The plant-based meat market is growing rapidly as consumers are increasingly seeking alternative protein sources that are perceived as more sustainable and environmentally-friendly compared to conventional meat. Plant-based meat products mimic the sensory properties of animal meat such as texture, flavor and appearance and are manufactured from ingredients like soy, wheat, and pea protein. These meat alternatives provide similar protein and nutritional content as animal meat with lesser saturated fat and no cholesterol.

The global Plant Based Meat Market size is estimated to be valued at US$ 7.2 billion in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends driving the growth of the plant-based meat market is the rising health consciousness among consumers. Plant-based meat products are preferred by health-conscious consumers as they are low in cholesterol and saturated fat compared to animal meat. Furthermore, certain plant-based meat products are displayed and sold right alongside animal meat in grocery stores to appeal to consumers who want to reduce their meat consumption for health or environmental reasons but still enjoy the taste and cooking experience of meat. Another significant trend is the wide availability and improved taste/texture of plant-based meat products. Earlier plant-based meat alternatives were limited in their appeal due to variability in taste and texture compared to animal meat. However, recent product innovations by key players have led to plant-based products that closely mimic the taste, texture, juiciness and cookability of animal meat. This widespread availability and enhanced likeness to meat is positively impacting the market growth.

Porter’s Analysis

Threat of new entrants: The threat of new entrants into the plant-based meat market is moderate. Rising startups and changing consumer preferences has led to an increase in new entrants into the market. However, substantial capital is required to build manufacturing facilities and distribution networks, limiting the threat.

Bargaining power of buyers: The bargaining power of buyers in the plant-based meat market is high. Buyers have a variety of options from both established brands and startups. Buyers can negotiate on pricing and switch between brands easily.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key ingredients such as soy and wheat are globally available commodities. However, shifting to alternate suppliers requires changes in production processes.

Threat of new substitutes: The threat of substitutes is high for plant-based meat. Traditional meat and other meat alternatives like eggs, dairy offer protein at lower prices and perceived better taste. Cell-cultured meat is also emerging as a potential future substitute.

Competitive rivalry: The competitive rivalry in the market is high due to increasing number of established brands and startups. Companies compete on the basis of pricing, product variety, branding and distribution.

Key Takeaways

The global Plant-Based Meat Market Share is expected to witness high growth over the forecast period supported by rising health and environment consciousness among consumers. The global Plant Based Meat Market size is estimated to be valued at US$ 7.2 billion in 20A24 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030.

The North American region currently dominates the markAet with the highest consumption and production of plant-based meat products. The Asia Pacific region is expected to be the fastest growing market for plant-based meat during the forecast period. Abundant availability of key ingredients like soy has aided production growth in countries like China. Rising disposable incomes and expanding vegan and vegetarian demographics in the region will drive further demand. Local companies are also launching innovative plant-based meat products to cater to domestic demand.

Key players operating in the plant-based meat market are Beyond Meat, Impossible Foods, Maple Leaf Foods, Turtle Island Foods and Vegetarian Butcher. Players are focusing on R&D to develop varied texture and taste profiles mimicking conventional meat. They are also expanding their product ranges from burger patties and sausages to include ground meat alternatives. Partnerships with restaurants and retail chains have helped improve distribution reach for the top brands.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it