The plant-based chicken market is expected to record a CAGR of 18.4% from 2023 to 2033, from USD 2,325.4 million by 2023 to USD 12,601.0 million by 2033.
Plant-based Meat is Becoming an Essential Component of the Vegan Diet
Plant-based chicken products are manufactured from soy, protein, lentils, wheat, peas, and other ingredients. Each protein has a unique protein composition that benefits the human body. Organic food products are high in nutrients and a healthy alternative to animal products. Compared to animal-based chicken feed, plant-based chicken is cleaner and reduces greenhouse gas emissions.
Consumer eating habits are changing due to growing awareness about animal welfare. The launch of mass-awareness campaigns, combined with harsh legislation forbidding or limiting animal slaughter in several nations, primarily drives market expansion.
Customers willingly substitute meat products for meat mimics as they become more aware of the detrimental impacts of excessive meat consumption on human health.
The market is likely driven by rising consumer interest in plant-based diets and increased awareness of animal rights through various welfare organizations. Veganism is becoming more popular for health and ethical reasons, while vegetarian ingredients are becoming more popular to avoid animal cruelty and to consume sustainable food and beverage goods.
| Report Attribute | Details |
|---|---|
| Plant-based chicken market value (2023) | USD 2,325.4 million |
| Plant-based chicken market anticipated value (2033) | USD 12,601.0 million |
| Plant-based chicken market growth rate (2023 to 2033) | 18.4% CAGR |
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The plant-based chicken market reached a valuation of USD 1,941.9 million by 2022 and recorded a CAGR of 12.9% from 2018 to 2022. The global market’s absolute dollar growth is USD 10,275.60 million.
Demand for plant-based food products is rising. Rising health and animal welfare concerns are prompting consumers to choose vegetarian alternatives. At the same time, they also demand the same taste and tenderness associated with animal-derived meat and meat products.
| Historical CAGR (2018 to 2022) | 12.9% |
|---|---|
| Forecast CAGR (2023 to 2033) | 18.4% |
Short Term (2023 to 2026): The market's short-term growth prospects are promising. The plant-based diet trend has also been promoted by attempts from animal rights and vegan organizations to convince individuals to go vegan.
Medium Term (2026 to 2029): The market can steadily rise. One of the main causes of meat consumption is being reduced as more dog owners who care about the environment choose vegan pet food.
Long Term (2029 to 2033): The market is anticipated to enter a growth phase within this period, according to FMI's prediction. Developments in dairy substitutes have fueled innovation in the vegan milk chocolate industry. Regional companies and major chocolatiers are expected to benefit from this future opportunity. By 2033, a valuation is predicted by FMI analysts to reach USD 12,601.0 million.
| Year | Market Valuation |
|---|---|
| 2016 | USD 712.91 million |
| 2021 | USD 1658.80 million |
| 2022 | USD 1,941.9 million |
| 2023 | USD 2,325.4 million |
| 2033 | USD 12,601.0 million |
Recently, animal welfare has become the cornerstone of global food consumption trends. Societies such as People for the Ethical Treatment of Animals (PETA) and World Animal Protection (WAP) have advocated animal humanization on an enhanced scale.
Many cultural views have been dominated by animal welfare. Animals have the same levels of consciousness, sensibility, and feeling as people, according to theological traditions. As a result, eating meat has been strongly discouraged, and numerous jurisdictions have passed harsh laws outlawing the killing of animals. Gradually, this trend is penetrating the global market, with several developed countries across North America, Europe, and East Asia opting for vegetarian and vegan diets, thus fueling the growth of the market.
Healthy eating has prompted many food players to invest in novel technologies to reduce the adverse environmental impacts of food production. With respect to plant-based meat, food companies are scrambling to expand revenue shares by launching advanced end products.
Key players are innovating product lines by increasing nutrient content and reducing fat. Technologies such as new plant breeding techniques (NPBT) are expected to contribute immensely to this meat 2.0 revolution, expanding the plant-based chicken market.
Consumers expect sustainable packaging solutions to support the growing veganism trend as it spreads worldwide. Plant-based chicken products must be packaged carefully to ensure their delivery safely and securely, just like all other foods. Food manufacturers are investing in robust packaging solutions to prevent spoilage during transit. Packaging agencies such as CanO Water and Tetra Pack offer eco-friendly packaging solutions to plant-based chicken manufacturers to increase the shelf lives of the final product.
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Platforms such as Facebook, Twitter, Instagram, Reddit, etc., have provided a platform for animal rights activists and NGOs to spread awareness about animal cruelty and the adverse effects of meat consumption on the environment.
Since most of the world's population has access to these platforms, awareness is spreading exponentially, causing significant shifts in food consumption habits. The leading manufacturers are exploring these platforms to market their products extensively. This creates a favorable environment for the growth of the plant-based meat business.
Products made from plants that mimic meat have drawn harsh criticism from commentators and analysts all around the world. Market expansion is being overshadowed by reports concerning over-processing and the use of genetically modified organisms to speed up production.
While foods such as Impossible Burger and Beyond Meat may prove to be a boon for the environment, their preparation process is not as healthy as portrayed. Due to over-processing, a significant proportion of nutrients is lost. The accumulation of high saturated fats may induce chronic ailments.
| Country | United States |
|---|---|
| CAGR (2018 to 2022) | 13.3% |
| Valuation (2023 to 2033) | USD 774.3 million |
| Country | Japan |
|---|---|
| CAGR (2018 to 2022) | 14.2% |
| Valuation (2023 to 2033) | USD 38.10 million |
| Country | China |
|---|---|
| CAGR (2018 to 2022) | 14.2% |
| Valuation (2023 to 2033) | USD 193.3 million |
| Country | India |
|---|---|
| CAGR (2018 to 2022) | 17.7% |
| Valuation (2023 to 2033) | USD 19.60 million |
| Country | Oceania |
|---|---|
| CAGR (2018 to 2022) | 13.5% |
| Valuation (2023 to 2033) | USD 35.90 million |
Europe & MEA collectively are expected to be the significant market. Germany, the United Kingdom, and Italy are experiencing particularly high demand. A greater understanding of the advantages of vegan eating fuels growth. For two years, plant-based meat alternatives have made inroads in the Middle East, especially the United Arab Emirates. Meat substitutes from soy-based proteins are garnering immense popularity. As per FMI's projections, the market is poised to capture nearly half the global revenue by 2030.
