Plant-based Meat Market Share, Trend Analysis, Opportunity

 BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Plant-based Meat Market size at USD 5.84 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Global Plant-based Meat Market size to boom at a CAGR of 17.68% reaching a value of USD 18.25 billion by 2030. Growing awareness of carbon emissions in the animal meat sector and growing concerns about animal welfare are major growth factors driving the Global Plant-based Meat Market. In addition, it is projected that the growing number of vegans and the introduction of several plant-based food products would accelerate the expansion of the Global Plant-based Meat Market.

Opportunity: Growing Accessibility to Plant-based Meat through Online Platforms

Plant-based meat product providers are increasingly launching their products on online grocery platforms, which is boosting the accessibility of these products. Moreover, these companies are also launching websites that allow consumers to browse their product portfolio for plant-based meat and have it delivered to their doorsteps. For instance, UNLIMEAT, a plant-based Korean food brand, launched its online store in November, called UNLIMEAT SHOP, which displays a wide range of products including pulled pork and Korean BBQ.

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Impact of Escalating Geopolitical Tensions on Global Plant-based Meat Market

The escalating geopolitics have disrupted the growth of the Global Plant-based Meat Market. For instance, sunflower oil is one of the main ingredients in the production of plant-based meat and is combined with soya-based heme protein to create a meat flavor and color. Ukraine is the world’s biggest exporter of sunflower oil, as reported by vegconomist. However, Russia invasion of Ukraine and the emergence of a full-fledged war between the two nations led to shortage of ingredients in the Plant-based Meat Market. According to a survey by ProVeg International, 61% of European plant-based meat firms reported a spike in raw material prices and 64% of firms reported a surge in energy and transportation costs. The price increase is anticipated to eventually lead to an increase in product price, which may result in a decline in the consumption of plant-based meat products globally.

Global Plant-based Meat Market

Segmental Coverage

Global Plant-based Meat Market – By Storage

Based on storage, the Global Plant-based Meat Market is segmented into refrigerated plant-based meat, frozen plant-based meat, and shelf-stable plant-based meat. The frozen plant-based meat segment holds the largest share in the Global Plant-based Meat Market by storage. New product development in the ambient, chilled, and frozen segments has significantly increased, as a result of a spurring demand for innovative vegetarian food items. Consequently, it provides the customer with a wide selection of items and labels, increasing the visibility and shelf space of plant-based meat substitutes.

Global Plant-based Meat Market – By Region

The in-depth research report on the Global Plant-based Meat Market covers the market in a number of major countries across five regions: North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa. North America dominates the Global Plant-based Meat Market owing to the growing population of vegans in the region, particularly in the United States. According to the World Animal Foundation, about 6% of the US population identify themselves as vegans. The increasing health consciousness and awareness towards alternative proteins is emerging as a major driving factor for the adoption of the vegan lifestyle, which is anticipated to fuel the demand for plant-based meat in North America.

Competitive Landscape

Major players operating in the Global Plant-based Meat Market include Beyond Meat, Impossible Foods Inc., Nestle, Tyson, Quorn Foods, Amy's Kitchen, Morningstar Farms, Boca Foods, Sunfed Meats, and VBites. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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