The global plant-based meat market size is expected to reach USD 24.80 billion by 2030, expanding at 24.9% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. Growing adoption of vegan lifestyle and diet among health-conscious consumers in traditionally meat-eating developed economies are expected to drive the market growth over the forecast period.
Key industry insights:
- The plant-based sausage segment is projected to ascend at a CAGR of 26.8% over the forecast period. Shifting consumer inclination towards plant-based diets and rising consumption of sausages via retail channels on account of taste, texture, and convenience are anticipated to spur product demand across the globe.
- Soy-based product segment accounted for more than 48.55% of the revenue share in the market in 2022, owing to its protein-rich content and widespread popularity.
- The rising trend of a vegan diet in European countries has pushed the demand for plant-based meat products in the region. The U.K., known for a variety of fresh and high-quality meat delicacies is now home to the largest vegan population in the world.
- In June 2020, Starbucks, in collaboration with Impossible Foods Inc., introduced the Impossible Breakfast Sandwich to its menu in most of its locations in the U.S. The sandwich is made withplant-based sausage and was launched as part of the Starbuck sustainability initiative to meet the rising consumer interest in the plant-based options
Plant-based meat market growth & trends
The growing concern of consumers regarding animal welfare and greenhouse gas emission created by the distinguished practices of the meat industry, together with celebrity endorsements of vegan/vegetarian diets are projected to augment the demand for plant-based meat products in the global market.
The plant based meat is predominantly consumed in the Hotel/Restaurant/Café (HORECA) sector. Key companies in the industry are collaborating with fast-food joints and restaurant chains to promote the adoption of their products. For instance, fast-food joints such as Burger King, MacDonald’s, and Subway are launching new vegan meat products to capitalize on the industry dominated by health-conscious customers.
The plant based burgers are likely to exhibit steady growth over the upcoming years on account of rising consumer concerns regarding conventional meat products in the wake of the coronavirus pandemic. The plant-based burgers are known to offer low-gluten and low-fat contents, which makes them a highly favoured product amongst health-conscious individuals.
Europe region holds the largest share in the plant-based meat market
The European plant-based meat market accounted for the largest market share in 2020. This dominance is attributed to the rising health concerns among consumers regarding meat products and the exponentially growing veganism trend in the region. Furthermore, European plant-based meat manufacturers focus on developing innovative products backed by appropriate research and development facilities available in the region. Several European retailers and supermarkets have added plant-based meat products to their product range to cater to the rising demand for plant-based meat products across the region.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as Beyond Meat (US), Kellogg Company (US), Impossible Foods Inc. (US), Maple Leaf Foods (Canada), Unilever (UK), Conagra Foods (US), Tofurky (US), Gold&Green Foods Ltd (Finland), Sunfed (New Zealand), and Monde Nissin (Philippines).