The plant-based burger market is registering a valuation of USD 5.1 billion in 2023. The market is expected to rise to USD 23.2 billion by 2033 and is securing a CAGR of 16.3% during the forecast period. The market has seen significant growth in recent years, and there are several driving factors behind this trend which are discussed below
Health and Wellness Concerns: Consumers are interested in healthy eating habits, and plant-based burgers are seen as a healthy alternative to traditional beef burgers. Plant-based burgers are typically low in saturated fat and calories and often contain high amounts of fiber and other beneficial nutrients.
Environmental Concerns: There is growing awareness about the environmental impact of meat production, and plant-based burgers are seen as a sustainable option. Producing plant-based burgers requires a few resources and generates fewer greenhouse gas emissions than beef burgers.
Animal Welfare Concerns: Many consumers are concerned about the treatment of animals in the meat industry, and plant-based burgers provide a cruelty-free alternative.
Taste and Quality: Plant-based burger manufacturers have made significant strides in recent years to improve the taste and quality of their products. Many consumers now find plant-based burgers as delicious as traditional beef burgers.
Availability and Accessibility: Plant-based burgers are becoming widely available in restaurants and grocery stores, making them more accessible to consumers. Additionally, the demand for plant-based burgers increases as several people adopt plant-based diets.
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
Competition: The plant-based burger market is becoming increasingly crowded, with new entrants joining yearly. It may lead to market saturation and make it hard for individual companies to stand out and maintain growth.
Price: Plant-based burgers are often more expensive than traditional beef burgers, which may limit their appeal to price-sensitive consumers.
Perception of Processed Foods: Plant-based burgers are often made from highly processed ingredients, which some consumers may perceive as less healthy or less natural than whole foods.
Taste and Texture: While plant-based burgers have improved significantly in taste and texture over the years, therefore, some consumers may still prefer the taste and texture of traditional beef burgers.
Supply Chain Issues: The supply chain for plant-based ingredients can be complex, and disruptions in the supply chain may affect the availability and cost of plant-based burgers.
| Attributes | Details |
|---|---|
| Market CAGR (2023 to 2033) | 16.3% |
| Market Valuation (2023) | USD 5.1 billion |
| Market Valuation (2033) | USD 23.2 billion |
The market experienced significant growth between 2018 and 2022. According to Future Market Insights, the global plant-based burger market was valued at USD 4.2 billion in 2022 and is projected to reach USD 5.1 billion by 2023, growing at a compound annual growth rate (CAGR) of 16.3% during the forecast period.
Principal Consultant
The COVID-19 pandemic has also contributed to the growth of the plant-based burger market, as consumers are increasingly looking for healthy and sustainable food options. As a result, many companies have entered the market, including established players such as Beyond Meat and Impossible Foods and traditional meat producers like Tyson Foods and Nestle. It has led to increased competition in the market as companies strive to differentiate their products and capture market share.
Short Term (2023 to 2026): The growing consumer awareness and popularity of plant-based food products are fueling the adoption of plant-based burgers in this time frame. Manufacturers are developing plant-based technologies to expand and improve the market. The rising concerns about animal cruelty in regions drive market growth further.
Medium Term (2026 to 2029): The increase in advanced technologies, urbanization, rapid infrastructure, and growing fitness freak consumers are the factors that propel market growth. The key companies are investing huge amounts in innovating unique products to attract consumers' attention, which in turn is fueling the market.
Long Term (2029 to 2033): Rising research & development activities, new product launches, product innovations, government supports, and present key players are advancing the market opportunities. The growing popularity of vegan or plant-based food products drives market opportunities.
According to a report by Future Market Insights, plant-based beef products are estimated to secure a leading share of 15.6% in the global market by 2033. Plant-based beef products are designed to replicate traditional beef burgers' taste, texture, and appearance. These things make them popular among consumers looking for plant-based meat alternatives.
The plant-based products are often made with a combination of plant-based proteins, such as soy protein, and other ingredients to mimic the flavor and texture.
Beyond Meat and Impossible Foods are two leading players in the plant-based beef market. They have been able to gain a significant share of the market with their innovative products. However, other companies are also entering the market with their plant-based beef products, increasing competition in the industry. Historically, plant-based beef secured a CAGR of 14.3% between 2018 and 2022.
