Plant Based Meat Market Overview, 2024-29

The market is expected to be driven by rising consumer interest in plant-based diets and increased awareness of animal rights. Plant-based meat is becoming an integral part of a vegan diet, wherein individuals adopt a vegetarian lifestyle devoid of animal-based foods. Consumers are inclined toward veganism for health and ethical reasons, while other consumers opt for vegetarian ingredients to avoid animal cruelty and consume sustainable food and beverage products.

According to the research report 'Global Plant Based Meat Products Outlook, 2029,', the plant-based meat products market is proliferating and expected to grow at a CAGR of 13.5%. The plant-based chicken segment led the market and accounted for the largest revenue share of 38.67% in 2023. In the traditional meat industry, chicken is the prime ingredient in various products such as nuggets, patties, and cutlets, as it is loaded with animal fats, cholesterol, and protein. In comparison, plant-based chicken products constitute about the same amount of protein, while the other nutrients tend to vary on a product-by-product basis.

Furthermore, products such as burger patties, nuggets, and strips are gaining traction in fast-food restaurant chains. The brands have launched distinguished plant-based meat products to target health-conscious individuals. The plant-based sausages are manufactured to mimic traditional pork sausage's look, texture, sizzle, and satisfaction. Companies offer juicy and meaty alternatives to traditional sausage, which are also devoid of hormones, nitrates, GMOs, nitrites, gluten, and soy. The growing investment by companies to introduce new and innovative flavours to their plant-based sausages, such as hot Italian, sweet Italian, and spinach pesto, is projected to spur demand for the product. The plant-based burgers segment led the market and accounted for the largest revenue in 2021. The ingredients in these burgers strive to imitate the aroma, flavour, and bleeding texture of meat.

Soy as a raw material consists of all the 9 amino acids essential for the human body's growth. Its ability to enhance the water absorption, solubility, emulsification, viscosity, anti-oxidation, and texture of the final product is likely to drive the demand for soy in plant-based meat products over the upcoming years. Diverse plant-based meat types continue to grow in popularity and expand the category. Moreover, the demand for plant-based chicken, pork, and seafood is on the rise, in addition to plant-based beef. It reflects a shift in product innovation and merchandising strategies across the plant-based industry. Additionally, pea-based patties in burgers can be easily substituted in place of chicken, beef, or pork-based patties.

Various characteristics such as high protein content, resemblance in texture and consistency to meat, easy availability, and quick preparation are some of the key factors that are allowing pea-based meat products to grow over the forecast period. In addition, pea protein aids muscle strength, is easy to digest and improves heart health. Moreover, it is a rich source of iron too. This, in turn, is expected to drive the demand for pea-based patties over the forecast period.

The HoReCa segment led the plant-based meat market and accounted for the largest revenue share of 57.90% in 2023. This is due to the rising popularity of vegan and flexitarian diets. Many restaurants, fast food chains, and casual dining venues are dedicating a section of their menu solely to meat-free options, which in turn is projected to drive the market growth. Key players in the industry are capitalising on shifting consumer preferences and the rising demand for a more personalised, tailored service.

The U.S. dominates the plant-based meat market as consumers in the U.S. are more concerned with their diets and the rising concern regarding animal cruelty is driving the market in the North American region. Furthermore, the industry will be propelled by increased awareness of plant-based products and an expanding vegan population. The popularity of plant-based meat's newfound fame as a super food rich in calcium, fiber, and almost every form of vitamin A is why U.S. and Canadian consumers find it a great option to start when it comes to cutting down on meat consumption, and vegetarians adore it.

The COVID-19 pandemic, which led to the imposition of lockdowns, has encouraged consumers to order goods online. This, in turn, is projected to enable the distributors to move towards online retailing channels. The U.S. has witnessed increasing demand for plant-based meat over the past few years, owing to the growing awareness among consumers about the health benefits of veganism.

The need for vegetarian foods that are high in fiber, vitamin C, and iron and contain low-processed saturated fats is on the rise in the U.S. In addition, the round-the-clock efforts of manufacturers to create a product with a longer shelf life, better texture and aroma, and better nutritional profiles are estimated to spur the market's growth in the U.S.

Considered in this report

• Geography: Global
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report

• Global plant-based meat products market with its value and forecast along with its segments
• Region-wise plant-based meat products market analysis
• Various drivers and challenges
• On-going trends and developments
• Five force models
• Top profiled companies
• Strategic recommendation

Regions covered in the report

• North America
• Europe
• South America
• Asia-Pacific
• Middle-East & Africa

By Sources in the report

• Soy
• Pea
• Wheat
• Other

By products in the report

• Burger Pattie
• Sausages
• Strips & Nuggets
• Meatballs
• Others

By Type in the report

• Beef
• Chicken
• Pork
• Fish
• Other (lamb, turkey)

By End-User in the report

• Retail
• HoReCa

The approach of the report

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to understand the market and list the companies in the market. The secondary research consists of third-party sources such as press releases, annual reports of companies, and analyzing government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephonic interviews with the leading players about how the market is functioning and then performing trade calls with dealers and distributors. Post this; we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have preliminary data with us, we have to start verifying the details obtained from secondary sources.

Intended audience

This report can be helpful to industry consultants, manufacturers, suppliers, associations & organizations related to the plant-based industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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