Plant-based Meat Market

Plant-based Meat Market Outlook (2024 to 2034)

The global plant-based meat market, as revealed in a newly published industry analysis by Fact.MR, is projected to reach a value of US$ 14.39 billion in 2024. Worldwide revenue from the sales of plant-based meat has been forecasted to rise at a CAGR of 5.8% and reach US$ 25.29 billion by 2034-end.

Sicknesses and fatalities due to obesity have been rising steadily in the twenty-first century. Growing intake of high-fat content eatables and decreasing physical activity owing to the rising sedentary nature of work are the elementary causes of rising obesity around the world. As such, more people have become cautious about their dietary patterns, which has substantially resulted in cutting down excess consumption of high calorie and fat content.

Many people are reducing their intake of meat products and are incorporating plant-based meat options due to their several health benefits. These eatables help in promoting gut health, heart health, and weight management.

Growing population of vegan people is contributing to the increased consumption of plant-based tofu and tempeh due to their health benefits. They are preferred for their sensory attributes, chewiness, and texture. Constant innovations in technology along with a greater taste of plant-based meat are contributing to its increased demand. More consumers are opting for healthy and eco-friendly alternatives to conventional beef, which is further generating lucrative opportunities for manufacturers of plant-based meat.

• Worldwide demand for plant-based meat for use in the industrial sector is analyzed to increase at a CAGR of 5.9% and reach a market value of US$ 13.96 billion by the end of 2034.
• East Asia is projected to account for 23.1% share of global market revenue by 2034.
• Demand for plant-based meat in South Korea is forecasted to increase at a CAGR of 6.5% from 2024 to 2034.
• The market in Japan is analyzed to expand at 6.3% CAGR through 2034.

Report Attributes	Details
Plant-based Meat Market Size (2024E)	US$ 14.39 Billion
Forecasted Market Value (2034F)	US$ 25.29 Billion
Global Market Growth Rate (2024 to 2034)	5.8% CAGR
Market Share of Plant-based Meat Tempeh (2034F)	22.4%
Canada Market Growth Rate (2024 to 2034)	6.3% CAGR
North America Market Share (2034F)	24.3%
Key Companies Profiled	Amy’s Kitchen Inc.; Pinnacle Foods, Inc.; Impossible Foods Inc.; Kellogg Company; Beyond Meat Inc.; Meat. The End; Fry Group Foods (Pty) Ltd.; The Kraft Heinz Company; Turtle Island Foods, Inc.; Maple Leaf Foods; Tofurky; Sunfed; Yves Veggie Cuisine; Ligthlife Foods, Inc.; Vegetarian Butcher Conagra, Inc.; Trader Joe’s

Which Key Plant-based Meat Market Trends are Companies Leveraging?

“Sustainability, Health, and Ethics Main Pillars for Market Growth”

Global market growth is attributed to the increasing incidence of cardiovascular diseases and chronic illnesses such as obesity. Increasing popularity of the vegan diet is pushing more manufacturers to come up with a wide variety of plant-based meat options for their health benefits. Reduced saturated fat, absence of cholesterol, and antibiotics are contributing to the growing preference for plant-based meat options.

Growing population and increased demand for meat products lead to over-slaughtering as well as the depletion of animals. As such, sustainability has become a noteworthy purchasing factor for more people, especially among Generation X and millennials. Rising concerns about animal welfare and the environment are driving meat substitute demand. Certain stringent regulations are imposed by federal and state governments on the breeding and slaughtering of meat animals, which is further positively impacting demand for plant-based meat options.

Why is the Plant-based Meat Market Size Not Expanding as Per Expectations?

“Issues Related to Acceptance of Plant-based Meat Options”

Several consumers are concerned about the texture and taste of plant-based meat as it does not perfectly resemble the taste of real meat. These alternatives are more expensive, which is also limiting their adoption. Moreover, a lack of knowledge and availability of plant-based meat in limited areas is also restraining their demand. More consumers are also concerned related to the sourcing, health impacts, and processing of ingredients, which is restraining market expansion.

What is the Contribution of Startups to Plant-based Meat Market Growth?

“Focus on Producing Plant-based Meat with Improved Texture and Taste”

New market players are investing in the development of plant-based meat with improved texture and flavor with the use of advanced technologies. This will help market players attract a larger base of consumers and ensure the availability of more options in plant-centric diets.

Country-wise Insights

North America is forecasted to occupy 24.3% of the global plant-based meat market share by the end of 2034, as opined in the newly published analysis by Fact.MR, a market research and competitive intelligence provider. The increasing demand for plant-based meat in the region is attributed to their preference for healthy lifestyles due to rising cases of obesity.

What is the Future of Plant-based Meat Manufacturers in the United States?

