The Plant-based Meat Market is expected to reach $27.14 billion by 2031
The plant-based
meat market is anticipated to achieve a
CAGR of 13.9% from 2024 to 2030, reaching $24.01 billion by the end of the
period. This growth is largely driven by changing lifestyles and an increase in
health-conscious consumers, which is boosting the popularity of plant-based
meat products. Factors contributing to this growth include the rising
preference for plant-based foods, an expanding vegan population, a greater
focus on animal welfare, and increased demand for alternative proteins.
Moreover, innovations in food technology and new product launches by
manufacturers are expected to further drive market growth. However, preferences
for soy and gluten-free products, along with a strong preference for
animal-based products, may pose challenges to market growth.
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Key Market Players
The competitive landscape of
the plant-based meat market includes key players such as Beyond Meat Inc.
(U.S.), Impossible Foods Inc. (U.S.), The Hain Celestial Group, Inc. (U.S.),
Unilever Plc (U.K.), Kellogg Company (U.S.), Lightlife Foods, Inc. (Canada),
Nestlé S.A. (Switzerland), Conagra Brands, Inc. (U.S.), Taifun–Tofu GmbH
(Germany), Atlantic Natural Foods LLC (U.S.), VBites Food Ltd (U.K.), Sunfed
Meats (New Zealand), Quorn Foods (U.K.), Ojah B.V. (Netherlands), and The Kraft
Heinz Company (U.S.).
Rising Veganism and Market
Impact
The rise of veganism is a
significant trend driving the demand for plant-based meat. In 2021, around 10%
of the global population was vegetarian, with a notable percentage of
millennials identifying as vegan. The European vegan population has doubled over
the last four years, reflecting a growing demand for plant-based food
alternatives, including baked goods and snacks. This shift towards veganism,
driven by health, environmental, and animal welfare concerns, is expected to
significantly boost the plant-based meat market.
Product Segment Analysis
Tofu is projected to dominate
the plant-based meat market in 2024, due to its low cost, high protein content,
and health benefits such as cholesterol reduction. However, the hot dogs and
sausages segment is expected to grow the fastest, driven by their popularity as
ready-to-eat foods and new product launches.
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Regional Insights
North America is expected to
lead the plant-based meat market in 2024, driven by high protein diet
awareness, concerns over contaminated meat, and substantial investments in
plant-based meat production. The Asia-Pacific region is forecasted to grow at
the highest CAGR, supported by rising incomes, urbanization, health-focused
diets, and government initiatives in the food industry.
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