The market for plant-based beef burgers continues to grow in the coming years, as consumers continue seeking healthy, sustainable food options.
According to Future Market Insights, soy-based protein is anticipated to secure a maximum share of 15.6% by source in the global market by 2033. Soy protein is a popular choice for the plant-based burger because it contains all the essential amino acids the body needs. It is also a relatively inexpensive source of protein, making it an attractive option for companies looking to keep their costs down.
Other plant-based protein sources commonly used in plant-based burgers include pea protein, wheat protein, and mycoprotein. However, soy protein remains the widely used source of plant-based protein in the market.
Overall, the dominance of soy-based protein in the market reflects its versatility and cost-effectiveness as a source of plant-based protein. Historically, soy-based protein captured a CAGR of 16.1% between 2018 and 2022.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
The United States is one of the maximum share-holding and significantly growing markets, securing a CAGR of 13.5% with a valuation of USD 4.8 billion by 2033.
Several Factors have Contributed to the United States Market Growth, Including
A few of the key players in the United States plant-based burger market include Beyond Meat, Impossible Foods, MorningStar Farms, and Gardein. These companies have gained significant market share by offering innovative, high-quality plant-based burger products.
Overall, the market in the United States is expected to continue to grow as more consumers seek out healthy and sustainable food options. With a growing market, there is a significant opportunity for new entrants to capture market share. Historically, the United States secured a CAGR of 11.3% between 2018 and 2022.
China's plant-based burger market is a notably growing sector. According to Future Market Insights, China is registering a CAGR of 10.5% with a valuation of USD 0.7 billion by 2033.
Several Factors are Contributing to the Growth of the Market in China
Increasing Demand for Healthy and Sustainable Food: As the middle class grows in China hugely, the demand for healthy and sustainable food options also grows. Many consumers are becoming more aware of the impact of meat consumption on their health and the environment and are seeking plant-based alternatives.
Government Initiatives: The China government has been promoting the adoption of plant-based diets to reduce greenhouse gas emissions and improve public health. It has led to initiatives such as the Green Monday campaign, which encourages people to eat plant-based meals once a week, and subsidies for plant-based meat companies.
Innovations in Plant-based Technology: Plant-based meat companies are developing new products tailored to the tastes and preferences of people in China. For example, consumers in China prefer spicy foods, so plant-based meat companies incorporate Chinese spices into their products.
Growing Availability of Plant-based Meat: Plant-based meat is becoming widely available in grocery stores and restaurants in China. Leading fast-food chains such as KFC, McDonald's, and Burger King have introduced plant-based options to their menus in China.
Historically, China market captured a CAGR of 9.6% between 2018 and 2022.
The United Kingdom is a significantly growing nation capturing a CAGR of 18.8% with a valuation of USD 2.7 billion by 2033. The several factors that influence the United Kingdom plant-based burger market are
Increasing Demand for Plant-based Options: As consumers become a health and environmentally conscious, there is a growing demand for plant-based alternatives. Plant-based burgers offer a healthy and more sustainable option than traditional meat-based burgers.
Availability and Convenience: Plant-based burgers are becoming widely available in grocery stores and restaurants, making them more convenient for consumers to purchase and consume.
Celebrity Endorsements and Media Coverage: High-profile celebrities, athletes, and media outlets are promoting plant-based diets and the benefits of plant-based burgers.
Government Initiatives: The United Kingdom has promoted plant-based diets to reduce greenhouse gas emissions and improve public health. It has led to initiatives such as the Meat Free Monday campaign, which encourages people to eat plant-based meals once a week.
Investments and Acquisitions: Prominent food companies are investing in and acquiring plant-based meat companies, helping fuel the market's growth. For example, Unilever acquired The Vegetarian Butcher in 2019.
Historically, the United Kingdom secured a CAGR of 16.4% between 2018 and 2022.
The market has experienced significant growth in recent years, with many consumers seeking meat-free alternatives to traditional burgers. The competitive landscape of this market is constantly evolving, with both established players and new entrants vying for a share of the market.
A Few of the Key Players Working in the Plant-based Burger Market are
Beyond Meat: This Company is one of the most well-known names in the plant-based burger market and offers a range of meat-free products made from pea protein.
Impossible Foods: Another key player in the market, Impossible Foods offers a plant-based burger made from soy protein, coconut oil, and potato protein.
