Plant Based Meat Market Size, Share, And Growth 2032

Plant Based Meat Market Size

The global plant based meat market size was worth around USD 11.32  billion in 2023 and is predicted to grow to around USD 39.19  billion by 2032 with a compound annual growth rate (CAGR) of roughly 14.8% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD billion). The report covers a forecast and an analysis of the Plant Based Meat market on a global and regional level.

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Plant Based Meat Market Overview

Plant-based meat is anything that mimics traditional meat but is made entirely using plant ingredients. It is mainly consumed by vegetarians and vegans. Fake meat has evolved into a popular trend on menu card at large. Attempts to create plant-based substitutes for meat have been made since the days of tofu. Despite the rising awareness of inefficiencies associated with the livestock production and other harmful effects of animal agriculture at the industrial-scale, the world is likely to consume more meat per capita this year than ever before. This is a major factor boosting the plant based meat market globally. Companies have come up with different substitutes to ensure that there is sufficient meat supply in the future and cater to the vegetarian or vegan population simultaneously.

The growing concerns regarding the environmental impact and sustainability of the meat industry are the major growth driver of the global plant based meat market. The growing concerns regarding the sustainability of livestock production, meat availability, and change in food preferences have led to many people opting for meat substitutes. This has immensely benefitted the plant based meat market globally. In addition, the science behind making plant based meat has also improved and allowed manufacturers to experiment and come up with the perfect meat substitute. The changes in manufacturers’ outlooks along with more emphasis being placed on manufacturing plant based meat are also boosting the global plant based meat market. However, high production cost and difficult product availability may restrain the plant based meat market globally. Considering the change in food preferences and growing advancements made in the food industry, numerous opportunities for market growth are expected in the future.

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The study includes drivers and restraints of the plant based meat market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the plant based meat market on a global level.

In order to give the users of this report a comprehensive view of the plant based meat, we have included a competitive landscape and an analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

The report provides company market share analysis to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product launch, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the market on a global and regional basis. Moreover, the study covers price trend analysis and the product portfolio of various companies according to the region.

Plant Based Meat Market Segmentation

The study provides a decisive view of the plant based meat market based on product type, source, end-use, distribution channel, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

On the basis of product type, the market is segmented into tofu, seitan, RTC/RTE, tempeh, and natto.

By source, the market is divided into mycoprotein, soy, wheat, and others.

Based on end-user, the market is bifurcated into retail and industrial.

The distribution channel segment comprises of business-to-business and business-to-consumer (convenience stores, traditional stores, food & drink specialty stores, modern groceries, and online retail).

Plant Based Meat Market: Report Scope

Plant Based Meat Market Regional Analysis

The regional segment includes the historical and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. 

By region, Asia Pacific is expected to hold a major share of the global plant based meat market in the future, owing to the growing preference for plant based substitutes, such as tofu and tempeh across various Asian countries like China and India. North America held a significant share of the global plant based meat market in 2023.

Plant Based Meat Market Key Players Analysis

Some major players of the global plant based meat market are

• E. I. du Pont de Nemours and Company
• Morningstar Farms LLC
• Beyond Meat
• Archer Daniels Midland Company
• Amy’s Kitchen Inc.
• Garden Protein International Inc.
• Quorn Foods Inc.
• Parabel USA Inc.
• Impossible Foods Inc.

This report segments the global plant based meat market into:

Global Plant Based Meat Market: Product Type Analysis

• Tofu
• Tempeh
• Seitan
• RTC/RTE
• Natto

Global Plant Based Meat Market: Source Analysis

• Soy
• Wheat
• Mycoprotein
• Others

Global Plant Based Meat Market: End-Use Analysis

• Retail
• Industrial

Global Plant Based Meat Market: Distribution Channel Analysis

• Business-to-Business
• Business-to-Consumer
  • Modern Groceries
  • Convenience Stores
  • Food and Drink Specialty Stores
  • Traditional Stores
  • Online Retail

Global Plant Based Meat Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa