Plant-based Meat Market Size Worth $24.80 Billion By 2030

Plant-based Meat Market Growth & Trends

The global plant-based meat market size is expected to reach USD 24.80 billion by 2030, expanding at 24.9% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc.Growing adoption of vegan lifestyle and diet among health-conscious consumers in traditionally meat-eating developed economies are expected to drive the market growth over the forecast period.

The growing concern of consumers regarding animal welfare and greenhouse gas emission created by the distinguished practices of the meat industry, together with celebrity endorsements of vegan/vegetarian diets are projected to augment the demand for plant-based meat products in the global market.

The plant based meat is predominantly consumed in the Hotel/Restaurant/Café (HORECA) sector. Key companies in the industry are collaborating with fast-food joints and restaurant chains to promote the adoption of their products. For instance, fast-food joints such as Burger King, MacDonald’s, and Subway are launching new vegan meat products to capitalize on the industry dominated by health-conscious customers.

The plant based burgers are likely to exhibit steady growth over the upcoming years on account of rising consumer concerns regarding conventional meat products in the wake of the coronavirus pandemic. The plant-based burgers are known to offer low-gluten and low-fat contents, which makes them a highly favored product amongst health-conscious individuals.

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Plant-based Meat Market Report Highlights

• The plant-based sausage segment is projected to ascend at a CAGR of 26.8% over the forecast period. Shifting consumer inclination towards plant-based diets and rising consumption of sausages via retail channels on account of taste, texture, and convenience are anticipated to spur product demand across the globe

• Soy-based product segment accounted for more than 48.55% of the revenue share in the market in 2022, owing to its protein-rich content and widespread popularity

• The rising trend of a vegan diet in European countries has pushed the demand for plant-based meat products in the region. The U.K., known for a variety of fresh and high-quality meat delicacies is now home to the largest vegan population in the world

• In June 2020, Starbucks, in collaboration with Impossible Foods Inc., introduced the Impossible Breakfast Sandwich to its menu in most of its locations in the U.S. The sandwich is made withplant-based sausage and was launched as part of the Starbuck sustainability initiative to meet the rising consumer interest in the plant-based options

Plant-based Meat Market Segmentation

Grand View Research has segmented the global plant based meat market based on source, product, type, end-user, storage, and region.

Plant-based Meat Source Outlook (Revenue, USD Million, 2017 - 2030)

• Soy

• Pea

• Wheat

• Others

Plant-based Meat Product Outlook (Revenue, USD Million, 2017 - 2030)

• Burgers

• Sausages

• Patties

• Nuggets, Tenders & Cutlets

• Grounds

• Others

Plant-based Meat Type Outlook (Revenue, USD Million, 2017 - 2030)

• Chicken

• Pork

• Beef

• Fish

• Others

Plant-based Meat End-User Outlook (Revenue, USD Million, 2017 - 2030)

• Retail

• HORECA

Plant-based Meat Storage Outlook (Revenue, USD Million, 2017 - 2030)

• Refrigerated

• Frozen

• Shelf-stable

Plant-based Meat Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • U.K.

  • Germany

  • France

  • Italy

  • The Netherlands

• Asia Pacific

  • China

  • Japan

  • Australia & New Zealand

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • UAE

List of Key Players in the Plant-based Meat Market

• Beyond Meat

• Impossible Foods Inc.

• Maple Leaf Foods (Field Roast & Maple Leaf)

• Vegetarian Butcher

• Conagra, Inc. (Gardein Protein International)

• Kellogg NA Co. (MorningStar Farms)

• Quorn

• Amy's Kitchen, Inc.

• Tofurky

• Gold&Green Foods Ltd.

• Sunfed

• VBites Foods Limited

• Kraft Foods, Inc.

• Lightlife Foods, Inc

• Trader Joe's

• Yves Veggie Cuisine (The Hain-Celestial Canada, ULC)

• Marlow Foods Ltd. (Cauldron)

• Ojah B.V.

• Moving Mountains

• Eat JUST Inc.

• LikeMeat GmbH

• Gooddot

• OmniFoods

• No Evil Foods

• DR. PRAEGER'S SENSIBLE FOODS