Nestle: This food and beverage giant has entered the plant-based burger market with its ‘Awesome Burger,’ made from a soy and wheat protein blend.
MorningStar Farms: A subsidiary of Kellogg's, MorningStar Farms offers a range of vegetarian and vegan products, including a line of plant-based burgers.
Gardein: Another leading player in the plant-based food market, Gardein offers a range of meat-free products, including burgers made from a blend of pea and wheat protein.
Lightlife: This Company offers a range of vegetarian and vegan products, including a line of plant-based burgers made from soy protein.
Dr. Praeger's: Known for its vegetable-based products, Dr. Praeger's offers a range of plant-based burgers made from ingredients like sweet potato, black bean, and kale.
Tofurky: This Company provides a range of plant-based products, including burgers made from soy protein and organic tofu.
Recent Developments in the Market are
Beyond Meat: In 2021, Beyond Meat launched its Beyond Burger 3.0, which is made with a blend of peas, mung beans, and rice. The company has also partnered with fast food chains such as McDonald's, KFC, and Taco Bell to offer plant-based menu options.
Impossible Foods: In 2021, Impossible Foods announced that it had raised USD 500 million in funding to expand its product offerings and manufacturing capabilities. The company has also introduced a new plant-based chicken nugget product and announced plans to launch plant-based milk.
Nestle: In 2020, Nestle launched its Awesome Burger in the United States, made with a soy and wheat protein blend. The company has also announced plans to launch a plant-based tuna product under its popular brand, Garden Gourmet.
Gardein: In 2020, Gardein introduced a new line of plant-based soups, including a vegan chicken noodle soup and beefless and vegetable soup.
Lightlife: In 2021, Lightlife introduced a new line of plant-based chicken products, including plant-based chicken tenders and fillets.
Dr. Praeger's: In 2021, Dr. Praeger's launched a new line of plant-based burgers made with sweet potato, black bean, and quinoa.
Tofurky: In 2020, Tofurky launched a new line of plant-based burgers made with a blend of pea protein and vegetables, including sweet potato and beet.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value |
| Key Countries Covered | The United States, Canada, Germany, the United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Türkiye, Northern Africa, and South Africa |
| Key Segments Covered | Product Type, Sales Channel, Source, Region |
| Key Companies Profiled | Beyond Meat; Impossible Foods; Nestle (Awesome Burger); MorningStar Farms; Gardein; Lightlife; Dr. Praeger's; Tofurky; Amy's Kitchen; Field Roast; Quorn; Alpha Foods; Sweet Earth Foods; No Evil Foods; Good Catch; Before the Butcher; The Vegetarian Butcher; Boca; Yves Veggie Cuisine; Hodo Foods |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The plant-based burger market is valued at USD 5.1 billion in 2023.
Beyond Meat, Impossible Foods, and Gardein are key market players.
The soy-based segment is likely to remain preferred through 2033.
The players are adopting of mergers and acquisitions to expand their market share.
China, India, and Japan dominate the Asian plant-based burger market.
1. Executive Summary | Plant-based Burger Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Plant-based Chicken 5.2. Plant-based Beef 5.3. Plant-based Pork 5.4. Plant-based Fish 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Source 6.1. Soy-based Protein 6.2. Wheat-based Protein 6.3. Pea-based Protein 6.4. Canola-based Protein 6.5. Fava Bean-based Protein 6.6. Potato-based Protein 6.7. Rice-based Protein 6.8. Lentil-based Protein 6.9. Flax-based Protein 6.10. Chia-based Protein 6.11. Corn-based Protein 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Distribution Channel 7.1. Hypermarkets/Supermarkets 7.2. Convenience Stores 7.3. Specialty Food Stores 7.4. Online Retail 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. MEA 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. MorningStar Farms 16.2. Sotexpro SA 16.3. Crown Soya Protein Group 16.4. Puris Proteins 16.5. LLC Ingredion Inc 16.6. Beneo GmbH 16.7. Glanbia plc 16.8. Fuji Oil Co., Ltd. 16.9. Archer Daniels Midland Company 16.10. Tyson Foods, Inc. 17. Assumptions & Acronyms Used 18. Research Methodology
Explore Food and Beverage Insights
View Reports
Plant-Based Burger Market
