The Rise of Plant-Based Meat: Market Dynamics and Consumer Preferences

The plant-based meat market is projected to achieve a CAGR of 13.9% from 2024 to 2030, reaching $24.01 billion by 2030. This growth is driven by changing lifestyles and an increasing number of health-conscious consumers who favor plant-based meat products. The market expansion is largely due to the rising preference for plant-based foods, a growing vegan population, an increased focus on animal welfare, and higher demand for alternative proteins.

Additionally, advancements in food technology and new product launches by manufacturers of plant-based foods and alternative proteins are expected to create growth opportunities. However, the preference for soy and gluten-free products and a significant inclination towards animal-based products may hinder market growth to some extent.

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Key Players
The report provides a competitive landscape based on a comprehensive assessment of the key strategic developments by leading market participants in the plant-based meat market. Key players in the global plant-based meat market include 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. (Part of Maple Leaf Foods Inc., Canada) (U.S.), 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.).

Growing Vegan Population
Veganism has been expanding in developed countries, driven by health and environmental concerns and compassion for animals. In recent years, there has been a significant shift towards vegetarianism and veganism globally. In 2021, approximately 10% of the global population was vegetarian. By 2020, 40% of millennials identified as vegan, with Baby Boomers and Generation X accounting for 21% each, and only 2% of seniors considering themselves vegan.

In Europe, the number of vegans doubled from 1.3 million to an estimated 2.6 million over the past four years, representing 3.2% of the European population in 2021. Many vegan Europeans expressed a desire for more vegan alternatives for sausages, cold cuts, and cheese substitutes. There is also a growing demand for plant-based baked goods and snacks.

According to the Academy of Nutrition and Dietetics, well-planned vegetarian diets are healthy and nutritionally adequate, reducing the risk of conditions like ischemic heart disease, Type 2 diabetes, hypertension, certain types of cancer, and obesity. Therefore, the growing vegan population and increasing consumer preference for plant-based foods are expected to drive demand for plant-based meat.
Key Findings in the Plant-Based Meat Market Study:
Tofu Segment to Dominate the Plant-Based Meat Market in 2024

Based on type, the global plant-based meat market is segmented into tofu, TVP, burger patties, tempeh, hot dogs and sausages, seitan, meatballs, ground meat, nuggets, crumbles, shreds, and other plant-based meat. The tofu segment is expected to hold the largest market share in 2024, attributed to its low cost, easy availability, and high protein content, including all essential amino acids. The rising health and wellness trend further boosts demand for tofu, known for its cholesterol-lowering effects.

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However, the hot dogs and sausages segment is projected to grow at the fastest CAGR during the forecast period due to their popularity as ready-to-eat food, new product launches, and increasing availability in restaurants.
Soy Segment to Dominate the Plant-Based Meat Market in 2024

Based on source, the global plant-based meat market is segmented into soy, wheat, pea, and other sources. The soy segment is expected to hold the largest market share in 2024 due to rising demand from meat alternatives manufacturers, wide availability of raw materials, lower cost compared to other sources, extensive usage in plant-based meat products, and higher consumer acceptance due to its meat-like texture and taste.

However, the pea segment is expected to register the highest CAGR during the forecast period. This growth is attributed to the high protein content of peas, rising investments from leading manufacturers to increase pea protein production, and consumer preference for allergen-free, gluten-free, and lactose-free products.

Business-to-Consumer Segment to Dominate the Plant-Based Meat Market in 2024
Based on distribution channel, the plant-based meat market is segmented into business-to-business (B2B) and business-to-consumer (B2C). The B2C segment is expected to hold the largest market share in 2024, driven by rising online sales, increased sales in supermarkets and hypermarkets, and higher consumer spending on vegan food products.

North America: The Leading Regional Market
The plant-based meat market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest market share, attributed to high awareness of protein-rich diets, consumer awareness of the risks associated with consuming contaminated meat products, and rising investments in plant-based meat production.

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However, Asia-Pacific is projected to register the highest CAGR during the forecast period, driven by rising disposable income, improving living standards, rapid urbanization, a growing focus on healthy diets, the presence of key market players, and government initiatives for the food industry.

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This release was published on openPR.