Publication Date: 27-June-25
Plant-based meat has emerged as a potent protein alternative solution catering to the escalated demand for protein amid the increasing population. Plant-based meat capitalizes on several benefits associated with its production and consumption (over traditional meat), including reduced environmental impact, owing to its minimal land and water requirements.

The plant-based meat landscape has transformed significantly since the introduction of tofu-based meat products in China, during the ancient times. Ever since then, with the application of various technologies, the quality of plant-based meat products has been improved remarkably. Considering this shift, along with the surging demand for alternative proteins and positive environmental impact of plant-based meat production, the Plant-based Meat market is poised to witness substantial market growth during the forecast period.

Majority (75%) of the developers were established during the period 1981-2020. Moreover, there has been an increase in the number of developers entering the plant-based meat domain over the past decades, reflecting a stable and enticing industry for the new entrants. Examples of developers established post-2020 include (in reverse chronological order, established post-2021) Bluana Foods (2022), Chi Foods (2022), Final Foods (2022), Foodurama (2022), Funki Foods (2022) Land Lovers (2022), Ordinary Seafood (2022), Paul’s Table (2022), Plant & Bean (2022), Propel Foods (2022), Protivore (2023), Seed to Surf (2022), Shocken Foods (2022) and Switch Foods (2022).

It is worth highlighting that more than 450 plant-based meat products are either made up of legumes or soy as a source of protein. More than 70% of the companies are utilizing freezing as most preferred mode of storage. Frozen plant-based meat products can be easily transported and have longer shelf life compared to any other mode of storage.   Examples of the players providing frozen plant-based meat include (in alphabetical order, based in Canada) Big Mountain Foods, GUSTA, Maple Leaf Foods, Preposterous Food, Sol Cuisine, TMRW Foods, WOOP4 and Yves Veggie Cuisine. This is followed by players utilizing refrigerating mode of storage for plant-based meat (55%).

It is worth mentioning that the number of partnerships inked in this domain has increased over time at a CAGR of 27%, since 2021. Mof the deals (~35%) were distribution agreements, wherein companies partner with other companies to distribute their plant-based meat products across various geographical regions. Notable examples of distribution agreements signed in 2024 include (in reverse chronological order, post January) collaboration between JUICYMARBLES and GoPuff (February 2024), Impossible Foods and US Army Central (February 2024), Before the Butcher and Rosati’s Pizza (February 2024) and HAVREDALS and Performance Food (February 2024).

In addition, a maximum number of collaborations have been inked by players based in North America; of which around 45% deals are intracontinental agreements and close to 25% deals are intercontinental agreements. Further, the majority of the players based in North America signed intercontinental agreements with stakeholders headquartered in Europe (14%), followed by stakeholders headquartered in Asia-Pacific and rest of the world-based (11%). Examples of recent deals signed between players based in North America and Europe include (in reverse chronological order, acquisition) CV Sciences and Cultured Foods (December 2023) and LIVEKINDLY Collective and The Dutch Weed Burger (June 2021). Further, players headquartered in Europe inked 5 intracontinental and 24 intercontinental deals with various stakeholders engaged in this domain.

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