The plant-based meat market is projected to reach USD 4,895.9 million in 2023, with a CAGR of 4.6% from 2023 to 2033. The global plant-based meat market is expected to be worth USD 7,634.0 million by 2033.
Globally expanding vegan and flexitarian communities and growing public awareness of the benefits of plant-based meat over animal meat are expected to boost the market for plant-based meat. The global market is driven by numerous causes, including the government's continued expansion and large investments.
Market Expenditure Analysis for the Plant-based Meat Market
| Attributes | Details |
|---|---|
| Plant-based Meat Market Value for 2023 | USD 4,895.9 million |
| Plant-based Meat Market Value for 2033 | USD 7,634.0 million |
| Plant-based Meat Market CAGR from 2023 to 2033 | 4.6% |
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As consumer knowledge of environmental and health issues has grown, the meat substitutes market has seen significant shifts between 2018 and 2022. Due to an uptick in product supply and market innovation during this time, demand surged dramatically. The projection spanning 2023 to 2033 reveals even more promising futures.
| Historical CAGR | 3.7% |
|---|---|
| Forecast CAGR | 4.6% |
As long as customers continue to be influenced by their choices for sustainability and health, the industry is predicted to advance rapidly. Innovations in technology and greater taste are forecast to dramatically increase demand, with growth in meat substitutes market exceeding previous years.
As a growing worldwide population searches for eco-friendly and healthful alternatives to traditional beef, the industry appears poised for consistent growth.
The enormous growth in the plant-based meat market is largely attributable to the rising incidence of chronic illnesses like obesity and cardiovascular diseases (CVDs), the growing popularity of the vegan trend, and the entry of industry experts.
Due to the health advantages these products provide, which include the absence of cholesterol, reduced saturated fat, and antibiotics, plant-derived meat products have witnessed considerable growth in sales in recent years. Global industry giants are now formally entering the plant-derived meat market, which could favor the market.
Rising population and buyer demand for meat products lead to over-slaughtering and depletion of animal supply. As a result, sustainability is becoming a steadily essential purchasing factor for the general public, particularly among millennials and Generation X.
Consumers' concerns about the environment and animal welfare are boosting demand for meat substitutes. The strict regulations established by several state and federal governments on the breeding and slaughter of meat animals contribute to the plant-based meat market expansion.
On the demand side, the increased prevalence of food-borne diseases, particularly those caused by animal meat and milk products, motivates consumers to seek healthy plant-based alternatives, hastening the spread of plant-based meat products.
Several obstacles may impede global demand for plant-based meat. Several consumers may be put off by the fact that the taste and texture do not perfectly resemble real meat. Plant-based alternatives can be more expensive, which remains a barrier. Adoption might also be hampered by a lack of availability and knowledge in specific places.
Consumers may count out concerns about ingredient sourcing, processing, and health impacts. Traditional meat businesses' opposition and regulatory difficulties may stymie market expansion.
Cultural and dietary preferences, as well as perceptions of plant-based meats as processed foods, may all be barriers to wider acceptance. Addressing these issues is critical for the continued plant-based meat market expansion.
Expanding government initiatives to educate the public may contribute to plant-based meat market growth and offer promising future plant-based meat market opportunities.
This was an important move because agriculture, which accounts for around 18% of the world's greenhouse gas emissions and produces over 32,000 million tonnes of CO2 yearly, substantially contributes to climate change.
These factors are anticipated to bolster the plant-based meat market size and spur market expansion in forthcoming years.
Another significant development in the plant-based meat industry is the rise of the vegan diet among customers. Consumers are increasing their attention toward veganism owing to growing animal welfare awareness. Since a vegan diet is high in fiber, antioxidants, and other advantageous plant elements, consumers prefer it.
It lowers blood sugar levels, the risk of heart disease, and kidney function. The growing vegan population may positively impact the demand for plant-based meat, particularly in the United States and the United Kingdom.
Meatballs are gaining popularity in the global plant-based meat market among the many by-products of plant-based meat substitutes. Consumers looking for ethical, sustainable, and healthy substitutes to conventional meat products are increasingly turning to plant-based meatballs as a top option.
| Leading Segment | Meatballs |
|---|---|
| Segment Share | 19.60% |
Numerous reasons contribute to the appeal of plant-based meatballs. Meatballs provide consumers with a flexible option because they can be included in various recipes, from pasta and sandwiches to appetizers and pizza toppings. They appeal to a wide range of people with various culinary preferences because of their adaptability.
