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The Global Plant-based Meat Market is valued at approximately USD 7.1 billion in 2023 and is anticipated to grow with an impressive CAGR of 19.4% over the forecast period 2024-2032. Plant-based meat represents a dynamic shift in the food industry, offering consumers an alternative to traditional meat products while addressing environmental concerns, health considerations, and ethical preferences. These products, derived from soy, pea, and other protein sources, are meticulously crafted to mimic the taste, texture, and nutritional profile of conventional meat. With the escalating demand for sustainable food solutions and the growing global population, plant-based meat has cemented itself as a vital innovation for addressing future food security.
The market’s growth is driven by several transformative factors. The increasing awareness regarding the environmental impact of animal agriculture, coupled with consumer preference for healthier food options, is propelling the demand for plant-based alternatives. Major food chains and retailers are integrating plant-based meat options into their menus and shelves, further amplifying market penetration. Additionally, advancements in food technology, such as the development of novel protein isolates and fermentation methods, are revolutionizing product quality and scalability. However, challenges such as high production costs, taste optimization, and consumer skepticism in emerging markets could temper the growth potential.
The regional dynamics highlight the global appeal and adoption of plant-based meat. North America continues to dominate the market due to a strong presence of key players and widespread consumer acceptance of plant-based products. The region also benefits from proactive marketing campaigns and significant investments in innovation by companies like Beyond Meat and Impossible Foods. Meanwhile, Europe is emerging as a frontrunner in regulatory support for sustainable food practices and increased adoption across retail and HORECA sectors. On the other hand, the Asia Pacific region is poised to witness the fastest growth, fueled by rising health consciousness, urbanization, and an expanding middle class with disposable income.
Major players in the plant-based meat industry are intensifying their efforts to capture a larger market share through partnerships, innovative product launches, and strategic acquisitions. These companies are focusing on delivering high-quality, diverse, and affordable products while expanding their distribution networks. By collaborating with food service providers and leveraging digital platforms, they are ensuring sustained growth and increased consumer reach.
Major market players included in this report are:
1. Beyond Meat
2. Impossible Foods Inc.
3. Maple Leaf Foods
4. Nestlé S.A.
5. Tyson Foods, Inc.
6. Kellogg’s Company
7. Conagra Brands, Inc.
8. The Vegetarian Butcher (Unilever)
9. MorningStar Farms
10. Tofurky Co.
11. Amy’s Kitchen
12. Gardein (Conagra)
13. Good Catch
14. Quorn Foods
15. Lightlife Foods
The detailed segments and sub-segment of the market are explained below:
By Source
• Soy
• Wheat
• Blends
• Pea
By Product
• Burgers
• Sausages
• Patties
• Nuggets
• Tenders & Cutlets
• Grounds
• Others
By Type
• Chicken
• Pork
• Beef
• Fish
• Others
By End User
• Retail
• HORECA (Hotel, Restaurant, Cafe/Catering)
By Storage
• Refrigerated
• Frozen
• Shelf-stable
By Region:
North America
• U.S.
• Canada
Europe
• UK
• Germany
• France
• Spain
• Italy
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Rest of Asia Pacific
Latin America
• Brazil
• Mexico
Middle East & Africa
• Saudi Arabia
• South Africa
• Rest of Middle East & Africa
Years considered for the study are as follows:
• Historical Year: 2022
• Base Year: 2023
• Forecast Period: 2024 to 2032
Key Takeaways:
• Comprehensive market estimates and forecasts for a decade.
• Regional insights with detailed country-level analysis.
• Thorough competitive landscape analysis and business strategies of key players.
• Actionable recommendations for stakeholders to capitalize on market opportunities.
• An in-depth analysis of supply and demand trends shaping the market.
Table of Contents
Chapter 1. Global Plant-based Meat Market Executive Summary
1.1. Global Plant-based Meat Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
1.3.1. By Source
1.3.2. By Product
1.3.3. By Type
1.3.4. By End User
1.3.5. By Storage
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion
Chapter 2. Global Plant-based Meat Market Definition and Research Assumptions
2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
2.3.1. Inclusion & Exclusion
2.3.2. Limitations
2.3.3. Supply Side Analysis
2.3.3.1. Availability
2.3.3.2. Infrastructure
2.3.3.3. Regulatory Environment
2.3.3.4. Market Competition
2.3.3.5. Economic Viability (Consumer’s Perspective)
2.3.4. Demand Side Analysis
2.3.4.1. Regulatory Frameworks
2.3.4.2. Technological Advancements
2.3.4.3. Environmental Considerations
2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates
Chapter 3. Global Plant-based Meat Market Dynamics
3.1. Market Drivers
3.1.1. Rising Environmental Concerns over Animal Agriculture
3.1.2. Growing Consumer Preference for Healthy and Sustainable Food Options
3.1.3. Technological Advancements in Plant-based Meat Production
