Global Plant-Based Meat Market to Reach $17.1 Billion by 2028, Driven by Rising Consumer Demand and Innovation

Global Plant-Based Meat Market, as forecasted by BCC Research, Expected to Grow at a Compound Annual Growth Rate (CAGR) of 14.1% from 2023 to 2028

BOSTON, May 30, 2024 /PRNewswire/ -- The global plant-based meat market continued to improve and develop attention to its interests. The meat made from peas leads the trend because it is low in allergens and high in nutrients. Traditional meat consumption is declining more quickly due to ethical concerns about animal welfare.

"According to the latest BCC Research study, the demand for Plant-based Meat: Global Markets is expected to grow from $8.8 billion in 2023 to $17.1 billion by the end of 2028, at a compound annual growth rate (CAGR) of 14.1% from 2023 through 2028."

The report forecasts the plant-based meat market from 2023 to 2028 and analyzes the market shares of the leading players. It segments the market by source (wheat, soy, peas, etc.), product type (sausages, meatballs, burger patties, etc.), and category (chilled, frozen, shelf life). The analysis provides insight into consumer preferences and distribution pipelines shaping the future of plant-based meat.

Interesting Facts about the global market for plant-based meat

Pea-based meat products are gaining ground in the market thanks to their gluten-free and allergen-free properties and impressive protein content. Pea protein is particularly notable for containing all nine essential amino acids, making it one of the best sources of protein outside of animal products. These attractive characteristics are driving the expansion of the market for pea meat products as consumers increasingly seek healthier and more sustainable alternatives to traditional meat options.

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The following factors drive The Global Market for Plant-based Meat:

Growing Demand for Environmentally Friendly and Healthy Products: Consumers are becoming more conscious of the environmental effects of the food they choose. Because it consumes fewer resources and emits fewer greenhouse gases than regular meat, plant-based meat is becoming increasingly popular. Furthermore, people who are concerned about their health are drawn to plant-based solutions because they typically have lower cholesterol and saturated fat content. This demand is also being driven by the growing popularity of vegan and flexitarian diets, as more individuals look for options that support their environmental, health, and ethical principles.

Growing Investment in Alternative Proteins: Food corporations and investors are making significant investments in R&D and manufacturing as they see the promise of plant-based meat. Startups and well-established businesses are investing in technology that extracts protein from plants such as wheat, peas, and soy. These investments are expanding consumer access to plant-based meats while simultaneously enhancing their flavor, texture, and nutritional value. The market for alternative proteins keeps growing as more stores increase the range of plant-based products they sell.

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Report Synopsis 

Segmentation Analysis:

• Source Segmentation: This categorizes plant-based meat by its source: soy, wheat, pea, and Others for alternative protein sources.
• Product Type Segmentation: This classifies plant-based meat into categories like sausages, meatballs, burger patties, strips, nuggets, and Others for additional types.
• Category Segmentation: This divides plant-based meat by storage conditions: refrigerated, frozen, and shelf-stable.
• Region Type Segmentation: This analyzes plant-based meat market by geographical regions: North America, Asia-Pacific, Europe, South America, and Middle East & Africa.

This Global Market for Plant-based Meat Report contains comprehensive information and analysis covering the following key questions:

1. What is the projected market size and growth rate of the market?
   The estimated market size of the plant-based meat market will be $17.1 billion by 2028, with a CAGR of 14.1%.
2. What are the key factors driving the growth of the market?
   •  Growing demand for environmentally friendly and healthy products.
   •  Growing investment in alternative proteins.
3. What segments are covered in the market?
   The market is segmented based on source, product type, category, and region. Segmentation based on source, the market is segmented into soy, pea, wheat, and others. Based on product type, the market is segmented into sausages & hotdogs, meatballs, ground & tenders, burger patties, strips & nuggets, and others. Based on category, the market is segmented into refrigerated, frozen, and shelf stable. Regional estimates and forecasts comprise North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
4. By source, which segment will dominate the market by the end of 2028?
   The soy segment will continue to dominate the market by the end of 2028.
5. Which region has the highest market share in the market?
   Europe holds the largest market share due to the growing vegetarian population and rising awareness about the health benefits of the plant-based products.

Some of the Key Market Players Are:

• ART OF GREENS
• MAPLE LEAF FOODS INC.
• BEYOND MEAT INC.
• BIOLAB S.R.L.
• CONAGRA BRANDS INC.
• IMPOSSIBLE FOODS INC.
• MONDE NISSIN
• TOFURKY
• TYSON FOODS INC.
• VBITES

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