(Food-Beverage-News.Com, March 11, 2025 ) Global Plant-based Meat Market reached USD 5.6 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 21.7 billion by 2031. The market is expected to exhibit a CAGR of 20.2% during the forecast period (2024-2031).
Market Dynamics Rising Health Consciousness to Drive Demand for Vegan Food The increasing awareness of the health benefits associated with veganism has significantly boosted the global market for plant-based meat in recent years. Consumers are increasingly seeking vegetarian alternatives that are low in processed saturated fats while being rich in fiber, vitamin C, and iron.
Additionally, ongoing innovation by manufacturers to enhance the shelf life, texture, aroma, and nutritional value of plant-based meat products is expected to further drive market expansion.
The growing popularity of diverse plant-based meat alternatives, including plant-based beef, pork, poultry, and seafood, is broadening the market landscape. The demand for chilled plant-based meat is also witnessing exponential growth, signaling a shift in merchandising strategies and product innovation within the industry. This trend is expected to continue throughout the forecast period (2023–2030), reinforcing the strong momentum of the plant-based meat market.
Market Segments • By Product (Sausages, Burgers, Crumbles, Nuggets, Meatballs, Others) • By Meat Type (Pork, Beef, Chicken, Fish) • By Source (Soybeans, Wheat, Quinoa, Peanut, Oats, Others) • By End User (Retail, HORECA (Hotels, Restaurants, Cafes)) • By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
Market Regional Share North America Leads the Plant-Based Meat Market In 2022, North America accounted for the largest share—44%—of the global plant-based meat market. This dominance is driven by the rising prevalence of obesity and diabetes, prompting consumers to seek healthier food alternatives. Plant-based meat products offer fewer calories compared to traditional animal meat, making them an increasingly popular choice among health-conscious individuals.
According to a survey conducted by Harvard University, approximately 69% of U.S. adults are overweight or obese, with 36% classified as obese. This growing health concern has fueled the demand for plant-based meat, reinforcing North America's position as the leading market for these products.
Key Market Players Key players are Beyond Meat, Impossible Foods Inc., Amy's Kitchen, Inc., Garden Protein International, Inc., Quorn Foods, Inc., Lightlife Foods, MorningStar Farms (The Kellogg Company), Tofurky, VBites Foods Limited, and Before the Butcher.
Recent Developments • In April 2023, Meat. The End, an Israel-based food-tech company that manufactures texturized proteins along with a range of meat analogs that includes nuggets and burgers which are offered at Burger King Israel, and the company stated that it has developed the first-ever burger made from texturized chickpea protein. • In April 2023, The U.K. based company, Greggs launched a new edition of the vegan option, the Mexican Chicken-Free Bake, that contains the chicken-style pieces produced by meat brand THIS, which also worked with Greggs for Vegan Turkey and Baguette.