Vegetarians and meat eaters find plant-based meatballs more delicious due to their flavor, texture, and general quality advancements.
Plant-based meatballs that nearly resemble the flavor and texture of conventional meatballs have been made possible because of advancements in food technology.
There is an increase in demand for sustainable food options due to rising awareness of the ethical and environmental consequences of meat production. These issues are addressed by plant-based meatballs, whose environmental impact is smaller than their animal-based counterparts. This helps to explain why they are becoming more and more popular.
Soy is expected to dominate the market share of plant-based meat as the primary choice for making plant-based meat. The desire for vegan meat products is fueled by soy, a nutrient-rich legume that can mimic the flavor and texture of conventional meat and poultry. Unlike wheat and corn, this adaptable component is more widely used and historically associated with the people in the Asian Pacific region.
| Leading Segment | Soy |
|---|---|
| Segment Share | 25.70% |
Soy is highly potent in emulating meat tastes and mouthfeel, making it a desirable option for both consumers and manufacturers in the plant-derived meat market.
It is important to remember that many people suffer from soy allergies, raising doubts regarding its widespread acceptance as a meat alternative. Despite this, soy is a leading competitor in the expanding market.
It has an ideal opportunity to influence the direction of sustainable and animal-free protein substitutes owing to its robust reputation and flavor-imitating abilities.
In recent years, sales have steadily increased in the United States plant-based meat market, a trend that reflects a growing consumer interest in food options that are healthier and more sustainable. Several significant factors are responsible for this development.
| Attributes | Details |
|---|---|
| Market Share | 24.1% |
More Americans are switching to plant-based diets or consuming less meat for environmental and health reasons. Concerns about the suffering of animals, climate change, and the desire for healthy eating habits are the main drivers of this transition.
Significant food manufacturers and fast-food chains have embraced plant-based meat substitutes and started including them on their menus. The availability and visibility of plant-based solutions have risen considerably, making it simpler for consumers to switch.
Technology advancements in plant-based meat have produced goods that nearly resemble the flavor and texture of conventional meat, making them more acceptable to a wider market.
Consequently, the plant-based meat market is anticipated to maintain its upward trend, with rising investment and sector competitiveness guaranteeing that it stays a significant force in the United States food industry.
In the United Kingdom plant-based meat market, the future of products appears to be very bright. The effects of traditional meat production on the environment, including its role in deforestation and greenhouse gas emissions, are becoming more widely known. As a result, more people are looking for ethical and environmentally friendly alternatives, such as plant-based meats.
Due to worries about cholesterol, saturated fats, and other health-related issues, health consciousness is on the rise, and many customers are trying to cut back on their meat consumption. A healthier option that has less cholesterol and saturated fat is meat made from plants.
| Attributes | Details |
|---|---|
| Market CAGR | 5.8% |
Plant-based meat products have received significant investment and innovation in the United Kingdom's food business. Plant-based options have been added by large food chains and stores, facilitating consumer access to these goods.
The combination of health issues, environmental concerns, and the expansion of plant-based meat options indicates a promising future for the United Kingdom plant-based meat market. The plant-based meat market is projected to experience significant development as consumer preferences continue to shift toward more sustainable and healthful eating options.
Demand for plant-based meat products is increasing significantly in India for various compelling reasons. The country's health consciousness is rising, with more people becoming aware of the benefits of reduced meat consumption. Plant-based meats are a healthier alternative since they are often lower in saturated fat and cholesterol and are suitable for vegetarian and vegan diets.
Concerns about the environment are prompting the shift toward plant-based alternatives. India is dealing with critical challenges such as climate change and resource scarcity, and consumers are realizing that cutting back on meat consumption can significantly decrease their carbon footprint and relieve pressure on natural resources.
| Attributes | Details |
|---|---|
| Market CAGR | 6.3% |
In India, where there is a wide variety of cultures and religions, many people favor vegetarian or vegan diets. India plant-based meat market offers a flexible answer that considers these many dietary preferences.
Plant-based substitutes have seen substantial investment and innovation in the Indian food business, increasing accessibility and consumer appeal.
