Plant-Based Meat Alternatives Market Size, Share, Analysis, Trends, Growth, 2032

Plant-Based Meat Alternatives Industry Prospective:

The global plant-based meat alternatives market size was worth around USD 7.2 billion in 2023 and is predicted to grow to around USD 35.7 billion by 2032 with a compound annual growth rate (CAGR) of roughly 19.5% between 2024 and 2032.

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Plant-Based Meat Alternatives Market: Overview

Meals called "plant-based meat alternatives" are produced solely from elements found in plants and are intended to mimic the flavor, texture, and nutritional makeup of traditional meat. Grains, vegetables, plant proteins, and other natural substances are commonly used to create these substitutes. Both vegetarians and flexitarians who want to cut back on meat for moral, ethical, or health-related reasons will find them tempting since they strive to offer a gastronomic experience comparable to meat.

Key Insights

• As per the analysis shared by our research analyst, the global plant-based meat alternatives market is estimated to grow annually at a CAGR of around 19.5% over the forecast period (2024-2032).
• In terms of revenue, the global plant-based meat alternatives market size was valued at around USD 7.2 billion in 2023 and is projected to reach USD 35.7 billion by 2032.
• The increasing demand for plant-based diets is expected to drive the Plant-Based Meat Alternatives industry over the forecast period.
• Based on the source, the soy segment is expected to dominate the market over the forecast period.
• Based on the product, the burger segment is expected to hold a significant market share over the projected period.
• Based on region, North America is expected to dominate the market during the forecast period.

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Plant-Based Meat Alternatives Market: Growth Drivers

The rising number of health-conscious consumers drives market growth

The growing number of flexitarians and vegetarians—roughly 4.98 million vegetarians globally—who seek to reduce their risk of chronic illnesses are increasing the consumption of plant-based meat. Furthermore, 3.8 million of them came from India, a nation where people typically favor eating meat-like items as a healthier substitute for meat. Another important growth-inducing element is the increasing number of plant-based start-ups like Vbites, KBW Ventures, and Fazenda Futuro, as well as the growing expatriate community in many countries. These factors are drawing buyers towards plant-based meat.

Plant-Based Meat Alternatives Market: Restraints

High cost of plant-based meat substitutes hinders market growth

Meat substitutes, such as plant-based meat substitutes, are far more costly than animal meat products. For instance, a plant-based meat burger costs about twice as much at retail in the United States as an animal meat burger. These burgers used to be more expensive due to their high demand in a narrow market, but things have changed with time, and prices will probably drop significantly in the near future. It is projected that as the product's demand increases, the infrastructure needed for production will advance and lead to cost savings. In comparison to prior years, a number of manufacturing companies have been able to acquire greater funding, which has allowed them to attain economies of scale and ultimately lower overall costs. Thus, the high cost hinders the plant-based meat alternatives market.

Plant-Based Meat Alternatives Market: Opportunities

Growing product launch offers a lucrative opportunity for market growth

The growing product launch is expected to flourish the global plant-based meat alternatives industry over the projected period. For instance, in September 2023, with the introduction of Vertera® ProBite, a product that will progress the plant-based meat industry by eliminating the need for producers to utilize undesirable texturizers in favor of a natural substitute, currently represents a significant turning point in the development of plant-based meat innovation.

Vertera® ProBite, created by multinational biosolutions supplier Novozymes, will help consumers overcome their main worries about texture and lengthy ingredient lists, enabling more people to transition from traditional meat to plant-based substitutes. The introduction of this product marks a critical turning point for the plant-based meat industry. By addressing the texture issue and enabling a more user-friendly label, Vertera® ProBite has the potential to completely transform the consumer experience.

Plant-Based Meat Alternatives Market: Challenges

Competition from traditional meat and hybrid products poses a major challenge to market expansion

The protein market is still dominated by the conventional meat sector, and plant-based substitutes may find it challenging to capture a sizable portion of the market due to ingrained dietary habits. To provide consumers who aren't ready to make the whole transition to plant-based products with a compromise, some companies are also investigating hybrid products that blend traditional meat with plant-based ingredients. The 100% plant-based alternatives may face competition from these hybrid possibilities. Thus, posing a major challenge for the plant-based meat alternatives sector.