“Increasing Consumption of Plant-based Meat to Revolutionize Dining Practices”

Attribute	United States
Market Value (2024E)	US$ 1.53 Billion
Growth Rate (2024 to 2034)	6.2% CAGR
Projected Value (2034F)	US$ 2.8 Billion

The United States is analyzed to capture a share of 45.6% of North American market revenue by 2034. Increasing consumer interest in more sustainable and healthier food options is contributing to responsible development practices. More Americans are embracing plant-based meat options in their menus, which is resulting in their increased visibility and availability in the country. Technological advancements in production techniques used in preparing plant-based meat are helping manufacturers in offering products with improved texture and flavor resemblance to traditional meals.

Why is China a Key Market for Plant-based Meat Products?

“Dietary Transformation to Plant-based Patties from Dumplings”

Attribute	China
Market Value (2024E)	US$ 1.58 Billion
Growth Rate (2024 to 2034)	5.8% CAGR
Projected Value (2034F)	US$ 2.77 Billion

China is projected to account for 47.5% share of the market in East Asia by 2034-end. More people in the country are taking an interest in plant-based meat substitutes. The growing population of health-conscious consumers is generating demand for plant-based options with low cholesterol and fat content. Plant-based meat is generally seen as a more environment-friendly and healthier alternative to conventional meat options.

The government in China is promoting more sustainable and healthier food options in connection with changing climate programs. Several local and multinational food chains are offering plant-based food options, making them more appealing and accessible to a larger consumer base.

Will Japan Provide Lucrative Opportunities for Market Players?

“Shifting Preference to Plant-based Meat for Greener Future”

Attribute	Japan
Market Value (2024E)	US$ 931.5 Million
Growth Rate (2024 to 2034)	6.3% CAGR
Projected Value (2034F)	US$ 1.72 Billion

Japan is approximated to possess a share of 29.4% of the East Asian market by the end of 2034. More individuals in the country are becoming more cautious about the adverse effects of producing conventional meat on the environment, such as greenhouse gas emissions. Thereby, they are opting for environment-friendly and ethical alternatives, including plant-based meat.

Category-wise Insights

Based on sources, the global market is classified into soy, wheat, and mycoprotein. Among these, soy-based plant-based meat production is becoming more popular as it’s a nutrient-rich legume and mimics the texture and flavor of traditional poultry and meat. Unlike corn and wheat, soy is a more compatible component for use in plant-based meat for people in Asia Pacific.

Why is Tempeh Consumed More Than Other Plant-based Meat Options?

“High Consumption of Tempeh Due to Substantial Vitamin B12 and Protein Content”

Attribute	Tempeh
Segment Value (2024E)	US$ 3.48 Billion
Growth Rate (2024 to 2034)	5% CAGR
Projected Value (2034F)	US$ 5.66 Billion

Plant-based tempeh is calculated to hold a share of 22.4% of the global market by the end of 2034. The increased popularity of tempeh as an effective alternative to meat among vegetarians and vegans is due to its higher content of vitamin B12. In addition, it is also used as a popular protein source and contains amino acids required for healthy muscles and bones.

Why Does the Industrial Sector Account for High Revenue Generation?

“Rising Popularity of Flexitarian and Vegan Diets”

Attribute	Industrial
Segment Value (2024E)	US$ 7.86 Billion
Growth Rate (2024 to 2034)	5.9% CAGR
Projected Value (2034F)	US$ 13.96 Billion

The industrial sector is evaluated to contribute 55.2% share of global market revenue by 2034-end. In lieu of the increasing popularity of flexitarian and vegan diets, several fast food chains, restaurants, and casual dining venues are coming up with a ‘meat-free’ option in their menu. Thereby, market players are capitalizing on these changes and are offering customized solutions as per the requirements of end users.

Competitive Landscape

Key players in the plant-based meat market are incorporating sustainability and agility in their manufacturing procedures to achieve long-term success with the changing regulatory framework.

For instance

• Meat. The End is an Israel-based food technology company that offers texturized protein and several meat substitutes such as burgers and nuggets. These are sold at Burger King Israel. In April 2023, the company produced the first global texturized burger with chickpea protein.
• Beyond Meat, in October 2022, announced the start of the testing of its plant-based Beyond Chicken, known as Beyond Popcorn Chicken. Faba bean protein and wheat gluten are used as the base of the steak. Each serving contains around 1g of saturated fat, 300mg of sodium, and 21g of protein.

Fact.MR provides detailed information about the price points of key manufacturers of plant-based meat positioned across the world, sales growth, production capacity, and speculative technological expansion, in this newly published market report.

Segmentation of Plant-based Meat Market Research

• By Product Type:

  • Tofu
  • Tempeh
  • Seitan
  • RTC/RTE
  • Natto

• By Source:

  • Soy-based
  • Wheat-based
  • Mycoprotein
  • Others

• By End Use:

  • Retail
  • Industrial

• By Distribution Channel:

  • Business to Business
  • Business to Consumer
    • Modern Groceries
    • Convenience Stores
    • Traditional Stores
    • Food & Dress Specialty Stores
    • Online Retail

• By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • East Asia
  • South Asia & Pacific
  • MEA