The global plant-based meat market size is expected to reach USD 30,601.36 million by 2032, according to a new study by Polaris Market Research. The report “Plant-Based Meat Market Share, Size, Trends, Industry Analysis Report, By Source (Soy, Wheat, Peas, Others); By Products; By Distribution Channel; By Region, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Plant-based meat is a food product designed to mimic the taste, texture, and appearance of traditional animal meat while being entirely composed of plant-based ingredients. It is a form of alternative protein that aims to provide a more sustainable and environmentally friendly option for individuals who choose to reduce or eliminate their consumption of animal products. Plant-based meats are typically made from a combination of plant protein sources such as soy, peas, wheat, or other legumes. These proteins are often processed and transformed to create a meat-like texture.
Plant-based meat aims to provide a substitute that can satisfy the sensory experience of eating meat without relying on animal sources. This approach addresses concerns about animal welfare, environmental impact, and personal health associated with the conventional meat industry. Plant-based meats can be found in various forms, including burgers, sausages, ground meat, nuggets, and even plant-based seafood alternatives.
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The growth of the plant-based meat market is primarily driven by the ability of these products to replicate animal-based meat. They mimic traditional meat products' texture, taste, smell, and appearance. Plant-based meat alternatives are rich in folate, iron, and fiber and have lower saturated fat content than ground beef, as supported by research funded by the U.S. National Institutes of Health.
The main components of plant-based meat include vegetable protein extract, beet juice, and coconut oil. The increasing preference for plant-based alternatives, driven by the rise in the vegetarian population and the adoption of flexitarian diets, is expected to boost the popularity of the plant-based meat industry.
However, it's important to note that plant-based meat products may not contain essential nutrients such as omega-3 fatty acids and certain proteins found abundantly in animal meat. Additionally, some plant-based meat products are heavily processed and loaded with additives, which can reduce their overall nutritional value. Artificial colors, flavors, textures, and other additives mimic animal-based meat products' characteristics.
Moreover, the high sodium content in plant-based meat can harm individuals with hypertension, diabetes, and other health conditions. These factors may challenge the growth of the plant-based meat market in the coming years.
Plant-Based Meat Market Report Highlights
Polaris Market Research has segmented the plant-based meat market report based on source, product, distribution channel, and region:
Plant-Based Meat, Source Outlook (Revenue - USD Million, 2019 - 2032)
Plant-Based Meat, Products Outlook (Revenue - USD Million, 2019 - 2032)
Plant-Based Meat, Distribution Channel (Revenue - USD Million, 2019 - 2032)
Plant-Based Meat, Regional Outlook (Revenue - USD Million, 2019 - 2032)
Report Attributes |
Details |
Market size value in 2023 |
USD 7,417.12 million |
Revenue forecast in 2032 |
USD 30,601.36 million |
CAGR |
17.1% from 2023 – 2032 |
Base year |
2022 |
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 |
For Specific Research Requirements |