The plant-based meat market is expected to grow at a CAGR of 13.9% from 2024 to 2030, reaching a valuation of $24.01 billion. This growth is driven by shifting consumer lifestyles and an increasing number of health-conscious individuals favoring plant-based meat products. Key growth drivers include the rising preference for plant-based diets, an increasing vegan population, heightened focus on animal welfare, and the growing demand for alternative proteins. Innovations in food technology and product introductions by manufacturers are also anticipated to create substantial growth opportunities. Nevertheless, consumer preferences for soy and gluten-free products, as well as a strong preference for animal-based products, may impede market growth.
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Leading Market Participants
Key players in the plant-based meat market include Beyond Meat Inc. (U.S.), Impossible Foods Inc. (U.S.), The Hain Celestial Group, Inc. (U.S.), Unilever Plc (U.K.), Kellogg Company (U.S.), Lightlife Foods, Inc. (Canada), Nestlé S.A. (Switzerland), Conagra Brands, Inc. (U.S.), Taifun–Tofu GmbH (Germany), Atlantic Natural Foods LLC (U.S.), VBites Food Ltd (U.K.), Sunfed Meats (New Zealand), Quorn Foods (U.K.), Ojah B.V. (Netherlands), and The Kraft Heinz Company (U.S.).
Impact of Increasing Veganism
The global shift towards veganism is a significant factor driving the plant-based meat market. In 2021, approximately 10% of the global population was vegetarian, with a considerable portion of millennials identifying as vegan. The vegan population in Europe has doubled in recent years, reflecting a strong demand for plant-based alternatives. This trend, fueled by health and environmental concerns as well as compassion for animals, is expected to continue driving market growth.
Segment Highlights
Tofu is expected to lead the plant-based meat market in 2024, owing to its affordability, high protein content, and health benefits such as lowering cholesterol levels. Conversely, the hot dogs and sausages segment is forecasted to grow at the fastest rate, driven by their ready-to-eat convenience and new product introductions.
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Regional Market Dynamics
North America is projected to dominate the plant-based meat market in 2024, supported by a high awareness of protein-rich diets, concerns about meat contamination, and significant investments in plant-based meat production. The Asia-Pacific region is expected to register the highest growth rate, driven by rising disposable incomes, urbanization, health-conscious diets, and supportive government policies.
Furthermore, innovation in food technology and product launches by plant-based food and alternative protein manufacturers are expected to create market growth opportunities. However, consumer preference for soy and gluten-free products and significant preference for animal-based products are expected to hinder the growth of this market to some extent
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