The plant-based meat market is anticipated to achieve a valuation of USD 4,895.9 million in 2023, with a projected CAGR of 4.6% from 2023 to 2033. By 2033, the global market for plant-based meat is expected to reach approximately USD 7,634.0 million.

Since they are made to resemble the qualities of actual meat, plant-based meat products are regarded as meat alternatives. Plant-based meats provide consumers with a wider variety of meat substitutes than meat products do, most of which are more environmentally friendly and sustainable.

Utilizing plants and other non-animal products, they are made to resemble meat in terms of taste, appearance, and desire. Plant-based meats are made to resemble meat in terms of texture, flavor, and appearance.

A wide variety of sectors have recently experienced tremendous expansion on the worldwide market thanks to digitalization. Several manufacturers of plant-based meat are choosing online platforms for the advertising and sale of their products due to increased internet usage and convenience of online transactions.

Various customers prefer making purchases through online retailers, which motivates companies to have a presence there. In more recent times, other venues such as specialty shops and meal delivery services, have also appeared.

Rising health problems, along with increasing awareness regarding environmental well-being, is leading to the rising demand for plant based meat to be used in food & beverages products. Consumption of plant based meat is expected to rise steadily in developing countries in the next ten years, with further export opportunities. With increasing awareness, the consumer base is shifting towards organic and non-GMO products as they believe that food should be natural.

Key Takeaways from the Plant Based Meat Market Study

• Soy segment is projected to be the most popular source in the global plant based meat market by 2033.
• The plant-based chicken segment by type is likely to garner a significant plant based meat market share by 2023.
• The plant based meat market is projected to exhibit considerable growth at a CAGR of 4.6% from 2023 to 2033.
• In Asia Pacific, India is expected to remain at the forefront by generating a lion’s share through 2033.
• The United Kingdom plant based meat market is predicted to experience a rapid growth rate in the next ten years.

Competitive Landscape

The plant-based meat market is experiencing intense competition driven by growing consumer demand for sustainable and cruelty-free protein alternatives. Leading companies have expanded their market presence through innovative product development and strategic partnerships with prominent retailers and fast-food chains. Established food giants have also joined the fray, launching their own plant-based meat brands to capitalize on the trend.

New entrants in the plant-based meat sector further intensify the competition by focusing on niche markets and specialized formulations. The battle for market share is now centered on securing distribution channels and global reach, with companies striving for prominent shelf space in supermarkets and fast-food menus. In this evolving landscape, agility and sustainability are crucial for long-term success, as regulatory changes and shifting consumer preferences continue to shape the growth of the meat substitute market.

Key Plant-based Meat Manufacturers

• Beyond Meat
• Impossible Foods Inc.
• Maple Leaf Foods (Field Roast & Maple Leaf)
• Vegetarian Butcher Conagra, Inc. (Gardein Protein International)
• Kellogg NA Co. (MorningStar Farms)
• Quorn
• Amy's Kitchen, Inc.
• Tofurky
• Gold&Green Foods Ltd.
• Sunfed
• VBites Foods Limited
• Kraft Foods, Inc.

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Market Segmentation

By Product:

• Burger
• Patties
• Nuggets
• Sausages
• Strips
• Meatballs
• Grounds
• Tenders
• Cutlets
• Other

By Type:

• Chicken
• Pork Beef
• Fish

By End Use:

• Hotel
• Restaurant
• Cafe

By Source:

• Soy
• Pea
• Wheat

By Storage:

• Refrigerate
• Frozen
• Shelf-Stable

By Distribution Channel:

• Food Retail
• Food Service
• E-Commerce
• Hotel/Restaurant/Café

By Feature:

• Texture
• Flavor
• Aroma

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• The Middle East and Africa