What Has Been the Progress and Growth of the Plant-Based-Meat Market in Recent Years?
The plant-based-meat market has seen considerable growth due to a variety of factors.
• Over the past few years, the plant-based-meat industry has seen a rapid increase in market size. The expectation is that it will rise from $9.92 billion in 2024 to $11.58 billion in 2025, with a compound annual growth rate (CAGR) of 16.8%.
This growth during the historic period is linked to factors such as the development of plant-based ingredients, changes in dietary choices, heightened awareness of health and environment, expansion of retail and availability, along with influences from global cuisine.
What are the Market Size and Expected Growth Rates for the Plant-Based-Meat Market?
The plant-based-meat market is expected to maintain its strong growth trajectory in upcoming years.
• Expect rapid expansion in the plant-based-meat market size in the upcoming years. The market is predicted to grow to a magnitude of $19.84 billion in 2029, growing at a compound annual growth rate (CAGR) of 14.4%.
This predicted growth during the forecast period can be associated with the increasing concerns regarding animal welfare, the integration of these alternatives in restaurant menus, governmental initiatives and rules, efforts to alleviate climate change, and broadening of product ranges. The forecast period is also expected to see major trends such as progression in production technology, advancements in plant-based substitutes, extension of product line beyond just burgers, affiliations with foodservice channels, and a strong emphasis on health and nutrition.
What Are The Primary Growth Drivers In The Plant-Based-Meat Market?
The plant-based meat market's growth is anticipated to be spurred by growing public cognizance of the advantages associated with vegetarian diets. Benefits of a vegetarian diet include reduced insulin levels, a lower incidence of heart disease, and better kidney function. As per the data from The Good Food Institute Inc, a British institute, the total plant-based category sales for meat alternatives in Europe hit €2.0 billion in 2022, marking a 3% increase from the previous year. Furthermore, the increased awareness of animal rights, driven by international welfare bodies like Animal Aid Unlimited (AAU) and People for the Ethical Treatment of Animals (PETA), is expected to enhance the demand for plant-based meat products. This is projected to escalate the revenue of the plant-based meat market in the forecast period.
How Is The Globa Plant-Based-Meat Market Divided Into Key Segments?
The plant-based-meat market covered in this report is segmented –
1) By Product Type: Burger Patties, Sausages, Strips, Nuggets, Meatballs, Other Product Types
2) By Source: Soy, Wheat, Pea, Other Sources
3) By Distribution Channel: Grocery Stores, Food & Drinks Specialty Stores, Convenience Stores, Restaurants, Online Stores
Subsegments:
1) By Burger Patties: Classic Burger Patties, Spicy Burger Patties, Gourmet Burger Patties, Pre-cooked Burger Patties
2) By Sausages: Breakfast Sausages, Italian Sausages, Bratwurst, Chorizo
3) By Strips: Grilled Strips, Breaded Strips, Teriyaki Strips, Spicy Strips
4) By Nuggets: Breaded Nuggets, Spicy Nuggets, BBQ Nuggets
5) By Meatballs: Classic Meatballs, Italian Meatballs, Spicy Meatballs, Swedish Meatballs
6) By Other Product Types: Plant-based Ground Meat, Deli Slices, Stir-fry Kits, Skewers And Kebab Alternatives
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What Trends Are Reshaping The Plant-Based-Meat Market Landscape?
The upward trend of launching novel brands and product lines like plant-based meat is significantly influencing the plant-based meat industry. These products mimic the traditional animal-based meat in terms of flavor, texture, and visual appeal, but are uniquely made solely from plant-derived ingredients. To illustrate, Tata Consumer Products, an Indian fast-moving consumer goods corporation, introduced a new brand, Tata Simply Better, in July 2022. The brand boasts a variety of plant-based meat offerings in India, marking the company's move into a fresh category. It aims to cater to consumers seeking to add more plant-based items to their everyday menu.
Who Are the Key Players in the Plant-Based-Meat Market?
Major companies operating in the plant-based-meat market include:
• Kraft Heinz Company Inc.
• Maple Leaf Foods Inc.
• Morningstar Farms Inc.
• Amy’s Kitchen Inc.
• Beyond Meat Inc.
• Impossible Foods Inc.
• Quorn Foods Inc.
• Greenleaf Foods LLC
• Don Lee Farms Inc.
• The Vegetarian Butcher LLC.
• Sweet Earth Inc.
• LightLife Foods Inc.
• Atlantic Natural Foods Inc.
• Gardein Inc.
• Ojah BV
• Tofurky Inc.
• The Very Good Food Company Inc.
• Next Level Burger LLC.
• Gold&Green Foods Ltd.
• Hungry Planet Inc.
• Monks Meats Inc.
• No Evil Foods Inc.
• Ocean Hugger Foods Inc.
• Sophie's Kitchen Inc.
• Yves Veggie Cuisine Inc.
• VBites Inc.
• Dr. Praeger’s Inc.
• Good Catch Foods Inc.
What are the Regional Insights into the Plant-Based-Meat Market?
Asia-Pacific was the largest region in the plant-based meat market in 2024. Western Europe was the second-largest region in the global plant-based-meat market. The regions covered in the plant-based-meat market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
