What are the market trends for the Plant-based Meat market?

The global plant-based meat market size is projected to reach USD 24.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 19.3% from 2022 to 2030. Growing adoption of vegan lifestyle and diet among health-conscious consumers in traditionally meat-eating developed economies are expected to drive the market over the forecast period.

Growing concern of consumers regarding animal welfare and greenhouse gas emission created by the distinguished practices of the meat industry is driving the market. Celebrity endorsements of vegan/vegetarian diets are projected to augment the demand for meat alternatives in the global market. In addition, launch of new products by the manufacturers similar to meat in terms of flavor, texture, color, and taste is increasing product demand.

Plant-based Meat Market Segmentation

Grand View Research has segmented the global plant-based meat market on the basis of source, product, type, end-user, storage, and region:

Based on the Source Insights, the market is segmented into Soy, Pea, Wheat and Others.

• The soy-based meat segment led the market and accounted for more than 48.3% share of the global revenue in 2021.
• Pea-based patties in burgers can be easily substituted in place of chicken, beef, or pork-based patties.
• Various characteristics such as high protein content, resemblance in texture and consistency to meat, easy availability, and quick preparation are some of the key factors that are allowing the pea-based meat products to grow at the highest rate of 20.5% over the forecast period.

Based on the Product Insights, the market is segmented into Burgers, Sausages, Patties, Nuggets, Tenders & Cutlets, Grounds and Others.

• The plant-based burgers segment led the market and accounted for the largest revenue share of 29.2% in 2021.
• Ingredients in these burgers strive to imitate the aroma, flavor, and “bleeding” texture of meat.
• The plant-based sausages are manufactured to mimic the look, texture, sizzle, and satisfaction of conventional pork sausage.

Based on the Type Insights, the market is segmented into Chicken, Pork, Beef, Fish and Others.

• The plant-based chicken segment led the market and accounted for the largest revenue share of 34.1% in 2021.
• In comparison, plant-based chicken products constitute about the same amount of protein while the other nutrients tend to vary on a product-by-product basis.
• Veggie bacon, also known as vegetarian bacon or vacon, is marketed as a plant-based pork product. These products, manufactured from soy and pea protein, are high in fiber and protein, have no cholesterol, and are low in fat.

Based on the End-User Insights, the market is segmented into Retail and Horeca.

• The hotel/Restaurant/Café (HORECA) segment led the plant-based meat market and accounted for the largest revenue share of 58.6% in 2021.
• In April 2019, Amy’s Kitchen Inc., a US-based vegetarian and vegan foods manufacturer announced the opening of a third plant-based and vegan-friendly “Amy’s Drive-Thru” restaurant in Walnut Creek, California.
• The retail segment is expected to witness the highest CAGR over the forecast period owing to changing consumer behavior to order goods online from nearby retail stores. In addition, the growing adoption of online retailing channels among distributors to meet consumer demand is expected to drive the segment.

Based on the Storage Insights, the market is segmented into Refrigerated Plant-based Meat, Frozen Plant-based Meat and Shelf-stable Plant-based Meat.

• The frozen plant-based meat products segment led the market and accounted for a 56.6% share of the global revenue in 2021.
• In addition, frozen plant-based meat products offer a longer shelf life of five to eight months in the freezer. This, in turn, is driving the demand for frozen products among consumers.
• The refrigerated plant-based meat products segment is likely to exhibit the fastest growth and is projected to witness a CAGR of 20.1% in terms of revenue from 2022 to 2030.

Plant-based Meat Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The market for plant-based meat is characterized by the limited presence of players in the market. Industry players are focusing on research and development activities and on diversifying their portfolio to launch new and innovative alternative meat products, which mimic the taste and texture of exotic meats, including lobster and veal. Major players in the market are characterized by a robust sales channel with restaurants and retail chains worldwide for the distribution of their faux meat products.

Some prominent players in the Global Plant-based Meat market include:

• Beyond Meat
• Impossible Foods Inc.
• Maple Leaf Foods (Field Roast & Maple Leaf)
• Vegetarian Butcher
• Conagra, Inc. (Gardein Protein International)
• Kellogg NA Co. (MorningStar Farms)
• Quorn
• Amy's Kitchen, Inc.
• Tofurky
• Gold&Green Foods Ltd.
• Sunfed
• VBites Foods Limited
• Kraft Foods,Inc.
• Lightlife Foods, Inc
• Trader Joe's
• Yves Veggie Cuisine (The Hain-Celestial Canada, ULC)
• Marlow Foods Ltd. (Cauldron)
• Ojah B.V.
• Moving Mountains
• Eat JUST Inc.
• LikeMeat GmbH
• Gooddot
• OmniFoods
• No Evil Foods
• DR. Praeger’s Sensible Foods

Order a free sample PDF of the in Plant-based Meat Market Intelligence Study, published by Grand View Research.