Plant-Based Meat Market

Market Size:

The global plant-based meat market size was valued at XX in 2021 and is forecasted to expand at a CAGR of XX by 2030. India is seen as a significant potential market having emerging scope for plant-based meat products.

Market Overview:

Plant-based meat is basically meat derived from plants. It is manufactured and designed to taste, look, and feel like traditional meat which comes from animal products. Plant-based meat is lower in calories and saturated fats therefore it is much healthier and more nutritious than regular meat. The ingredients used in plant-based meat are Vital wheat gluten (Seitan), soy and tofu, pea protein, potato starch, beans and lentils, nuts and seeds, Coconut oil, vegetable protein extract, and beet juice. Plant-based meat is healthier when consumed in moderation as part of a balanced diet.


Nowadays Vegan Diet is in trend and Plant Based meat is an integral part of a vegan diet therefore there is a significant rise in the plant-based meat market. Plant-based food products are gaining popularity worldwide. Plant-based products are a key driver of sales growth at grocery retailers nationwide, growing almost twice as fast as overall food sales. With increasing awareness about the nutrient contents, and rising concerns regarding animal cruelty consumers are opting for plant-based meat which leads to an increase in the growth of the Plant-based meat market.


Market Dynamics:

Plant-based meat has protein sources that can play a vital role in treating deficiency as they not only offer varieties but are also low in cost. Consumer interest in plant-based non-veg substitutes is increasing day by day which causes an increase in the demand for plant-based meat by more customers which helps to avoid noncommunicable illnesses, digestion issues, and overweight. By taking health into consideration Government has also taken an initiative to support the food processing sector to produce more plant-based meat.

The increasing awareness about the health benefits of a vegan diet that contain plant-based meat products is the most important factor for the growth of the plant-based meat market across the globe. Major countries have adopted the concept of plant-based products which lead to an increase in the population of vegan people. More than about 40% of the people in the US are consuming more vegan food options than animal-based products to avoid animal slaughter. From 2017 to 2019, plant-based product sales increased by around 32%. According to a survey commissioned by the Vegan Society, the number of vegans in the UK has increased significantly i.e. 4 times from 2014 to 2018. During the  Covid-19 pandemic, the popularity of plant-based meat products has increased suddenly as they are being consumed as immunity-boosting food products.

The product category allows many flexitarians (individuals or a group that is vegetarian but tends to consume meat and fish occasionally) to experience the taste of non-veg without ingesting animal products which in turn leads to emerging the industry. Despite having essential minerals and nutrients, sometimes consumption of plant-based meat products can cause ill effects. Anti-nutritional components present in soy could cause health issues, such as soy allergy. Gluten-intolerant people are prone to celiac disease caused by a reaction to gluten proteins found in wheat, barley, rye, and sometimes, oats. The inflammation and destruction of the small intestine's inner lining in celiac disease are caused by an allergic reaction to gluten in the diet. Despite having a similar nutritional benefit to animal meat the major challenge associated with plant-based products is the taste and texture of the product. Consumers always demand high-quality products with consistency in terms of taste and texture. Companies need to focus on favorable marketing strategies to increase their sales. Appropriate positioning and correct labeling help them to expand the customer relationship and global reach which further help them to accelerate the market growth of plant-based products.


• Growing Vegan and Flexitarian Population Across the World

• Rising Awareness About the Health Benefits of Plant-Based Meat Products Over Animal-Meat Products

• Growth in Government Initiatives and Significant Investments

• Major Food Industries Investing in Plant-Based Meat Products

• Vegan Food Trend

• The corona effect causes an increase in consumption of plant-based meat products as immunity-boosting products.


• Population Allergic to Plant-Based Meat Sources, Such as Soy and Wheat

• Possibilities of Nutritional and Vitamin Deficiencies Among Vegans

• Higher Price of Products in Comparison to Traditional Meat

• Over-processing of plant-based material


• Favorable Marketing and Correct Positioning of Plant-Based Meat

• Increase in Consumers' Focus on Meat Alternatives


• Negative Perception regarding the taste of plant-based meat products.

• off-flavor of soy protein / Genetically modified soybeans

COVID-19 Impact:

COVID-19 raised questions about the safety of consuming animal-based protein supplements, and during these times plant-based meat products having similar benefits as animal meat played a major role in rebuilding the restaurant industry. Amid the COVID-19 pandemic, the food system experienced drastic changes including interruptions to supplies of key inputs, limited access to production spaces, and distribution of products is also disrupted. Despite these constraints, plant-based companies adapted and continued to launch new products and grow sales. Trade restrictions across the globe in response to COVID-19 led to disruptions in the food supply chain. Foodservice channel distribution was significantly impaired, and pantry stocking and panic buying led to a sharp increase in retail sales over the prior year. Many plant-based meat categories experienced exponential growth during the initial pantry-stocking period.

With the impact of COVID-19, the market is projected to grow with a Compound Annual Growth Rate of more than about 17%. During COVID-19 the fear of an increasing number of animal-born diseases increased which lead to the growth of the plant-based meat industry during the forecast period. The current outbreak of COVID and the negative impact of animal-based products have boosted the market in North America and Europe since numerous countries in both regions have experienced the worst outcomes of COVID-19. Key plant-based meat market players are encouraged to make investments in online retailing channels due to the lockdown imposed by the COVID-19 pandemic. COVID-19 has created both challenges and opportunities for traditional animal-based meat market players as well as for plant-based meat market players.

