Plant-Based Meat Market Share, Industry Analysis Report,2022-2030
Plant-Based Meat Market Share, Industry Analysis Report,2022-2030

Plant-Based Meat Market Share, Size, Trends, Industry Analysis Report, By Source (Soy, Wheat, Peas, Others); By Products; By Distribution Channel; By Region; Segment Forecast, 2023 - 2032

  • Published Date:Aug-2023
  • Pages: 116
  • Format: PDF
  • Report ID: PM1689
  • Base Year: 2022
  • Historical Data: 2019-2021

Report Outlook

The global plant-based meat market was valued at USD 6,135.43 million in 2022 and is expected to grow at a CAGR of 17.1% during the forecast period.

Plant-based meat products are designed to replicate the qualities and characteristics of natural meats, serving as substitutes for traditional meat. These products offer consumers a more sustainable and environmentally friendly alternative to meat-based products using plants and other non-animal ingredients; plant-based meats can closely resemble beef's taste, appearance, and texture.

Plant-Based Meat Market Size

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Common meat ingredients in plant-based include wheat berries, soybeans, tofu, lentils, yuba, nuts, and tempeh. These meats are increasingly becoming an important component of vegan diets as more individuals transition to vegetarian lifestyles for ethical reasons or to improve their health. Consumers opt for vegetarian options to avoid animal cruelty and to consume more sustainable food and beverage products. Animal farming and meat production's environmental impact and ethical concerns have also led people worldwide to seek plant-based meat alternatives.

The retail food segment is experiencing significant growth in the plant-based meat, with chicken substitutes being particularly popular. The industry's growth is driven by increasing awareness about nutritional content and the growing desire to reduce animal slaughter. Furthermore, the rise of flexitarian consumers, who aim to reduce their meat consumption, is fueling the demand for plant-based meat products.

The plant-based meat is experiencing significant growth due to its ability to resemble animal-based meat products closely. These plant-based alternatives replicate traditional meat's texture, flavor, aroma, and appearance. Compared to ground beef, plant-based meat substitutes typically have lower levels of saturated fat while providing a good source of fiber, iron, and folate. Key ingredients in plant-based meat replacements include vegetables, beet juice, and coconut oil, protein extract.

In the coming years, the popularity of the plant-based meat industry is expected to rise even further. It can be attributed to shifting consumer preferences towards meat alternatives, driven by the increasing vegetarian population and adopting flexitarian diets, where individuals reduce their meat consumption.

The COVID-19 pandemic has also played a role in shaping the market. The pandemic led to disruptions in meat-packing factories, causing widespread scarcity and highlighting the vulnerabilities of the meat industry. As a result, there has been an increased focus on plant-based and meat substitute products, now appearing on grocery store shelves nationwide. This trend is expected to further drive the demand for plant-based non-vegetarian options in the projected period.

Industry Dynamics

Growth Drivers

Rising health problems and a desire for healthier food

The growth of the plant-based non-veg substitutes industry is expected to be driven by several key factors in the forecasted period. One of the significant drivers is the growing concern over the risk of animal-borne illnesses, including the impact of the COVID-19 pandemic. As consumers become more aware of the potential health risks associated with consuming animal products, there is an increasing demand for plant-based alternatives that provide a safer option.

Rising health problems and a desire for healthier food options also contribute to the growth of the plant-based non-veg market. Consumers are becoming more conscious of the link between diet and non-communicable diseases, digestive issues, and overweight. As a result, they are seeking plant-based non-veg alternates that offer health benefits and mitigate these concerns.

The COVID-19 pandemic has further accelerated the demand for plant-based non-veg alternatives. Consumers perceive these products as immunity boosters and are drawn to their potential health advantages during these uncertain times. Additionally, plant-based non-veg options cater to flexitarians who want to experience the flavors of non-veg foods while still incorporating some animal products into their diet. This aspect of the market is driving industry growth.

Also, the demand for soy as a lump of plant-based meat is set to increase as it enhances important aspects of the final product, such as texture and nutritional value. Soy contains all essential amino acids required for human development. The plant-based meat market is expanding rapidly, with growing demand for alternatives to beef, including chicken, pork, and seafood substitutes. The chilled plant-based meat segment is anticipated to experience significant growth in the projection period.

Report Segmentation

The market is primarily segmented based on source, product, distribution channel, and region.