Several important causes are responsible for China's growing desire for plant-based meat substitutes. Consumers are getting more environmentally sensitive as the middle class in the country grows, and they are also becoming more health-conscious.
As they have lower amounts of saturated fat and cholesterol and have a smaller carbon footprint than traditional meat products, plant-based meats are frequently seen as a healthier and more environmentally friendly alternative.
| Attributes | Details |
|---|---|
| Market CAGR | 6.3% |
Food contamination, disease outbreaks, and other issues with food safety have been problems in China's plant-based meat market. In addition to enhancing consumer confidence, plant-based meats offer a safer alternative by removing the hazards related to goods derived from animals.
The Chinese government has actively promoted healthier and more sustainable food options in line with global climate change programs. This assistance has aided the development and commercial availability of plant-based meat products.
Changing consumer preferences, urbanization, and an increased interest in Western cuisines have all led to the appeal of plant-based meats, particularly in cities. Many multinational and local food chains have begun to provide plant-based options, making them more accessible and appealing to a wider audience.
Various causes contribute to the increased demand for plant-based meat products in Germany. There is a growing awareness of the environmental impact of conventional meat production.
Germans are becoming increasingly concerned about deforestation, greenhouse gas emissions, and water usage related to the meat sector. As a result, many consumers are looking for more sustainable and eco-friendly options, such as plant-based meats, which have a lesser environmental footprint.
| Attributes | Details |
|---|---|
| Market Share | 8.1% |
People in Germany are becoming more health-conscious, with a focus on their food choices. Plant-based meats are frequently considered a healthier alternative due to reduced saturated fat and cholesterol. They cater to the demands of vegetarians, vegans, and flexitarians looking for nutritional and ethical protein sources.
Germany's food sector has responded to this demand by developing premium plant-based meat alternatives. The availability of plant-based options in well-known grocery stores and dining establishments has made it simpler for customers to access and include these foods in their diets.
The plant-based meat market is seeing intense competition due to rising customer demand for sustainable and cruelty-free protein substitutes. With the help of creative product creation and clever alliances with well-known shops and fast-food chains, key businesses have significantly increased their market share of plant-based meat.
Established food conglomerates have also entered the battle and introduced their plant-based meat brands to cash in on the trend.
Emerging plant-based meat manufacturers add to the rivalry by concentrating on certain markets and formulas. The plant-based meat companies competing for shelf space in supermarkets and fast-food menus are turning distribution networks and worldwide reach into crucial battlegrounds.
Agility and sustainability are essential for long-term success in the plant-based meat industry since regulatory changes and customer preferences may continue to impact the growth of meat substitute market.
Notable Strides
| Company | Details |
|---|---|
| Meat. The End | Meat. The End, an Israeli food technology company that produces texturized proteins and a variety of meat substitutes, including nuggets and burgers sold at Burger King Israel, announced in April 2023 that it had created the world's first texturized chickpea protein burger. |
| Greggs | The Mexican Chicken-Free Bake, a new vegan alternative from the United Kingdom-based Greggs, was introduced in April 2023. It comprises chicken-style parts made by the meat business THIS, who collaborated with Greggs on the Vegan Turkey and baguette option. |
| UnCrave | UnCrave, the first plant-based meat in India, was introduced in October 2022 by Licious, the country's first direct-to-consumer (D2C) unicorn. The company's two years of research and development result is UnCrave. |
| Beyond Meat | In October 2022, Beyond Meat announced that it has started testing its eagerly anticipated plant-based Beyond Steak and a new variety of its Beyond Chicken called Beyond Popcorn Chicken in a small number of places in anticipation of a widespread rollout. Wheat gluten and faba bean protein form the basis of Beyond Steak. Each serving contains about 21g of protein, 300mg of sodium, and 1g of saturated fat. |
The plant-based meat market to secure a valuation of USD 4,895.9 million in 2023.
The plant-based meat market is estimated to reach USD 7,634.0 million by 2033.
Through 2033, the plant-based meat industry is anticipated to expand at a 4.6% CAGR.
From 2018 to 2022, the plant-derived meat market recorded a 3.7% CAGR.
The meatballs sector is set to achieve a market share of 19.60%.
A 25.70% market share is expected for the soy segment.
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Plant-based Meat Market
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