Plant-based Meat Market Size Worth $ 38,273.9 Million by 2032 | CAGR: 19.8%

The global plant-based meat market size is expected to reach USD 38,273.9 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, And Other Sources); By Product; By Distribution Channel; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Plant based meat market participants as well as major animal meat producers have revised their strategies in order to capitalize on the booming market. The market is characterized by small brands acting as potential disruptors that are constantly innovating to better cater to consumer preferences. Thus, major companies have to take into this factor as well while still protecting their market share and gaining foothold in unchartered territories.

Established meat-based protein companies are now expanding into the plant-based meat space, due to the high market growth and lucrative opportunities. One such example is the acquisition of The Vegetarian Butcher by Unilever in 2018. It is anticipated that the merger & acquisition activities are bound to grow post-pandemic due to the sudden spike in demand of the product during the outbreak.

Companies are also exploring the D2C model as a means to gain increased market share. The model is being perceived and utilized by companies to gain valuable intelligence and insights pertaining to consumer behavior, preferences, decisions, influences, etc. This information is particularly valuable as it enables companies to gain product differentiation as well as tailored marketing tactics. In addition, if the information gathered is analyzed and utilized properly, it has a direct impact on the revenue stream of the company as the company can achieve higher margins through customized product sales.

Increased online shopping, the advent of social media has further underlined the importance of D2C model. E-commerce and social networks allow companies to reach a wider base of customers with a relatively low-cost base. The D2C model allows industry participants to eliminate several links in the value chain, bypassing the traditional retail and wholesale participants thus resulting in increased profitability. Consumers are demanding enhanced consumer experience through tailormade services which can be easily achieved through the D2C model. Such trends are favoring the market growth.

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Covid-19’s association with animal meat also resulted in a rapid adoption of plant-based alternatives due to inherent health and safety concerns. Shopping trend of stockpiling that was evident in the initial phases of outbreak and lockdown greatly benefitted the plant-based meat products. Moreover, competitive strategies adopted by companies and signing of partnerships with retail chains resulted in easy availability of the product thus further boosting sales

Plant-based Meat Market Report Highlights

• In 2023, the soy segment accounted for the largest market share in the plant-based meat market. As consumers become more health-conscious and informed about the potential risks associated with excessive meat consumption, there is a growing demand for nutritious and wholesome plant-based alternatives. Soy-based plant-based meats, enriched with protein and devoid of cholesterol, appeal to health-conscious consumers seeking to adopt a balanced diet without compromising on taste or texture.
• The retail outlet segment is expected to grow at the fastest CAGR during the forecast period. Additionally, a retail outlet focused exclusively on plant-based meats can serve as a hub for community engagement, education, and culinary exploration.
• In 2023, North America dominated the largest market. The factors such as the proliferation of e-commerce, the rising began population, and the trend towards consuming healthy food is expected to drive the growth of the plant-based meat market over the forecast period.
• Asia Pacific is expected to grow at the fastest CAGR in plant-based meat market. The increased use of the high-tech method of production as well as product innovation is significantly contributing to the growth of the market.
• The global key market players are Impossible Foods Inc., Conagra Brands, Inc., Beyond Meat Inc., Kellanova, Quorn Foods, Amy’s Kitchen Inc., Maple Leaf Foods Inc., Unilever, Tofurky, Sunfed, VBites Foods Limited, Eat JUST, Gold & Green Foods Ltd., Kellogg, Greenwise, Boca Foods Company (Kraft Foods, Inc.), NOVAMEAT, OmniPork, Zikooin, v2food Pty Ltd.

Polaris Market Research has segmented the plant-based meat market repair report based on source, product, distribution channel, and region.

Plant-based Meat, Source Outlook (Revenue - USD Million, 2019 - 2032)

• Soy
• Wheat
• Peas
• Other Sources

Plant-based Meat, Product Outlook (Revenue - USD Million, 2019 - 2032)

• Burger Patties
• Sausages
• Strips & Nuggets
• Meatballs
• Other Products

Plant-based Meat, Distribution Channel Outlook (Revenue - USD Million, 2019 - 2032)

• Retail Outlet
• Foodservice
• E-commerce

Plant-based Meat, Regional Outlook (Revenue - USD Million, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands
• Rest of Europe

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia
• Australia
• Rest of Asia Pacific

• Latin America

• Argentina
• Brazil
• Mexico
• Rest of Latin America

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa
• Rest of Middle East & Africa

Plant-based Meat Market Report Scope