Plant-based Meat Market to be Worth $24.80 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, April 6, 2023 /PRNewswire/ -- The global plant-based meat market size is expected to reach USD 24.80 billion by 2030, expanding at 24.9% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. Growing adoption of vegan lifestyle and diet among health-conscious consumers in traditionally meat-eating developed economies are expected to drive the market growth over the forecast period.

Key Industry Insights & Findings from the report:

• The plant-based sausage segment is projected to ascend at a CAGR of 26.8% over the forecast period. Shifting consumer inclination towards plant-based diets and rising consumption of sausages via retail channels on account of taste, texture, and convenience are anticipated to spur product demand across the globe.
• Soy-based product segment accounted for more than 48.55% of the revenue share in the market in 2022, owing to its protein-rich content and widespread popularity.
• The rising trend of a vegan diet in European countries has pushed the demand for plant-based meat products in the region. The U.K., known for a variety of fresh and high-quality meat delicacies is now home to the largest vegan population in the world.
• In June 2020, Starbucks, in collaboration with Impossible Foods Inc., introduced the Impossible Breakfast Sandwich to its menu in most of its locations in the U.S. The sandwich is made withplant-based sausage and was launched as part of the Starbuck sustainability initiative to meet the rising consumer interest in the plant-based options

Read 140 page market research report, "Plant-based Meat Market Size, Share & Trends Analysis Report By Source (Soy, Pea, Wheat), By Product (Burgers, Sausages, Patties), By Type, By End-user, By Storage, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Plant-based Meat Market Growth & Trends

The growing concern of consumers regarding animal welfare and greenhouse gas emission created by the distinguished practices of the meat industry, together with celebrity endorsements of vegan/vegetarian diets are projected to augment the demand for plant-based meat products in the global market.

The plant based meat is predominantly consumed in the Hotel/Restaurant/Café (HORECA) sector. Key companies in the industry are collaborating with fast-food joints and restaurant chains to promote the adoption of their products. For instance, fast-food joints such as Burger King, MacDonald's, and Subway are launching new vegan meat products to capitalize on the industry dominated by health-conscious customers.

The plant based burgers are likely to exhibit steady growth over the upcoming years on account of rising consumer concerns regarding conventional meat products in the wake of the coronavirus pandemic. The plant-based burgers are known to offer low-gluten and low-fat contents, which makes them a highly favoured product amongst health-conscious individuals.

Plant-based Meat Market Segmentation

Grand View Research has segmented the global plant based meat market based on source, product, type, end-user, storage, and region.

Plant-based Meat Market - Source Outlook (Revenue, USD Million, 2017 - 2030)

• Soy
• Pea
• Wheat
• Others

Plant-based Meat Market - Product Outlook (Revenue, USD Million, 2017 - 2030)

• Burgers
• Sausages
• Patties
• Nuggets, Tenders & Cutlets
• Grounds
• Others

Plant-based Meat Market - Type Outlook (Revenue, USD Million, 2017 - 2030)

• Chicken
• Pork
• Beef
• Fish
• Others

Plant-based Meat Market - End-User Outlook (Revenue, USD Million, 2017 - 2030)

• Retail
• HORECA

Plant-based Meat Market - Storage Outlook (Revenue, USD Million, 2017 - 2030)

• Refrigerated
• Frozen
• Shelf-stable

Plant-based Meat Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• U.K.
• Germany
• France
• Italy
• The Netherlands
• Asia Pacific
• China
• Japan
• Australia & New Zealand
• Central & South America
• Brazil
• Argentina
• Middle East & Africa
• UAE

List of Key Players in the Plant-based Meat Market

• Beyond Meat
• 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

Check out more market research studies published by Grand View Research:

• Mushroom Market - The global mushroom market size is expected to reach USD 115.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.7% over the forecast period. Increasing adoption of vegan diets across the developed economies on account of growing consumer concerns towards animal welfare and the environment is likely to have a positive impact on industry growth. Rising consumer preferences for natural ingredient-based food and cosmetic products around the globe owing to growing awareness regarding the side effects of their synthetic counterparts are expected to drive demand for mushrooms.
• Cheese Powder Market - The global cheese powder market size is anticipated to reach USD 7.11 billion by 2030, growing at a CAGR of 6.48% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market is predicted to grow steadily in the coming years, owing to an increase in the demand for cheese powder in a variety of snacks such as pasta, popcorn, and chips among others, particularly in developed markets. Moreover, recent price declines, combined with a rising population, a thriving food and beverage sector, and growing disposable income, are expected to drive market growth in developing countries.
• Sourdough Market - The global sourdough market size is projected to reach USD 3.5 billion by 2025, according to a new report by Grand View Research, Inc., registering a 5.7% CAGR during the forecast period. The industry is likely to witness high penetration in the bread application over the coming years.

Browse through Grand View Research's Processed & Frozen Foods Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.