The global plant-based meat market size is expected to reach USD 24.77 billion by 2030, registering a CAGR of 19.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growing adoption of vegan lifestyle and diet among health-conscious consumers in traditionally meat-eating developed economies are expected to drive the market growth over the forecast period.
The growing concern of consumers regarding animal welfare and greenhouse gas emission created by the distinguished practices of the meat industry, together with celebrity endorsements of vegan/vegetarian diets are projected to augment the demand for plant-based meat products in the global market.
The plant based meat is predominantly consumed in the Hotel/Restaurant/Café (HORECA) sector. Key companies in the industry are collaborating with fast-food joints and restaurant chains to promote the adoption of their products. For instance, fast-food joints such as Burger King, MacDonald’s, and Subway are launching new vegan meat products to capitalize on the industry dominated by health-conscious customers.
The plant based burgers are likely to exhibit steady growth over the upcoming years on account of rising consumer concerns regarding conventional meat products in the wake of the coronavirus pandemic. The plant-based burgers are known to offer low-gluten and low-fat contents, which makes them a highly favored product amongst health-conscious individuals.
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Plant-based Meat Market Report Highlights
The plant-based sausages are anticipated to register the fastest CAGR over the forecast period. Shifting consumer inclination towards plant-based diets and rising consumption of sausages via retail channels on account of taste, texture, and convenience are anticipated to spur product demand across the globeSoy accounted for the largest market revenue share of 48.0% in 2023, owing to its protein-rich content and widespread popularityThe rising trend of a vegan diet in European countries has pushed the demand for plant-based meat products in the region. The U.K., known for a variety of fresh and high-quality meat delicacies is now home to the largest vegan population in the worldIn June 2020, Starbucks, in collaboration with Impossible Foods Inc., introduced the Impossible Breakfast Sandwich to its menu in most of its locations in the U.S. The sandwich is made with plant-based sausage and was launched as part of the Starbuck sustainability initiative to meet the rising consumer interest in the plant-based optionsList of Key Players in the Plant-based Meat Market
Beyond MeatImpossible Foods Inc.Maple Leaf Foods (Field Roast & Maple Leaf)Vegetarian ButcherConagra, Inc. (Gardein Protein International)Kellogg NA Co. (MorningStar Farms)QuornAmy's Kitchen, Inc.TofurkyGold&Green Foods Ltd.SunfedVBites Foods LimitedKraft Foods, Inc.Lightlife Foods, IncTrader Joe'sYves Veggie Cuisine (The Hain-Celestial Canada, ULC)Marlow Foods Ltd. (Cauldron)Ojah B.V.Moving MountainsEat JUST Inc.LikeMeat GmbHGooddotOmniFoodsNo Evil FoodsPRAEGER'S SENSIBLE FOODSGather more insights about the market drivers, restrains and growth of the Plant-based Meat Market
