Plant-based Meat Market Company Revenue Shares And Analysis Report 2030

Plant-based Meat Market Growth & Trends

The global plant-based meat market size is projected to reach USD 24.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 19.3% from 2022 to 2030. Growing adoption of vegan lifestyle and diet among health-conscious consumers in traditionally meat-eating developed economies are expected to drive the market over the forecast period.

Plant-based Meat Market Segmentation

Grand View Research has segmented the global plant-based meat market on the basis of source, product, type, end-user, storage, and region:

Based on the Source Insights, the market is segmented into Soy, Pea, Wheat, Others.

• The soy-based meat segment led the market and accounted for more than 48.3% share of the global revenue in 2021. Soy is a good source of branch amino acids (BCAAs), and is likely to exhibit steady growth over the forecast period on account of its ability to enhance exercise performance, recovery from a heavy workout, and build & strengthen muscles mass. Soy-based meat products not only reduce the formulation costs but also exhibit a lower carbon footprint as opposed to conventional animal- and dairy-based food products. Growing demand for the product on account of its enhanced eating qualities, such as improved microwave-ability and slice-ability, is projected to spur the overall market growth.
• Furthermore, pea-based patties in burgers can be easily substituted in place of chicken, beef, or pork-based patties. Various characteristics such as high protein content, resemblance in texture and consistency to meat, easy availability, and quick preparation are some of the key factors that are allowing the pea-based meat products to grow at the highest rate of 20.5% over the forecast period. In addition, pea protein aids muscle strength, is easy to digest, and improves heart health. Moreover, it is a rich source of iron too. This, in turn, is expected to drive the demand for pea-based patties over the forecast period.

Based on the Product Insights, the market is segmented into Burgers, Sausages, Patties, Nuggets, Tenders & Cutlets, Grounds, Others.

• The plant-based burgers segment led the market and accounted for the largest revenue share of 29.2% in 2021. Ingredients in these burgers strive to imitate the aroma, flavor, and “bleeding” texture of meat. Impossible Foods’ product, the Impossible Burger, is made with a genetically modified form, mimicking the natural heme-iron present in an animal, which gives their burger a distinctive meaty flavor. Various companies offering distinguished plant-based burgers are Kellogg NA Co., Quorn, Amy's Kitchen, Inc., VBites Foods Limited, Kraft Foods, Inc., Yves Veggie Cuisine, and Beyond Meat.
• The plant-based sausages are manufactured to mimic the look, texture, sizzle, and satisfaction of conventional pork sausage. Companies such as Beyond Meat and Lightlife Foods, Inc. are offering juicy and meaty alternatives to the traditional sausage, which are also devoid of hormones, nitrates, GMOs, nitrites, gluten, and soy. The growing investment by companies to introduce new and innovative flavors to their plant-based sausages, such as hot Italian, sweet Italian, spinach pesto is projected to spur the product demand. Some of the prominent players in the plant-based sausages market are Marlow Foods Ltd., Impossible Foods Inc., and Moving Mountains.

Based on the Type Insights, the market is segmented into Chicken, Pork, Beef, Fish, Others.

• The plant-based chicken segment led the market and accounted for the largest revenue share of 34.1% in 2021. In the traditional meat industry, chicken is the prime ingredient in various products such as nuggets, patties, and cutlets, as it is loaded with animal fats, cholesterol, and protein. In comparison, plant-based chicken products constitute about the same amount of protein while the other nutrients tend to vary on a product-by-product basis.
• Veggie bacon, also known as vegetarian bacon or vacon, is marketed as a plant-based pork product. These products, manufactured from soy and pea protein, are high in fiber and protein, have no cholesterol, and are low in fat. Brands such as Morningstar Farms, Vegetarian Butcher, Yves Veggie Cuisine, and Smart Bacon are some of the key manufacturers offering the products. Various start-up ventures and established players in the industry are launching new products to increase their sales and to capitalize on rising consumer preference towards plant-based diets.

Based on the End-user Insights, the market is segmented into Retail and HORECA.

• The hotel/Restaurant/Café (HORECA) segment led the plant-based meat market and accounted for the largest revenue share of 58.6% in 2021. In lieu of the rising popularity of vegan and flexitarian diets, many restaurants, fast food chains, and casual dining venues are dedicating a section of their menu solely to “meat-free” options, which in turn is projected to drive the market growth. Key players in the industry are capitalizing on shifting consumer preferences and the rising demand for a more personable, tailored service.
• Furthermore, products such as burger patty, nuggets, and strips are gaining traction in the fast-food restaurant chains. These brands have launched distinguished plant-based meat products in order to target health-conscious individuals; while Beyond Meat in collaboration with Yum! Brands RSC is supplying plant-based fried chicken to various KFC stores in the US. The retail segment is expected to witness the highest CAGR over the forecast period owing to changing consumer behavior to order goods online from nearby retail stores. In addition, the growing adoption of online retailing channels among distributors to meet consumer demand is expected to drive the segment.

Based on the Storage Insights, the market is segmented into Refrigerated Plant-based Meat, Frozen Plant-based Meat and Shelf-stable Plant-based Meat.

• The frozen plant-based meat products segment led the market and accounted for a 56.6% share of the global revenue in 2021. The growing demand for innovative vegetarian products has led to a significant rise in new product development across ambient, chilled, and frozen segments. This, in turn, gives the consumer a broad range of products and brands, thereby allowing plant-based meat goods to gain increased recognition and shelf space. In addition, frozen plant-based meat products offer a longer shelf life of five to eight months in the freezer. This, in turn, is driving the demand for frozen products among consumers.
• The refrigerated plant-based meat products segment is likely to exhibit the fastest growth and is projected to witness a CAGR of 20.1% in terms of revenue from 2022 to 2030. Various factors contributing to this trend are meat shortages and concerns over the COVID-19 outbreak in the meat processing facilities. Though the frozen plant-based meat products were consistently outpaced by their refrigerated counterparts amidst the pandemic, the same trend is projected to continue even after the COVID-19 outbreak owing to the growing environmental concerns among consumers and their desire to eat vegetarian food products.

Plant-based Meat Regional Outlook

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa

Key Companies Profile & Market Share Insights

The market for plant-based meat is characterized by the limited presence of players in the market. Industry players are focusing on research and development activities and on diversifying their portfolio to launch new and innovative alternative meat products, which mimic the taste and texture of exotic meats, including lobster and veal. Major players in the market are characterized by a robust sales channel with restaurants and retail chains worldwide for the distribution of their faux meat products.

Some of the prominent players operating in the global plant-based meat market include,

• Beyond Meat
• Impossible Foods Inc.
• Maple Leaf Foods (Field Roast & Maple Leaf)
• Vegetarian Butcher
• Conagra, Inc. (Gardein Protein International)
• Kellogg NA Co. (MorningStar Farms)
• Quorn
• Amy's Kitchen, Inc.
• Tofurky
• Gold&Green Foods Ltd.
• Sunfed
• VBites Foods Limited
• Kraft Foods,Inc.
• Lightlife Foods, Inc
• Trader Joe's
• Yves Veggie Cuisine (The Hain-Celestial Canada, ULC)
• Marlow Foods Ltd. (Cauldron)
• Ojah B.V.
• Moving Mountains
• Eat JUST Inc.
• LikeMeat GmbH
• Gooddot
• OmniFoods
• No Evil Foods
• Praeger’s Sensible Foods

Order a free sample PDF of the Plant-based Meat Market Intelligence Study, published by Grand View Research.