According to the report by Expert Market Research (EMR), the global plant-based meat market size reached a value of USD 8.54 billion in 2023. Aided by the increasing demand for sustainable, cruelty-free protein alternatives and the growing adoption of plant-based diets worldwide, the market is projected to further grow at a CAGR of 19.8% between 2024 and 2032 to reach a value of USD 43.42 billion by 2032.
Plant-based meat, also known as meat analogues or meat substitutes, refers to food products that mimic the taste, texture, and nutritional profile of traditional meat, without the use of animal-derived ingredients. These innovative products are typically formulated from plant proteins such as soy, pea, wheat, or mycoprotein, along with a blend of seasonings, flavours, and natural additives to replicate the sensory experience of meat consumption.
As per the plant-based meat market analysis, with increasing awareness of the health risks associated with excessive meat consumption, consumers are turning to plant-based alternatives as part of a balanced diet. Plant-based meat offers comparable protein content with lower levels of saturated fat, cholesterol, and carcinogens, making it a healthier choice for individuals seeking to improve their overall well-being and reduce the risk of chronic diseases such as heart disease and diabetes.
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As per the plant-based meat market outlook, the environmental impact of conventional meat production, including deforestation, water scarcity, and greenhouse gas emissions, has spurred interest in plant-based alternatives as a more sustainable food option. By reducing reliance on animal agriculture and minimising the ecological footprint of food production, plant-based meat contributes to environmental conservation efforts and promotes a more sustainable food system in line with global climate goals.
Concerns about animal welfare and the ethical treatment of animals in industrial farming practices have led many consumers to seek cruelty-free alternatives to conventional meat, which fuels the plant-based meat market growth. Plant-based meat offers a compassionate choice for individuals who wish to align their dietary preferences with their values, without compromising on taste, texture, or nutritional value.
Advances in food science, biotechnology, and culinary innovation have led to significant improvements in the sensory attributes and palatability of plant-based meat products. From realistic meat textures and flavours to enhanced nutritional profiles and cooking versatility, these technological innovations enhance the appeal and marketability of plant-based meat, attracting a broader audience of consumers seeking satisfying and enjoyable dining experiences, and propelling the plant-based meat market expansion.
In the food service and hospitality sector, plant-based meat finds widespread acceptance in restaurants, cafes, and catering establishments, catering to the growing demand for vegetarian, vegan, and flexitarian menu options. From plant-based burgers and sausages to meatless meatballs and chicken nuggets, these versatile products offer chefs and culinary professionals creative opportunities to craft delicious and nutritious plant-based dishes that appeal to a broad spectrum of diners, which can also contribute to the plant-based meat market share.
In retail and grocery channels, plant-based meat products occupy prominent shelf space alongside conventional meat offerings, reflecting the increasing consumer demand for meat alternatives. With a diverse array of options ranging from frozen patties and refrigerated deli slices to shelf-stable jerky and snack bars, plant-based meat brands capitalize on convenience, accessibility, and nutritional transparency to attract health-conscious consumers seeking plant-powered protein solutions.
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Within the food manufacturing and ingredient supplier ecosystem, plant-based meat represents a burgeoning market opportunity for manufacturers and suppliers of plant proteins, texturising agents, flavours, and functional additives. By partnering with food producers and innovators, ingredient suppliers play a vital role in enabling product innovation, quality assurance, and supply chain transparency, driving the continued expansion of the plant-based meat market.
Market Segmentation
The market can be divided based on source, type, product type, distribution channel, end-use, and region.
Market Breakup by Source
- Soy
- Wheat
- Pea
- Others
Market Breakup by Type
- Pork
- Beef
- Chicken
- Fish
- Others
Market Breakup by Product Type
- Burger Patties
- Sausages
- Strips and Nuggets
- Meatballs
- Tenders and cutlets
- Others
Market Breakup by Distribution Channel
- Online
- Offline
Market Breakup by End-Use
- Households
- HoReCa
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global plant-based meat market. Some of the major players explored in the report by Expert Market Research are as follows:
- Impossible Foods Inc.
- Beyond Meat, Inc.
- Redefine Meat Ltd.
- Maple Leaf Foods Inc.
- Kellogg Company
- Unilever PLC
- VBites Foods Ltd
- Conagra, Inc.
- Sunfed
- Simple Foods Inc.
- Others
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