Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
---|---|---|---|
USD 7.2 Million | USD 35.7 Million | 19.5% | 2023 |
FrequentlyAsked Questions
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.
Growing consumer awareness of sustainability, animal welfare, and health issues is propelling the market for plant-based meat substitutes to rapid growth. Another factor driving this trend is the development of flexitarian diets, in which people opt to consume less meat but still like the flavor and texture of meat products. A wide range of products that appeal to a wide audience results from ongoing innovation in this sector by established food corporations and startups.
According to the report, 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.
The global plant-based meat alternatives market is expected to grow at a CAGR of 19.5% during the forecast period.
The global plant-based meat alternatives market growth is expected to be driven by North America. It is currently the world’s highest revenue-generating market due to the growing demand for plant-based diets.
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) and Trader Joe's among others.
The plant-based meat alternatives market report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, sentiment analysis, PESTLE analysis, trend analysis, SWOT analysis, trade area analysis, demand & supply analysis, Porter’s five forces analysis, and value chain analysis.
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