What is the Market Size of Plant-Based Meat?
IMARC Group’s latest research report, titled “Plant-Based Meat Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” The global plant-based meat market size in 2022 reached a value of US$ 10.8 Billion. Looking forward, IMARC Group expects the market to reach US$ 42.7 Billion by 2028, exhibiting a growth rate (CAGR) of 25.64% during 2023-2028.
What is Plant-Based Meat Market?
Plant-based meat refers to vegan alternatives to animal meat products that exhibit similar color, appearance, texture, and flavor. It is produced by mixing plant protein isolates, starch, vegetable extracts, edible oils, and various other seasonings. It is considered a healthier alternative as it is lower in saturated fats and calories than traditional meat and is a rich source of vitamins, antioxidants, fiber, and minerals that assist in maintaining a healthy gut microbiome. It is widely consumed by the vegetarian population and provides them with the required protein level. With the easy product availability across restaurants, cafes, fast food joints, hypermarkets, and convenience stores, the demand for plant-based meat is rising across the globe.
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Globally Demand for Plant-Based Meat:
Shifting consumer preference towards a vegan diet is driving the global market. Moreover, the changing dietary patterns of individuals are contributing to the demand for plant-based meat across the globe. Furthermore, the increasing utilization of plant-based meats in the preparation of burgers, ham, sausages and meatballs, is impacting the market favorably. Apart from this, the introduction of several awareness programs by various animal welfare organizations and the governments of several countries for reducing excessive animal killing for meat consumption further supports the demand. Besides, constant developments in organized distribution channels and the emerging e-commerce sector are positively influencing the market.
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Is Plant-Based Meat a Good Investment?
Moreover, numerous leading players are heavily investing in research and development (R&D) activities to introduce new plant-based products similar to meat in terms of color, taste, and flavor, which are gaining prominence among the masses. Apart from this, the proliferation of vegetarian and vegan quick service restaurants (QSRs) and food joints is augmenting the demand for plant-based meats on the global level. The market is further driven by other factors, including the advent of home delivery models, the widespread adoption of innovative marketing strategies and celebrity endorsements, inflating disposable income of the masses, rapid urbanization, and rapid expansion in the food and beverage industry.
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Key Market Segmentation:
Largest Plant-Based Meat Companies:
- 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
Breakup by Product Type:
- Burger Patties
- Sausages
- Nuggets and Strips
- Ground Meat
- Meatballs
- Others
Breakup by Source:
- Soy
- Wheat
- Peas
- Others
Breakup by Meat Type:
- Chicken
- Beef
- Pork
- 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)
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