Plant-based meat protein is treated as an animal meat protein substitute which is mainly made of soy or gluten. It does not involve any animal product like meat or dairy. There are two methods by which plant-based meat products are processed: thermoplastic extrusion and fiber spinning. Thermoplastic extrusion is the most common method to produce plant-based meat products as it is available in low cost and supports large scale production. On contrary fiber spinning increase the cost of production thus reducing availability of low priced plant-based meat products.

Potential global plant-based meat drivers are increasing consumer awareness for health and meat adulteration, leading to increasing demand for plant-based meat. Consumers are increasingly shifting towards vegetarian or organic diet which is protein-rich creating immense opportunity for growth. Moreover growing consumer awareness for plant-based meat is a sustainable source of protein at affordable price also boosting the global plant-based protein market. Plant-based meat manufacturers are heavily investing on research & development and mergers & acquisitions for product innovation and to ensure larger geographic reach is also a key factor driving the growth of plant-based meat market. For instance, in 2021, owing to demand for meat substitutes, ‘Tyson’ invested in ‘Beyond Meat’ to roll out plant-based meat burgers to meet the increasing demand of protein-rich vegetarian diet. Few other developments include, acquisition of Lightlife Foods (which is a producer of vegan sausages, burgers and tempeh) by Maple Leaf Foods to enhance their customer base.  Nestle, a food giant, acquired Sweet Earth Foods to expand its product portfolio and include such as vegetarian snacks and meals in it which are plant-based meat products.

By source, plant-based meat is subdivided into gluten based, soy based and mycoprotein. Among these, in 2021, gluten based and soy based contributed to a larger market share mainly due to increasing popularity of these products among customers. Based on type, the market is categorized into Tofu, Mushroom, Tempeh, Quorn, Seitan and others. Tofu is the most preferred meat option as it is rich in protein and calcium. Moreover, it is made from soybeans and is a staple food in Asia Pacific. By end-use, plant-based meat market is categorized as households, and food industry. Plant-based meat is consumed mostly by households along with food industry mainly due to low price and easy availability. On basis of distribution, plant-based meat market is subdivided into convenience, modern, specialty, E-retailers, food stores and others. Facilities and easy accessibility of modern and specialty stores make them most preferred by the consumers. E-retailers are anticipated to significantly contribute to the market share as use of internet browsing is increasing coupled with manufacturers and producers promoting its services online.

By geography, global plant-based meat is categorized into North America, Europe, Asia- Pacific, Latin America, and Middle East & Africa. Europe contributed for the largest market share both in terms of value and volume for global plant-based meat market mainly due to shift in consumer preference towards vegetarian diet. North America and Asia Pacific are also expected to contribute significantly in the growth of global plant-based meat market due to increase in popularity of plant-based meat products coupled with rising consumption of plant-based meat products. Apart from this, in Asia Pacific, Tempeh and Tofu has emerged as staple foods in countries such as Japan, China and India.

Key players across the global plant-based meat value chain are:

Beyond Meat, Maple Leaf, Cargill, E. I. du Pont de Nemours and Company, Impossible Foods Inc., Amy’s Kitchen Inc., Parabel USA Inc, Garden Protein International, Morningstar Farms LLC, Archer Daniels Midland Company, Tyson Foods, Inc, Quorn Foods, Dr. Praeger’s Sensibel Foods, No Evil Foods, OmniFoods, GoodDot, LikeMeat Gmb, HEat JUST Inc., Moving Mountains, Ojah B.V., Yves Veggie Cuisine Trader Joe’s, Lightlife Foods Inc., Kraft Foods Inc., VBites Foods Limited, Sunfed, Tofurky Amy’s Kitchen Inc., Kellog NA Co., Conagra Inc., Vegeratrian Butcher, Maple Leaf Foods, Impossible Foods Inc., Beyond Meat, Impossible Foods Inc. (US), Unilever (UK), Gold&Green Foods Ltd (Finland), Monde Nissin (Philippines), Impossible Foods Inc. (US), Unilever (UK), Others.

Historical & Forecast Period

This study report represents analysis of each segment from 2023 to 2033 considering 2024 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2025 to 2033.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Plant Based Meat market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Plant Based Meat market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Plant Based Meat market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2033.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Plant Based Meat market?
• Which is the largest regional market for Plant Based Meat market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Plant Based Meat market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Plant Based Meat market worldwide?