By Source

By Product

By Distribution Channel

By Region

  • Soy
  • Wheat
  • Peas
  • Others
  • Burger Patties
  • Sausages
  • Strips & Nuggets
  • Meatballs
  • Others
  • Retail Outlets
  • Foodservice
  • E-commerce
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Soy segment is expected to hold the largest market share during the forecast period

The soy segment is expected to hold the largest market share during the forecast period. Soy is recognized as a high-quality source of plant-based fiber and protein, making it a valuable ingredient in producing meat alternatives. Its versatility and wide range of applications, particularly in the preparation of burgers and sausages, contributes to its dominant position in the market.

One of the key advantages of soy is that it contains all nine essential amino acids, making it a complete protein source. Essential amino acids are crucial for the body's growth, repair, and well-being. These essential amino acids in soy make it a highly valuable protein option for individuals following plant-based or vegetarian diets.

In addition to being a rich source of protein, soy also offers other nutritional benefits. It is notably high in minerals such as magnesium and potassium. Magnesium plays a vital role in various bodily functions, including muscle function and energy production. Potassium, on the other hand, is essential for maintaining proper heart and muscle function and regulating blood pressure.

The burger patties segment held the fastest market share in 2022

In 2022, the burger patties segment held the fastest-growing share in the plant-based meat market due to their ability to closely mimic traditional beef's taste and texture. These plant-based burger patties are designed to provide a similar sensory experience to non-vegetarian consumers, effectively replicating the flavor and mouthfeel of meat. This feature attracts a wider customer base, including individuals who prefer meat taste but seek more sustainable and ethical alternatives.

Additionally, the faster production process of plant-based burger patties contributes to their popularity. Compared to other plant-based meat products that require complex manufacturing processes, burger patties can be produced relatively quickly. It increases production capacity and meets the rising demand for plant-based alternatives.

North America accounted for the largest market share in 2022

In 2022, North America accounted for the largest market share for plant-based meat due to the rising prevalence of cardiovascular diseases, including cancer and diabetes, which has driven consumers to choose plant-based non-veg products as a preventive measure against these diseases. This health-conscious trend is a significant factor contributing to the market growth of the plant-based meat. For example, in 2020, the CDC reported that 34.1 million individuals in the U.S. had diabetes.

Moreover, the increasing popularity of vegan diets and the growing incorporation of plant proteins in processed foods are expected to drive market demand further. As more individuals embrace veganism and seek plant-based alternatives, the need for plant-based meat products will rise. Additionally, consumers are turning to plant proteins due to allergies associated with animal proteins and the abundant nutrients found in plant-based sources.

Competitive Insight

Some of the major players operating in the global market include Gold & Green Foods, Zikooin, Amy's Kitchen, Tofurky, Garden Protein International, Beyond Meat, Greenwise, Impossible Foods, Novameat, Quorn Foods, Sunfed, Omnipork, Maple Leaf Foods, V2food, The Vegetarian Butcher, Morningstar Farms, and VBites.

Recent Developments

  • In June 2020, Beyond Meat announced its acquisition of a new manufacturing plant in Enschede, the Netherlands, by establishing a presence in the Netherlands, Beyond Meat aimed to enhance its production capacity and meet the growing demand for its plant-based meat products in the European market.
  • In 2022, Valio Oy made a significant acquisition by purchasing Gold & Green Foods Oy. This acquisition encompasses all intellectual property rights, research and development capabilities, and brand rights associated with Gold & Greens. By acquiring Gold & Green Foods, Valio aims to strengthen its position in the plant-based food market and expand its international presence.
  • In 2022, ITC responded to the demand for meatless Meat in India by announcing the development of plant-based meat products. They will introduce patties and vegan burgers that replicate the flavor of the chicken. This move provides ITC access to India's prime market for plant-based meat substitutes and caters to the growing demand for sustainable and ethical food choices.

Plant-Based Meat Market Report Scope

Report Attributes


Market size value in 2023

USD 7,417.12 million

Revenue forecast in 2032

USD 30,601.36 million


17.1% from 2023 – 2032

Base year


Historical data

2019 – 2021

Forecast period

2023 – 2032

Quantitative units

Revenue in USD million and CAGR from 2023 to 2032

Segments Covered

By Source, By Products, By Distribution Channel, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key Companies

Gold & Green Foods, Zikooin, Amy's Kitchen, Tofurky, Garden Protein International, Beyond Meat, Greenwise, Impossible Foods, Novameat, Quorn Foods, Sunfed, Omnipork, Maple Leaf Foods, V2food, The Vegetarian Butcher, Morningstar Farms, and VBites


The plant-based meat market report covering key segments are source, product, distribution channel, and region.

Plant-Based Meat Market Size Worth $30,601.36 Million By 2032.

The global plant-based meat market is expected to grow at a CAGR of 17.1% during the forecast period.

North America is leading the global market.

key driving factors in plant-based meat market are rising health problems and a desire for healthier food.