Plant-Based Meat Market to Reach USD 21.7 Bn by 2032 with A Growth Rate of 20.2% - Report by DataM Intelligence

The global plant-based meat market is on a remarkable upward trajectory, reaching USD 5.6 billion in 2022 and projected to climb to an impressive USD 21.7 billion by 2031. This growth represents a robust compound annual growth rate (CAGR) of 20.2% during 2024-2031, underscoring the surging global appetite for sustainable and health-conscious food choices.

Plant-based meat products are increasingly attracting health-conscious consumers seeking lower saturated fats and cholesterol compared to traditional animal-based meats. The shift is further propelled by widespread awareness of plant-based diets' benefits, including reduced risks of heart disease, diabetes, and certain cancers.

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Expanding Consumer Appeal Through Accessibility and Innovation

The once-niche plant-based meat category has rapidly entered the mainstream. Products now span various formats, from ready-to-eat meals and frozen patties to deli slices, suiting diverse culinary preferences and lifestyles. The hospitality sector, including fast-food chains and restaurants, has embraced plant-based meat alternatives, boosting accessibility and visibility among a broader audience.

Manufacturers are continuously innovating to improve texture, aroma, shelf life, and nutritional profiles, making plant-based meats more appealing and competitive against traditional options. These efforts support not only consumer adoption but also repeat purchases, solidifying the segment's long-term viability.

Market Drivers: Health, Sustainability, and Ethical Consumption

Several powerful drivers are fueling the rapid growth of the plant-based meat industry:

Health Benefits: Consumers are increasingly drawn to vegan and vegetarian diets rich in fiber, vitamin C, and iron, while eliminating processed saturated fats.

Sustainability Concerns: Rising global meat demand is straining animal-based food sources, prompting an emphasis on sustainable eating habits, particularly among millennials and Gen X.

Ethical Considerations: Concerns over animal welfare are encouraging consumers to adopt meat-free alternatives.

Trend Adoption: Vegetarianism and veganism continue to expand worldwide, with significant adoption in Europe, North America, and Asia-Pacific.

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Product Type Insights: Burgers and Chicken Dominate

Within the product type categories, plant-based burgers have emerged as a dominant force, holding 46.7% of the market share in 2022. These burgers are crafted to replicate the flavor, texture, and aroma of beef, making them a preferred choice among flexitarians and meat lovers seeking familiar experiences.

Innovative offerings, such as the Impossible Burger and Beyond Meat's Beyond Steak, further blur the line between plant-based and conventional products, enticing more consumers into the segment.

Additionally, plant-based chicken commands approximately 30% market share, topping consumer preferences due to its affordability, high nutritional value, and familiarity. The dominance of burger patties globally-holding about 45% market share-is attributed to their taste similarity to beef, making them highly appealing in countries like the U.S.

Regional Market Highlights

North America Leads Market Revenue

North America accounted for the largest revenue share of 38.0% in 2023. Growing awareness of the health risks linked to high consumption of red and processed meats has led to increased adoption of plant-based alternatives. Consumers in the U.S. prioritize foods high in fiber, vitamin C, and iron while avoiding processed saturated fats.

In the U.S., product innovation remains strong as manufacturers launch improved options with better shelf life and texture. Beyond Meat's launch of Beyond Steak in October 2022 is a notable example responding to consumer demand.

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Europe Registers Fastest Growth

Europe is expected to post the fastest CAGR over the forecast period. Health-conscious European consumers are increasingly turning away from red and processed meats in favor of alternatives with lower saturated fat content. This reflects a wider societal shift toward healthier diets.

The UK has become a leading European market for plant-based meat, supported by government initiatives promoting sustainable food systems and reducing agriculture's carbon footprint. Campaigns under the National Food Strategy and targeted funding for plant-based research are encouraging adoption. Awareness programs further boost consumer acceptance.

Asia-Pacific Leveraging Cultural Familiarity

Asia-Pacific held a significant market share in 2023, benefiting from long-standing cultural practices of consuming plant-based foods such as tofu and tempeh. This tradition provides a strong foundation for rapid market expansion.

In India, widespread vegetarianism driven by cultural and religious factors complements market growth. The increasing availability of plant-based products across retail outlets, supermarkets, and online platforms is making plant-based meat more accessible to a broader demographic.

Industry Outlook and Opportunities

As more consumers associate plant-based diets with improved health and sustainability, market penetration will continue to deepen. Opportunities lie in enhancing product familiarity, offering diverse culinary formats, and embedding plant-based offerings within mainstream dining experiences.

Retail and foodservice channels are playing critical roles. The inclusion of plant-based meats in menus-from fast-food chains to fine dining-supports consumer trial and acceptance, while retail expansion ensures accessibility for home consumption.

Investment in research and development is set to accelerate innovation in taste, texture, and nutritional value, further closing the gap between plant-based and traditional meat experiences. This evolution is essential for capturing the flexitarian audience seeking balance between meat and meat-free diets.

Mr. Sai Kiran
DataM Intelligence 4market Research LLP Ground floor
DSL Abacus IT Park, Industrial Development Area
Uppal, Hyderabad, Telangana 500039
USA: +1 877-441-4866
Email: Sai.k@datamintelligence.com
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DataM Intelligence 4Market Research is a comprehensive market intelligence platform offering syndicated and customized reports along with expert consulting across multiple industries, including chemicals, healthcare, agriculture, food & beverages, and more. With extensive experience and a strategy-focused approach, DataM provides businesses and individuals with reliable market insights, statistical forecasts, and personalized research solutions to help them make informed decisions and successfully bring innovations to market.

This release was published on openPR.