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Plant-based Meat Market to Reach $24.01 Billion by 2030

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Abhi Jagtap

Meticulous Research®—a leading global market research company, published a research report titled, ‘Plant-based Meat Market by Type (Tofu, TVP, Tempeh, Seitan, Meatballs, Burger Patties, Nuggets, Crumbles), Source (Soy, Wheat, Pea), Distribution Channel (B2B, B2C [Convenience Store, Online Retail, Specialty Store]), and Geography - Global Forecast to 2030.’

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According to this latest publication from Meticulous Research®, the global plant-based meat market is projected to reach $24.01 billion by 2030, at a CAGR of 13.9% from 2023 to 2030. The growth of the plant-based meat market is mainly attributed to the growing preference for plant-based food products, the growing vegan population, the growing focus on animal welfare, and the rising demand for alternative proteins. Furthermore, innovation in food technology and product launches by plant-based food and alternative protein manufacturers are expected to create market growth opportunities. However, consumer preference for soy and gluten-free products and significant preference for animal-based products are expected to hinder the growth of this market to some extent.

Key Players

The global plant-based meat market is moderately competitive due to many large and small-sized global, regional, and local players. The key players operating in the global plant-based meat market are Beyond Meat Inc. (U.S.), Impossible Foods Inc (U.S.), The Hain Celestial Group, Inc. (U.S.), Unilever Plc (U.K.), Kellogg Company (U.S.), Lightlife Foods, Inc. (Part of Maple Leaf Foods Inc., Canada) (U.S.), Nestlé S.A. (Switzerland), Conagra Brands, Inc. (U.S.), Taifun–Tofu GmbH (Germany), Atlantic Natural Foods LLC (U.S.), VBites Food Ltd (U.K.), Sunfed Meats (New Zealand), Quorn Foods (U.K.), Ojah B.V. (Netherlands), and The Kraft Heinz Company (U.S.).

The plant-based meat market study presents historical market data in terms of value (2021 and 2022), estimated current data (2023), and forecasts for 2030. This market is segmented by type (tofu, textured vegetable protein (TVP), burger patties, tempeh, hot dogs and sausages, seitan, meatballs, ground meat, nuggets, crumbles, shreds, other plant-based meat), by source (soy, wheat, pea, other sources), by distribution channel (business to business, business to consumers [morden groceries, convenience store, specialty store, online retail, others]) and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at regional and country levels.

Among all the types studied in this report, the tofu segment is expected to account for the largest share of the global plant-based meat market in 2023. The large market share of this segment is attributed to the increasing adoption due to its lower cost, easy availability, and high protein content with all the essential amino acids. In addition, the rising health and wellness trend is further expected to boost the demand for this segment.

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Among all the sources studied in this report, the pea segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to its high protein content, the rising number of investments from leading manufacturers to increase pea protein production, and increasing consumer desire. In addition, peas are allergen-free, gluten-free, and lactose-free, which further increases the demand for pea-based meat.

Among all the distribution channels studied in this report, the business-to-consumer population segment is expected to account for the largest share of the plant-based meat market in 2023. The large market share of this segment is attributed to factors such as increasing e-commerce, increased plant-based food sales in well-established supermarkets and hypermarket chains, and increasing consumer expenses on vegan food products.

Among all the regions studied in this report, in 2023, North America is expected to account for the largest share of the plant-based meat market. The large market share of this region is attributed to the high awareness regarding the importance of protein-rich diets, rising consumer awareness of the risks associated with consuming contaminated meat goods, and rising investments in the plant-based meat sector.

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Key Questions Answered in the Report-

What is the current revenue value generated by the global plant-based meat market?

At what rate is the global plant-based meat demand projected to grow for the next 5-7 years?

What are the historical market sizes and growth rates of the global plant-based meat market?

What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing players and new entrants in the market?

Which segments in terms of type, source, and distribution channel create major traction for the manufacturers in this market?

What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the plant-based meat market?

Who are the major players in the global plant-based meat market? What are their specific product offerings in this market?

What are the recent strategic developments in the global plant-based meat market? What are the impacts of these strategic developments on the market?

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