Plant-Based Meat - Global Strategic Business Report

The global market for Plant-based Meat was estimated at US$7.0 Billion in 2023 and is projected to reach US$23.7 Billion by 2030, growing at a CAGR of 19.1% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

Global Plant-Based Meat Market - Key Trends & Drivers Summarized

What Is Plant-Based Meat and Why Is It Gaining Popularity?

Plant-based meat refers to food products that mimic the taste, texture, and nutritional profile of traditional animal-based meat but are made entirely from plant-derived ingredients. Typically, these products are formulated using a combination of proteins from soy, peas, wheat, or other plants, along with fats, flavorings, and other additives to replicate the sensory experience of eating meat. Over the past decade, plant-based meat has gained immense popularity as consumers seek healthier, more sustainable, and ethical alternatives to conventional meat. The growing awareness of the environmental impacts of animal agriculture, such as greenhouse gas emissions, deforestation, and water usage, has fueled interest in plant-based alternatives. In addition, concerns about animal welfare, as well as the desire to reduce the risk of diseases linked to meat consumption, have driven many consumers toward plant-based diets. Major food companies and startups alike are investing in research and development to improve the quality and availability of plant-based meat products, aiming to appeal to both vegetarians and meat-eaters looking for a more sustainable and healthy option. The market’s rapid growth is reflective of shifting consumer preferences toward more plant-based foods that contribute to a more sustainable global food system.

How Are Technological Innovations Transforming the Plant-Based Meat Industry?

Technological advancements are revolutionizing the plant-based meat industry, enabling the production of more sophisticated and convincing meat alternatives that closely mimic the taste, texture, and appearance of real meat. One of the key technologies driving this innovation is extrusion, a process that applies heat and pressure to plant proteins, transforming them into a fibrous structure that resembles the muscle fibers in animal meat. Advances in extrusion technology have significantly improved the texture of plant-based meats, making products such as burgers, sausages, and nuggets nearly indistinguishable from their animal-based counterparts.

Another critical area of innovation is flavor development. By using flavor science, companies are able to replicate the savory, umami taste of meat using natural plant-based ingredients. This is achieved through the development of proprietary blends of plant proteins, oils, and flavorings that mimic the taste of various meat products, such as beef, chicken, or pork. Additionally, research into heme proteins - naturally found in both plants and animals - has led to breakthroughs in recreating the unique 'meaty' flavor and color that consumers expect from traditional meat. For example, Impossible Foods, a major player in the plant-based meat industry, uses soy leghemoglobin to give its products a bleeding, meat-like quality.

The use of artificial intelligence (AI) and machine learning is also transforming the industry by accelerating product development. AI algorithms can analyze consumer preferences, ingredient interactions, and cooking processes to optimize plant-based meat formulations. Additionally, innovations in 3D printing are enabling the production of plant-based meats with complex structures, such as marbling in steaks or the fibrous texture of chicken breasts, further enhancing the realism of these products. These technological innovations are pushing the boundaries of what plant-based meats can achieve, driving consumer adoption and expanding the market.

What Challenges Are Accelerating the Demand for Plant-Based Meat?

The demand for plant-based meat is being driven by several global challenges that are reshaping the food industry. One of the primary challenges is the environmental impact of traditional animal agriculture, which is responsible for significant greenhouse gas emissions, deforestation, and water consumption. Livestock farming is a major contributor to climate change, accounting for about 14.5% of global greenhouse gas emissions. As concerns about climate change intensify, there is increasing pressure on the food industry to reduce its environmental footprint. Plant-based meat offers a more sustainable alternative, using significantly less water, land, and energy compared to conventional meat production, while generating fewer emissions. As a result, consumers and businesses are turning to plant-based meat as a way to mitigate environmental harm.

