Plant-based Meat Market Size, Share & Trends Analysis growing at a CAGR of 19.4% from 2024 to 2030
The global plant-based meat market size was valued at USD 7.17 billion in 2023 and is projected to reach USD 24.77 billion by 2030, growing at a CAGR of 19.4% from 2024 to 2030. As more individuals become aware of the health risks associated with excessive consumption of red and processed meats, they are actively seeking healthier alternatives.
Key Market Trends & Insights
- North America plant-based meat market accounted for the largest market revenue share of 38.0% in 2023.
- The U.S plant-based meat market is anticipated to grow rapidly over the forecast period.
- By source, soy accounted for the largest market revenue share of 48.0% in 2023.
- By product, plant-based burgers accounted for the largest market revenue share in 2023.
- By type, the chicken segment accounted for the largest market revenue share in 2023.
Market Size & Forecast
- 2024 Market Size: USD 7.17 Billion
- 2030 Projected Market Size: USD 24.77 Billion
- CAGR (2024-2030): 19.4 %
- North America: Largest market in 2024
- Europe: Fastest growing market
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Plant-based meats are often perceived as lower in saturated fats and cholesterol than animal-based ones, making them an attractive option for health-conscious consumers. This shift in dietary preferences is supported by a growing body of research linking plant-based diets to various health benefits, including reduced risk of chronic diseases such as heart disease, diabetes, and certain cancers. As plant-based products become more mainstream, they are increasingly available in various formats, from ready-to-eat meals to frozen patties and deli slices. This wide range of offerings caters to different culinary preferences and lifestyles, making it easier for consumers to incorporate plant-based options into their diets. Additionally, the rise of plant-based meat in fast-food chains and restaurants has enhanced accessibility and visibility, helping to normalize these products and attract a broader audience.
Plant-based meat is becoming an integral part of a vegan diet, wherein the adoption of a vegetarian lifestyle that is devoid of animal-based foods becomes the norm. According to Redefine Meat Ltd., there are around 80 million vegans worldwide, and the number constantly increases yearly. Consumers are inclined towards veganism for health and ethical reasons, while some other consumer groups are opting for vegetarian ingredients to avoid animal cruelty and to consume sustainable food & beverage products. Furthermore, soy as a raw material consists of all the standard (nine) amino acids, which are essential for the growth of the human body. Its ability to enhance the water absorption, solubility, emulsification, viscosity, anti-oxidation, and texture of the final product is likely to drive the demand for soy in plant-based meat products over the upcoming years.