North America is expected to capture over a third of the global market share, reaching nearly USD 3 billion by 2030. The market is expanding due to the prevalence of numerous ailments caused by a sedentary lifestyle. Due to a high meat consumption rate, the United States has the most incidence of heart disease, diabetes, malignancies, and heart strokes. Food industry leaders like Burger King and KFC have worked to develop plant-based alternatives that replicate the flavor and texture of traditional meat dishes. Various startups such as Impossible Burgers and Beyond Meat are rapidly flooding the market with their plant-based offerings.
A flexitarian population attracts numerous plant-based meat manufacturers to Latin America, generating a favorable business environment in the forthcoming years. The region is expected to record a CAGR of 24.2%.
Colombia, Brazil, and Argentina are likely to be forerunners of the Latin American market. Governments in the countries have amended business policies to accommodate prominent vendors.
The burger patties segment is expected to be the most lucrative by product type. More than two out of five sales are in the form of burger patties, specifically across fast food joints. A valuation exceeding USD 3 billion is projected by 2030.
Trailing behind is the cutlets segment, scheduled to generate over 12% of the global plant-based chicken revenue. Cutlets are widely used across restaurants and homes to prepare alternative chicken dishes.
By source, soy-based proteins are expected to be the most widely consumed. Multiple health benefits such as enhanced cardiovascular health, cancer prevention, and improved post-menopausal health among women are some factors fueling its growth.
Wheat-based proteins are acquiring significant ground, expected to record a CAGR of 22.5%. Wheat-derived proteins are helpful in providing enhanced muscle maintenance, especially among geriatrics, leading to its heightening consumption.
Given the high internet penetration rate and growing access to smart devices, online plant-based chicken markets are acquiring massive traction. The pandemic crisis has led to the enforcement of social distancing measures, increasing online business activities.
A CAGR of 21% is expected in the online sales segment. Both conventional platforms, such as Amazon, and specialized online food channels, such as Big Basket and Grofers, are becoming highly popular for selling plant-based chicken products.
To diversify their product offerings and cater to a wide range of plant-based chicken, major firms active in the global plant-based chicken market are investing in research and development. In particular, companies are forming strategic alliances, partnerships, mergers, and acquisitions to improve their distribution networks and increase their production capacity.
The market is highly completive, characterized by the presence of a multitude of regions and global-level manufacturers, amongst all the companies profiled, Impossible Foods Inc. and Gardein by Conagra Brands are the dominant payers, capturing a significant chunk of the revenue share.
Companies within this landscape are concentrating on technological innovations with respect to product design. Special emphasis is being laid on incorporating non-GMO and organic ingredients. Besides, partnerships, collaborations, and acquisitions are also considered.
Developments in the Market
In July 2016, Impossible Foods made its debut by introducing the world's first meat analog product titled the Impossible Burger, which is derived primarily from plant-based products. The production process involves 95% less land and 74% less water usage.
Gardein by Conagra Brands markets products such as Chick'n and Turk, Beefless and Porkless, Fishless, and Plant-Based Jerky. Such a wide product offering has enabled the company to capture a significant amount of customer base. It also runs the ‘Meatless Monday program.
In December 2019, Atlantic Natural Foods announced the launch of its award-winning plant-based chipotle bowl meal solution in over 500 Costco stores throughout North America, this introduction helped the company achieve 100% growth for the FY 2019 to 2020.
In July 2019, Dunkin Donuts announced it is been selling breakfast sandwiches using Beyond Meat's Meatless Sausage line of products throughout Manhattan, New York City. The company also launched an e-commerce website in 2020 to increase its virtual presence.
In 2019, Puris Proteins collaborated with Cargill Foods invested an additional USD 75 million with the objective of doubling pea protein production while inaugurating its 200,000 square foot manufacturing plant in Dawson, Minnesota.
| Attribute | Details |
|---|---|
| Market Size Value In 2023 | USD 2,325.4 million |
| Market Size Value at End of Forecast (2033) | USD 12,601.0 million |
| Market Analysis | USD million for Value |
| Key Region Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East & Africa |
| Key Segments | By Product Type, By Source, By Distribution Channel, By Region |
| Key Companies Profiled | Ingredion Inc.; Atlantic Natural Foods LLC; Beyond Meat Inc.; Impossible Foods, Inc.; CHS INC; Puris Proteins, LLC; Tyson Foods, Inc; Gardein (Conagra Brands) |
| 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 market is valued at USD 2,325.4 million in 2023.
The growth potential of the plant-based chicken market is 18.4% CAGR through 2033.
The market accounted for 12.9% CAGR from 2018 to 2022.
Key players are diversifying their product range to attract more customers.
Growing demand for vegetarian meals that have low processed saturated fats.
| Estimated Industry Size (2024E) | USD 37,059.9 million |
|---|---|
| Projected Industry Value (2034F) | USD 55,387.5 million |
| Value-based CAGR (2024 to 2034) | 4.1% |
| Market Size (2023) | USD 12.5 billion |
|---|---|
| Market Size (2033) | USD 44.1 billion |
| Market CAGR (2023 to 2033) | 13.4% |
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