Another challenge driving demand is the growing concern over public health issues related to meat consumption. Traditional meat has been linked to health risks such as heart disease, cancer, and antibiotic resistance. Plant-based meats, which are often lower in saturated fat and cholesterol, are seen as a healthier alternative for individuals looking to reduce their meat intake without sacrificing the familiar taste and texture of meat. Furthermore, the COVID-19 pandemic highlighted vulnerabilities in global meat supply chains and raised concerns about zoonotic diseases, leading to increased interest in plant-based foods that are perceived as safer and less prone to supply disruptions.

Ethical concerns surrounding animal welfare are also influencing consumer behavior. Many consumers are opting for plant-based alternatives due to concerns about the treatment of animals in industrial farming systems. This shift is particularly pronounced among younger generations, who are more likely to adopt vegetarian, vegan, or flexitarian diets. The combination of environmental, health, and ethical challenges is accelerating the shift toward plant-based meat, as consumers look for alternatives that align with their values and lifestyles.

What Factors Are Driving the Growth in the Plant-Based Meat Market?

The growth in the plant-based meat market is driven by several key factors that reflect changing consumer preferences, industry innovation, and market dynamics. One of the most significant drivers is the rising global demand for plant-based diets, as more consumers seek healthier, more sustainable, and ethical food options. Flexitarianism - a diet that encourages eating less meat without fully eliminating it - is gaining popularity, particularly in North America and Europe, as consumers look for ways to reduce their meat consumption while still enjoying familiar flavors and textures. This shift in consumer behavior is creating a robust demand for high-quality plant-based meat products that appeal to both vegetarians and meat-eaters alike.

Another major growth driver is the increasing investment in the plant-based meat industry by food companies, startups, and investors. Large food corporations such as Nestlé, Tyson Foods, and Kellogg’s are investing heavily in plant-based meat products, either through internal R&D or by acquiring or partnering with plant-based startups. This surge of investment is enabling rapid innovation in the sector, leading to the development of more advanced and varied plant-based meat products that cater to different tastes, cuisines, and dietary needs.

Regulatory and market access improvements are also contributing to the growth of the plant-based meat market. Governments around the world are beginning to recognize the environmental and health benefits of plant-based diets and are introducing policies that support the development and adoption of plant-based foods. For instance, some countries are offering subsidies and incentives for plant-based food production, while others are revising dietary guidelines to encourage the consumption of more plant-based meals. Retailers and restaurants are responding to consumer demand by expanding their offerings of plant-based meat products, making them more accessible to the mainstream market.

Finally, the rise of food technology and innovation is accelerating the growth of the plant-based meat market. Continuous advancements in protein extraction, flavor engineering, and food processing technologies are improving the taste, texture, and nutritional profile of plant-based meats, making them more appealing to a broader audience. As these innovations continue to improve, the plant-based meat market is expected to see sustained growth, as more consumers and businesses adopt these products as part of their daily diets.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Burger Patties segment, which is expected to reach US$9.0 Billion by 2030 with a CAGR of a 18.2%. The Sausages segment is also set to grow at 21.2% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, estimated at $2.0 Billion in 2023, and China, forecasted to grow at an impressive 18.0% CAGR to reach $4.0 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Plant-based Meat Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Plant-based Meat Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

• How is the Global Plant-based Meat Market expected to evolve by 2030?
• What are the main drivers and restraints affecting the market?
• Which market segments will grow the most over the forecast period?
• How will market shares for different regions and segments change by 2030?
• Who are the leading players in the market, and what are their prospects?

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of major players in the Global Plant-based Meat Market such as Amy’s Kitchen, Beyond Meat, Foods, Garden Protein International, Gold & Green Foods and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Some of the 52 companies featured in this Global Plant-based Meat market report include:

• Amy’s Kitchen
• Beyond Meat
• Foods
• Garden Protein International
• Gold & Green Foods
• Greenwise
• Maple Leaf Foods
• Morningstar Farms
• Novameat
• Omnipork
• Quorn Foods
• Sunfed
• The Vegetarian Butcher
• Tofurky
• V2food
• VBites
• Zhenmeat
• Zikooin