and ethical option. The plant-based meat market is expected to continue growing, with the demand for plant-based alternatives to animal-derived meats increasing due to consumer interest in plant-based diets, animal rights, and food sustainability. The market is also expected to face challenges such as trade restrictions, refrigerated plant-based meat storage, and carbon footprint concerns. Despite these challenges, the future of plant-based meat looks promising, with companies continuing to innovate and develop new products to meet the evolving needs and preferences of consumers.
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Technavio Research
Jesse Maida
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Email: media@technavio.com
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