Plant-based Meat Market

Plant-based Meat Market Size, Share and Future Growth Expectations

The global plant-based meat market size is estimated to value at USD 7.9 billion in 2022 and is projected to reach USD 15.7 billion by 2027, recording a CAGR of 14.7%, in terms of value during the forecast period. Plant-based meat products serve as an alternative to animal meat. The rise in consumption of plant-based meat is either due to medical reasons or lifestyle changes.

The plant-based meat market is poised for substantial growth in the coming years, driven by several key factors:

  • Health and Wellness Trends
  • Environmental Concerns
  • Animal Welfare
  • Innovations in Product Development
  • Expanding Distribution Channels
  • Rising Vegan and Flexitarian Population
  • Government Support and Regulations

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Health and Wellness Trends:

  • Increasing awareness of the health benefits associated with reducing meat consumption, such as lower risk of heart disease, obesity, and certain cancers, has driven consumers to seek out plant-based alternatives.

Environmental Concerns:

  • Growing awareness of the environmental impact of conventional meat production, including deforestation, greenhouse gas emissions, and water usage, has led many consumers to choose plant-based meat as a more sustainable option.

Animal Welfare:

  • Concerns about animal welfare and the ethical treatment of animals in industrial farming have prompted many consumers to shift towards plant-based alternatives as a more humane choice.

Innovations in Product Development:

  • Advances in food technology and product development have led to the creation of plant-based meats that closely mimic the taste, texture, and appearance of conventional meat, making them more appealing to consumers.

Expanding Distribution Channels:

  • Plant-based meat products are becoming more widely available in mainstream grocery stores, restaurants, and fast-food chains, making them more accessible to consumers.

Rising Vegan and Flexitarian Population:

  • The growing number of vegans and flexitarians, who are reducing their meat consumption for health, environmental, or ethical reasons, has created a larger market for plant-based meat products.

Government Support and Regulations:

  • Some governments are providing support for plant-based food companies through grants, subsidies, and incentives, while also implementing policies and regulations to promote the consumption of plant-based foods and reduce meat consumption for health and environmental reasons.

These factors are driving significant growth in the plant-based meat market, with consumers increasingly choosing plant-based options as part of a more sustainable, ethical, and healthy lifestyle.

Plant-based Meat Market Share - Global Industry Landscape

The plant-based meat market is characterized by the presence of several key players competing for market share. Some of the leading companies in the plant-based meat industry include:

  • Beyond Meat (US)
  • Kellogg Company (US)
  • Impossible Foods Inc. (US)
  • Maple Leaf Foods (Canada)
  • Unilever (UK)
  • Conagra Foods (US)
  • Tofurky (US)
  • Planterra Foods (US)
  • Alpha Foods (US)
  • VBites Foods Ltd. (UK)

These companies, along with several others, collectively shape the global plant-based meat industry landscape. Market dynamics are influenced by factors such as technological innovation, regulatory compliance, strategic partnerships, and market consolidation. As the demand for plant-based meat continues to rise, companies are expected to intensify their efforts to capture market share and drive innovation in plant-based meat discovery, development, and commercialization.

Beyond Meat (US):

  • Beyond Meat is known for its wide range of plant-based meat products, including burgers, sausages, and ground meat alternatives. The company has a significant market share globally and is recognized for its focus on creating products that mimic the taste and texture of traditional meat.

Kellogg Company (US):

  • Kellogg's entry into the plant-based meat market includes its MorningStar Farms brand, offering a variety of plant-based protein products such as burgers, sausages, and chicken alternatives. While Kellogg is primarily known for its breakfast cereals, MorningStar Farms contributes to its presence in the plant-based meat sector.

Impossible Foods Inc. (US):

  • Impossible Foods is renowned for its flagship product, the Impossible Burger, which is widely recognized for its resemblance to beef in taste and texture. The company focuses on using innovative technology, particularly its use of heme, to create plant-based products that closely mimic animal-derived meat.

Maple Leaf Foods (Canada):

  • Maple Leaf Foods has a subsidiary called Greenleaf Foods, which produces plant-based meat alternatives under brands such as Lightlife and Field Roast. The company offers a range of plant-based burgers, sausages, deli slices, and other meat substitutes.

Unilever (UK):

  • Unilever entered the plant-based meat market through its acquisition of The Vegetarian Butcher, a Dutch company known for its plant-based meat alternatives. The Vegetarian Butcher offers a variety of products, including plant-based burgers, sausages, and meatballs, under its own brand as well as through partnerships with other food companies.

Conagra Foods (US):

  • Conagra Foods owns Gardein, a brand that offers a wide range of plant-based meat alternatives, including burgers, chicken strips, meatballs, and fish substitutes. Gardein products are available in various retail outlets and cater to consumers seeking plant-based options.

Tofurky (US):

  • Tofurky specializes in producing plant-based meat alternatives, with a focus on products such as vegan deli slices, sausages, tempeh, and burgers. The company has a loyal customer base and is known for its commitment to sustainability and ethical sourcing.

Planterra Foods (US):

  • Planterra Foods is a relatively newer player in the plant-based meat market, offering products under the OZO brand. OZO products include plant-based burgers, ground meat alternatives, and breakfast sausages, aiming to provide consumers with nutritious and flavourful plant-based options.

Alpha Foods (US):

  • Alpha Foods offers a variety of plant-based convenience foods, including meatless nuggets, burritos, burgers, and tamales. The company targets consumers looking for quick and convenient plant-based meal options, particularly in the frozen food aisle.

VBites Foods Ltd. (UK):

  • VBites Foods is a UK-based company that produces a wide range of plant-based meat alternatives, including burgers, sausages, bacon, and deli slices. The company emphasizes the use of natural ingredients and aims to provide vegan-friendly alternatives to traditional meat products.

Related Reports:

Plant-based Meat Market by Source (Soy, Wheat, Blends, Pea), Product (Burger Patties, Strips & Nuggets, Sausages, Meatballs), Type (Beef, Chicken, Pork, Fish), Distribution Channel, Storage and Region - Global Forecast to 2027

Plant-based Meat Market Size,  Share & Growth Report
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