Plant-based Meat Market to Reach $27.14 Billion by 2031

The plant-based meat market is expected to grow at a CAGR of 13.9% from 2024 to 2030, reaching a valuation of $24.01 billion. This growth is driven by shifting consumer lifestyles and an increasing number of health-conscious individuals favoring plant-based meat products. Key growth drivers include the rising preference for plant-based diets, an increasing vegan population, heightened focus on animal welfare, and the growing demand for alternative proteins. Innovations in food technology and product introductions by manufacturers are also anticipated to create substantial growth opportunities. Nevertheless, consumer preferences for soy and gluten-free products, as well as a strong preference for animal-based products, may impede market growth.

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Leading Market Participants

Key players in the 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. (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.).

Impact of Increasing Veganism

The global shift towards veganism is a significant factor driving the plant-based meat market. In 2021, approximately 10% of the global population was vegetarian, with a considerable portion of millennials identifying as vegan. The vegan population in Europe has doubled in recent years, reflecting a strong demand for plant-based alternatives. This trend, fueled by health and environmental concerns as well as compassion for animals, is expected to continue driving market growth.

Segment Highlights

Tofu is expected to lead the plant-based meat market in 2024, owing to its affordability, high protein content, and health benefits such as lowering cholesterol levels. Conversely, the hot dogs and sausages segment is forecasted to grow at the fastest rate, driven by their ready-to-eat convenience and new product introductions.

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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.

Regional Market Dynamics

North America is projected to dominate the plant-based meat market in 2024, supported by a high awareness of protein-rich diets, concerns about meat contamination, and significant investments in plant-based meat production. The Asia-Pacific region is expected to register the highest growth rate, driven by rising disposable incomes, urbanization, health-conscious diets, and supportive government policies.


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Furthermore, innovation in food technology and product launches by plant-based food and alternative protein manufacturers are expected to create market growth opportunities. However, consumer preference for soy and gluten-free products and significant preference for animal-based products are expected to hinder the growth of this market to some extent

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This release was published on openPR.