IMARC Group’s latest research report, titled “Plant-Based Meat Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the market. The plant-based meat market outlook report also includes competitor and regional analysis, and contemporary advancements in the market. The global plant-based meat market size reached US$ 10.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 42.7 Billion by 2028, exhibiting a growth rate (CAGR) of 25.64% during 2023-2028.
Plant-Based Meat Market Overview:
Plant-based meat is a meat-like, vegan alternative that resembles meat products in texture, color, appearance, and flavor. It is produced by mixing plant protein isolates, vegetable extracts, starch, oils, and seasonings and processing with additives to attain animal meat flavor. These products help minimize the risks of cardiovascular diseases, maintain calories, and increase protein consumption. Owing to this, plant-based meat products are widely adopted in cafes, fast food joints, restaurants, and other catering platforms and are consumed by individuals across the globe.
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Top Manufacturers in Plant-Based Meat Industry:
- Amy’s Kitchen, Inc.
- Beyond Meat
- Boca Foods Company (Kraft Foods, Inc.)
- Garden Protein International (Conagra Brands, Inc.)
- Impossible Foods, Inc.
- Maple Leaf Foods
- MorningStar Farms (Kellogg Na Co.)
- Quorn Foods
- The Vegetarian Butcher
- Vbites Food Limited
Global Plant-Based Meat Market Trends:
The market is primarily driven by the emerging trend of veganism across the globe. In addition, the growing prevalence of chronic diseases such as obesity and diabetes among individuals represents another major growth-inducing factor. Besides this, various animal welfare organizations, such as PETA, are introducing several awareness campaigns to reduce excessive animal killing for meat consumption. This, coupled with the elevating consumer living standards and the changing consumer inclination from a non-vegetarian diet toward plant-sourced foods, is positively influencing the market growth. Moreover, prominent food companies are entering into strategic partnerships and collaborations with vegan meat-producing start-ups to expand their product portfolios, thus creating a positive market outlook across the globe.
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Key Market Segmentation:
Breakup by Product Type:
- Burger Patties
- Nuggets and Strips
- Ground Meat
Breakup by Source:
Breakup by Meat Type:
Breakup by Distribution Channel:
- Restaurants and Catering Industry
- Supermarkets and Hypermarkets
- Convenience and Specialty Stores
- Online Retail
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Who we are:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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