3.1.4. Increased Investment and Partnerships in the Industry
3.2. Market Challenges
3.2.1. High Production Costs of Plant-based Meat Products
3.2.2. Taste and Texture Optimization Challenges
3.2.3. Consumer Skepticism in Emerging Markets
3.3. Market Opportunities
3.3.1. Expansion into Emerging Economies
3.3.2. Development of Novel Protein Sources
3.3.3. Collaborations with Food Service Providers
Chapter 4. Global Plant-based Meat Market Industry Analysis
4.1. Porter’s Five Forces Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s Five Forces Model
4.1.7. Porter’s Five Forces Impact Analysis
4.2. PESTEL Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.2.5. Environmental
4.2.6. Legal
4.3. Top Investment Opportunities
4.4. Top Winning Strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion
Chapter 5. Global Plant-based Meat Market Size & Forecasts by Source 2022-2032
5.1. Segment Dashboard
5.2. Global Plant-based Meat Market: Source Revenue Trend Analysis, 2022 & 2032 (USD Billion)
5.2.1. Soy
5.2.2. Wheat
5.2.3. Blends
5.2.4. Pea
Chapter 6. Global Plant-based Meat Market Size & Forecasts by Product 2022-2032
6.1. Segment Dashboard
6.2. Global Plant-based Meat Market: Product Revenue Trend Analysis, 2022 & 2032 (USD Billion)
6.2.1. Burgers
6.2.2. Sausages
6.2.3. Patties
6.2.4. Nuggets
6.2.5. Tenders & Cutlets
6.2.6. Grounds
6.2.7. Others
Chapter 7. Global Plant-based Meat Market Size & Forecasts by Type 2022-2032
7.1. Segment Dashboard
7.2. Global Plant-based Meat Market: Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
7.2.1. Chicken
7.2.2. Pork
7.2.3. Beef
7.2.4. Fish
7.2.5. Others
Chapter 8. Global Plant-based Meat Market Size & Forecasts by End User 2022-2032
8.1. Segment Dashboard
8.2. Global Plant-based Meat Market: End User Revenue Trend Analysis, 2022 & 2032 (USD Billion)
8.2.1. Retail
8.2.2. HORECA (Hotel, Restaurant, Cafe/Catering)
Chapter 9. Global Plant-based Meat Market Size & Forecasts by Storage 2022-2032
9.1. Segment Dashboard
9.2. Global Plant-based Meat Market: Storage Revenue Trend Analysis, 2022 & 2032 (USD Billion)
9.2.1. Refrigerated
9.2.2. Frozen
9.2.3. Shelf-stable
Chapter 10. Global Plant-based Meat Market Size & Forecasts by Region 2022-2032
10.1. North America Plant-based Meat Market
10.1.1. U.S. Plant-based Meat Market
10.1.1.1. Source Breakdown Size & Forecasts, 2022-2032
10.1.1.2. Product Breakdown Size & Forecasts, 2022-2032
10.1.1.3. Type Breakdown Size & Forecasts, 2022-2032
10.1.1.4. End User Breakdown Size & Forecasts, 2022-2032
10.1.1.5. Storage Breakdown Size & Forecasts, 2022-2032
10.1.2. Canada Plant-based Meat Market
10.1.2.1. Source Breakdown Size & Forecasts, 2022-2032
10.1.2.2. Product Breakdown Size & Forecasts, 2022-2032
10.1.2.3. Type Breakdown Size & Forecasts, 2022-2032
10.1.2.4. End User Breakdown Size & Forecasts, 2022-2032
10.1.2.5. Storage Breakdown Size & Forecasts, 2022-2032
10.2. Europe Plant-based Meat Market
10.2.1. UK Plant-based Meat Market
10.2.1.1. Source Breakdown Size & Forecasts, 2022-2032
10.2.1.2. Product Breakdown Size & Forecasts, 2022-2032
10.2.1.3. Type Breakdown Size & Forecasts, 2022-2032
10.2.1.4. End User Breakdown Size & Forecasts, 2022-2032
10.2.1.5. Storage Breakdown Size & Forecasts, 2022-2032
10.2.2. Germany Plant-based Meat Market
… (Similar breakdown as above)
10.2.3. France Plant-based Meat Market
10.2.4. Spain Plant-based Meat Market
10.2.5. Italy Plant-based Meat Market
10.2.6. Rest of Europe Plant-based Meat Market
10.3. Asia Pacific Plant-based Meat Market
10.3.1. China Plant-based Meat Market
… (Similar breakdown as above)
10.3.2. India Plant-based Meat Market
10.3.3. Japan Plant-based Meat Market
10.3.4. Australia Plant-based Meat Market
10.3.5. South Korea Plant-based Meat Market
10.3.6. Rest of Asia Pacific Plant-based Meat Market
10.4. Latin America Plant-based Meat Market
10.4.1. Brazil Plant-based Meat Market
… (Similar breakdown as above)
10.4.2. Mexico Plant-based Meat Market
10.4.3. Rest of Latin America Plant-based Meat Market
10.5. Middle East & Africa Plant-based Meat Market
10.5.1. Saudi Arabia Plant-based Meat Market
… (Similar breakdown as above)
10.5.2. South Africa Plant-based Meat Market
10.5.3. Rest of Middle East & Africa Plant-based Meat Market
Chapter 11. Competitive Intelligence
11.1. Key Company SWOT Analysis
11.1.1. Beyond Meat
11.1.2. Impossible Foods Inc.
11.1.3. Nestlé S.A.
11.2. Top Market Strategies
11.3. Company Profiles
11.3.1. Beyond Meat
11.3.1.1. Key Information
11.3.1.2. Overview
11.3.1.3. Financial (Subject to Data Availability)
11.3.1.4. Product Summary
11.3.1.5. Market Strategies
11.3.2. Impossible Foods Inc.
11.3.3. Maple Leaf Foods
11.3.4. Tyson Foods, Inc.
11.3.5. Kellogg’s Company
11.3.6. Conagra Brands, Inc.
11.3.7. The Vegetarian Butcher (Unilever)
11.3.8. MorningStar Farms
11.3.9. Tofurky Co.
11.3.10. Amy’s Kitchen
11.3.11. Gardein (Conagra)
11.3.12. Good Catch
11.3.13. Quorn Foods
11.3.14. Lightlife Foods
11.3.15. Maple Leaf Foods
Chapter 12. Research Process
12.1. Research Process
12.1.1. Data Mining
12.1.2. Analysis
12.1.3. Market Estimation
12.1.4. Validation
12.1.5. Publishing
12.2. Research Attributes
At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
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Data Collection:
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Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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