Segmental Analysis:

The Global Plant-Based meat market is segmented on the basis of source, type, product, distribution channel, storage, End-user, and Regional area.

By source, the Plant-Based meat market is further categorized into Soy, Pea, Wheat, blends, and other sources such as quinoa, oats, beans, nuts, and seeds. The soy-based meat segment dominates the market and accounted for more than about 49% market 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. 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. 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 pea-based meat products to grow at the highest rate of about 21% 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. the wheat segment is estimated to occupy the second-largest market share in 2022 in terms of value, in the plant-based meat market. Wheat is among the most consumed cereal grains at a global level and is a source of antioxidants, vitamins, minerals, and fiber. 

By type, the plant-based meat market is further categorized into Chicken, Pork, Beef, Fish, and other types like lamb and turkey. The plant-based chicken segment dominates the market and accounted for the largest market revenue share of about 34% in 2021. plant-based chicken products constitute about the same amount of protein as the traditional chicken while the other nutrients tend to vary on a product-by-product basis. Plant-based chicken patties contain fiber but are high in sodium.

By product, the plant-based meat market is further categorized into Burger patties, Strips & nuggets, Sausages, Meatballs, Grounds, and Other products (slices, fillets, cutlets, slides, fingers, and crumbles). The burger is the largest segment of the market owing the largest revenue share of about 30% in 2021. The plant-based burger segment (Impossible Burger – genetically modified form of burger) dominates the market by mimicking the natural heme-iron present in an animal, which gives their burger a distinctive meaty flavor. The strips & nuggets segment is forecasted to occupy the second-largest market share in terms of value by 2027 in the global market. The plant-based sausages are prepared in such a way that it mimics like a conventional pork sausage in terms of look, texture, sizzle, and satisfaction.


By distribution channel, the plant-based meat market is further categorized into, food retail, food services, and E-commerce. the E-commerce segment is estimated to grow at the highest CAGR in terms of value, in the global market. E-commerce is a distribution channel that enables the buying and selling of goods & services over an electronic network, primarily the internet. The food retail segment is also estimated to account for the largest market share in the global plant-based meat market and is projected to grow at a significant CAGR. 


By storage, the plant-based meat market is further categorized into, frozen, refrigerated, and shelf-stable plant-based meat products. The frozen plant-based meat products segment dominates the market and accounted for a revenue share of about 57%  in 2021. Frozen plant-based meat products offer a longer shelf life of 5-8  months in the freezer, which leads to an increase in the demand for frozen products among consumers.

By End-users, the plant-based meat market is further categorized into, Retail, HORECA (Hotel/Restaurant/Café). The hotel/Restaurant/Café (HORECA) segment dominates the plant-based meat market and accounted for the largest revenue share of about 59% in 2021.

By Region, the plant-based meat market is further categorized into,

North America

o U.S.

o Canada

o Mexico


o U.K.

o Germany

o France

o Italy

o The Netherlands

Asia Pacific

o China

o Japan

o Australia & New Zealand

Central & South America

o Brazil

o Argentina

Middle East & Africa


Regional Analysis:

North America is the hub for the plant-based meat market. North America has led the market and accounted for the largest revenue share of around 39% in 2021. The significant growth of the market in this region is attributed to rising consumer awareness of the risks associated with consuming contaminated meat goods, along with increasing consumption of meatless meat products. Consumers' perceptions about food sustainability and safety are expected to shift further in response to accelerated consumption of plant-based foods, including plant-based meat. In 2020, Starbucks added a sandwich to its breakfast menu in most of its locations in the U.S. The sandwich contains plant-based sausage to meet consumer demand.  Many consumers in the region are adopting flexitarian lifestyles and incorporating plant-based foods into their daily diets. Along with this, the trend of veganism is gaining momentum in the region, which is further contributing to the growth of the global market.

In Europe, the growing vegan trends, especially in the UK, are expected to increase the demand for plant-based meat products. The UK is projected to be the largest plant-based meat market in Europe during the forecast period. The rising health concerns among consumers regarding meat products, consumers' growing inclination toward healthy plant-based meat products, and the exponentially growing veganism trend in the country are the key factors driving the growth of the plant-based meat market. The market in the Asia Pacific region is estimated to witness significant growth over the forecast with increasing adoption of healthy lifestyles in the region.

Key Market Players:

• Beyond Meat

• Alpha Foods

• Before the butcher

• 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

• Dr. Praeger's Sensible Foods

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Report Detail

  • Status:Published
  • Report Code:NNRR 35
  • No. of Pages:176
  • Published DateJune 2023
  • Category:Food and Beverages
  • Delivery Timeline:48 hrs


  • => Region Level Market Share
  • => Import Export Analysis
  • => Additional Company Profiles
  • => Region Specific Market Dynamics
  • => Production Analysis
  • => Additional Countries (Apart From Mentioned Countries)
  • => Country/Region-specific Report