IMARC Group’s latest research report, titled “Plant-Based Meat Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,” offers a comprehensive analysis of the industry, which comprises insights on plant-based meat industry size. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global plant-based meat market size reached US$ 13.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 87.9 Billion by 2032, exhibiting a growth rate (CAGR) of 22.4% during 2024-2032.
Plant-Based Meat Market Overview:
Plant-based meat encompasses a range of products designed to mimic the taste, texture, and nutritional profile of meat using plant-derived ingredients. These products cater to the growing demand for vegetarian and vegan diets, driven by health, environmental, and ethical considerations. The market includes various products such as burgers, sausages, and mince, made from ingredients like soy, peas, and wheat.
A key characteristic of this market is its focus on innovation to improve product quality and appeal to a broader consumer base. The materials and techniques used in plant-based meat production are selected for their ability to replicate the sensory attributes of animal meat, including flavor, texture, and aroma. The production process often involves advanced technologies to achieve the desired meat-like properties. An important aspect of the plant-based meat market is its appeal to not just vegetarians and vegans but also flexitarians who are reducing their meat consumption.
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Plant-Based Meat Market Trends:
The global market is majorly driven by the growing awareness of the health benefits associated with plant-based diets, including reduced risk of chronic diseases. Additionally, environmental concerns related to animal farming, such as greenhouse gas emissions and land use, are motivating consumers to switch to plant-based alternatives. The increasing availability of these products in mainstream retail channels is also contributing to market growth on a global level.
Moreover, the rising concern for animal welfare is leading consumers to seek ethical food options, further providing a boost to the plant-based meat market. Technological advancements in food science are enabling manufacturers to enhance the quality and variety of plant-based meat products, attracting a wider audience. The market is also benefiting from the support of governmental and environmental organizations promoting sustainable food practices.
Furthermore, the increasing consumer acceptance and continuous innovation in product development are acting as significant growth-inducing factors for the market. The integration of health-focused and environmentally sustainable practices is expected to drive further market expansion, catering to the shifting preferences of health-conscious and environmentally aware consumers. Apart from this, the burgeoning influence of social media and celebrity endorsements promoting plant-based lifestyles has significantly raised public awareness and interest in these products, are further propelling the market growth.
Competitive Landscape with Key Players:
- Amy’s Kitchen, Inc.
- Beyond Meat
- Boca Foods Company (Kraft Foods, Inc.)
- Garden Protein International (Conagra Brands, Inc.)
- Impossible Foods, Inc.
- Maple Leaf Foods
- MorningStar Farms (Kellogg Na Co.)
- Quorn Foods
- The Vegetarian Butcher
- Vbites Food Limited
Key Market Segmentation:
Breakup by Product Type:
- Burger Patties
- Sausages
- Nuggets and Strips
- Ground Meat
- Meatballs
- Others
Breakup by Meat Type:
- Chicken
- Beef
- Pork
- Others
Breakup by Source:
- Soy
- Wheat
- Peas
- Others
Breakup by Distribution Channel:
- Restaurants and Catering Industry
- Supermarkets and Hypermarkets
- Convenience and Specialty Stores
- Online Retail
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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