Plant-Based Meat Alternatives Market: Segmentation

The global plant-based meat alternatives industry is segmented based on source, product, type, end user, storage, and region.

Based on the source, the global plant-based meat alternatives market is segmented into soy, peas, wheat, and others. The soy segment is expected to dominate the market over the forecast period. The complete protein profile that soy protein offers, comprising all essential amino acids required for human nourishment, is obtained from soybeans. Its interesting nature will appeal to customers searching for a healthier alternative to animal-based proteins. Furthermore, goods made from soy may be transformed into a wide range of flavors and textures, making them suitable to use as meat alternatives in ground beef, sausages, and burgers.

However, the peas segment is expected to grow at a rapid rate over the projected period. Pea protein is a viable substitute for animal-derived proteins and an appealing choice for customers looking to achieve their protein demands from plant-based sources since peas provide a high-quality protein profile that includes key amino acids. Pea protein's hypoallergenicity and ease of digestion further increase its allure for those with dietary limitations or sensitivities.

Based on the product, the global plant-based meat alternatives industry is bifurcated into burgers, sausages, patties, nuggets, tenders & cutlets, grounds, and others. The burgers segment is expected to hold a significant market share over the projected period. People are actively looking for filling and healthy substitutes for typical meat products as more and more choose vegetarian or vegan diets for health-related reasons. Plant-based burgers are an appealing alternative that satisfies dietary requirements and offers a sensory experience similar to that of beef burgers due to their well-known format and meat-like characteristics. Besides, sausages are growing at a rapid rate during the analysis period.

Worldwide, sausages are a mainstay of many diets, and plant-based substitutes provide consumers adopting or sticking to a plant-based diet with a recognizable and practical choice. The availability of plant-based sausages that mimic the flavor and texture of conventional meat sausages helps satisfy the nutritional needs of individuals who are considering more flexible options as well as lifelong vegetarians.

Based on the type, the global plant-based meat alternatives market is bifurcated into chicken, pork, beef, fish and others.

Based on the end user, the global plant-based meat alternatives industry is bifurcated into Retail and HORECA (Hotel/Restaurant/Café).

Based on the storage, the global plant-based meat alternatives market is bifurcated into refrigerated plant-based meat, frozen plant-based meat, and shelf-stable plant-based meat.

Plant-Based Meat Alternatives Market: Report Scope

Plant-Based Meat Alternatives Market: Regional Analysis

North America dominates the market over the projected period

North America is expected to lead the global plant-based meat alternatives market growth during the forecast period due to a movement in consumer preferences toward healthier, more sustainable food options. The market for plant-based meat substitutes is expanding quickly in North America. Growing concerns about animal cruelty and the environmental effects of animal agriculture, along with the popularity of plant-based diets like flexitarianism and veganism, have led to an increase in the adoption of this market.

However, the Asia Pacific is expected to grow at a rapid rate over the projected period. Foods derived from plants, like tempeh and tofu, have long been staples in the diets of many Asian nations. The societal comfort level with plant-based diets lays a good groundwork for the acceptance of novel plant-based animal substitutes.

Plant-Based Meat Alternatives Market: Competitive Analysis

The global plant-based meat alternatives market is dominated by players like:

• Maple Leaf Foods (Field Roast & Maple Leaf)
• Beyond Meat
• Impossible Foods Inc.
• Conagra Inc. (Gardein Protein International)
• Vegetarian Butcher
• Kellogg NA Co. (MorningStar Farms
• Quorn
• Amy's Kitchen Inc.
• Tofurky
• Gold&Green Foods Ltd.
• LikeMeat GmbH
• VBites Foods Limited
• Sunfed
• Kraft Foods Inc.
• Lightlife Foods Inc
• Yves Veggie Cuisine (The Hain-Celestial Canada
• ULC)
• Trader Joe's

The global plant-based meat alternatives market is segmented as follows:

By Source

• Soy
• Pea
• Wheat
• Others

By Product

• Burgers
• Sausages
• Patties
• Nuggets
• Tenders & Cutlets
• Grounds
• Others

By Type

• Chicken
• Pork
• Beef
• Fish
• Others

By End User

• Retail
• HORECA (Hotel/Restaurant/Café)

By Storage

• Refrigerated Plant-based Meat
• Frozen Plant-based Meat
• Shelf-stable Plant-based Meat

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa