Plant-based Meat Market Estimated to Reach US$ 36.13 Bn by 2031 - Persistence Market Research

The global plant-based meat market is projected to reach US$36.13 Bn by 2031, growing from US$14.51 Bn recorded in 2024, at a CAGR of 13.9% from 2024 to 2031. The market expansion is primarily fueled by innovations in protein technology, evolving consumer dietary preferences, and increasing focus on sustainable food production.

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Key Market Drivers
Rising Environmental Sustainability Concerns
Growing awareness of the environmental impact of animal agriculture is prompting consumers to shift toward plant-based meat alternatives. Conventional meat production is a major contributor to greenhouse gas emissions, deforestation, and water usage. Plant-based meats offer a more sustainable alternative, requiring significantly fewer natural resources.
Technological Advancements in Protein Processing
Advancements in food science and biotechnology are enhancing the texture, flavor, and nutritional profile of plant-based meats, making them more appealing to consumers. Companies are focusing on novel plant-based proteins, such as pea, mycoprotein, and wheat-based solutions, to mimic the texture of real meat.
Expansion of Product Offerings
Brands are expanding their product lines to include a diverse range of plant-based meats, including burgers, sausages, nuggets, and deli slices. This diversification aligns with consumer demand for variety, further accelerating market growth.
Health and Nutritional Benefits
The increasing prevalence of health-conscious consumers is fueling demand for high-protein, low-fat, and cholesterol-free alternatives to traditional meat. Companies are incorporating additional vitamins, minerals, and essential amino acids to improve the nutritional profile of their products.
Influence of Social Media and Marketing Campaigns
Social media platforms like Instagram, YouTube, and TikTok have played a crucial role in popularizing plant-based diets. Influencers and health advocates are promoting the benefits of plant-based eating, leading to increased adoption among younger, health-conscious consumers.

Market Challenges
Cultural and Dietary Preferences
In some regions, traditional meat consumption is deeply ingrained in cultural and culinary practices. Consumers may resist plant-based alternatives due to perceptions that they lack authenticity in taste and texture.
Sensory Appeal and Taste Perception
Despite advancements in food technology, some consumers still find plant-based meat lacking in sensory appeal compared to traditional meat. Companies are investing in flavor enhancement technologies to bridge this gap.

Future Market Opportunities
Plant-Based Seafood Development
The demand for plant-based seafood alternatives is gaining traction, with companies exploring jackfruit, seaweed, algae, and pea protein to develop substitutes for fish, shrimp, and crab. This segment is expected to open new revenue streams for plant-based meat companies.
Regional Customization of Products
Brands are increasingly focusing on regional customization, developing plant-based versions of local and traditional dishes to cater to diverse consumer tastes. This strategy is expected to enhance market penetration in different global regions.

Regional Market Insights
North America Dominates with Over 38.6% Market Share
North America continues to lead the plant-based meat market, holding a 41.6% share of total sales in 2024. Consumers in the region are increasingly conscious of health risks associated with animal meat, driving demand for plant-based alternatives.
Europe and Asia-Pacific to Witness Significant Growth
Europe is experiencing strong market penetration, with government initiatives promoting sustainable food consumption. Meanwhile, Asia-Pacific is emerging as a key growth region, driven by rising veganism and flexitarian diets in countries like China, India, and Japan.

Competitive Landscape
The plant-based meat market is highly competitive, with both established corporations and emerging startups vying for market share. Leading brands are focusing on new product innovations, strategic collaborations, and aggressive marketing campaigns to expand their footprint.
Key Players in the Market
• Beyond Meat
• Impossible Foods Inc.
• Kellogg Company
• Conagra Brands
• Maple Leaf Foods
• Unilever
• Tofurky
• Gold&Green Foods Ltd
• Sunfed
• Monde Nissin
• VBites Foods Limited
• Lightlife Foods, Inc.
• Quorn Foods
• Field Roast
• Eat JUST

Recent Industry Developments
Alpha Foods Acquired by Livekindly Collective (July 2023)
Alpha Foods joined Livekindly Collective to expand its presence in the U.S., European, and South African markets, capitalizing on the growing demand for meat replacements.
Wakao Foods Expands to the U.S. (June 2023)
Indian plant-based meat company Wakao Foods started shipping its jackfruit-based meat alternatives to the U.S. market, further strengthening its global presence.

Market Segmentation
By Source:
• Soy
• Wheat
• Pea
• Mycoprotein
• Gluten
• Others
By Product Type:
• Burger Patties
• Sausages
• Tempeh
• Tofu
• Pork
• Beef
• Chicken
• Fish
• Others
By Storage Type:
• Frozen
• Refrigerated
• Shelf-Stable
By Distribution Channel:
• Store-Based
o Supermarkets
o Hypermarkets
o Specialty Stores
• Non-Store-Based
o E-commerce
o Direct Sales
By Region:
• North America
• Europe
• Asia-Pacific
• The Middle East and Africa
• Latin America

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This release was published on openPR.