The plant-based meat market is anticipated to achieve a CAGR of 13.9% from 2024 to 2030, reaching $24.01 billion by the end of the period. This growth is largely driven by changing lifestyles and an increase in health-conscious consumers, which is boosting the popularity of plant-based meat products. Factors contributing to this growth include the rising preference for plant-based foods, an expanding vegan population, a greater focus on animal welfare, and increased demand for alternative proteins. Moreover, innovations in food technology and new product launches by manufacturers are expected to further drive market growth. However, preferences for soy and gluten-free products, along with a strong preference for animal-based products, may pose challenges to market growth.
The competitive landscape of the plant-based meat market includes key players such as 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.).
Rising Veganism and Market Impact
The rise of veganism is a significant trend driving the demand for plant-based meat. In 2021, around 10% of the global population was vegetarian, with a notable percentage of millennials identifying as vegan. The European vegan population has doubled over the last four years, reflecting a growing demand for plant-based food alternatives, including baked goods and snacks. This shift towards veganism, driven by health, environmental, and animal welfare concerns, is expected to significantly boost the plant-based meat market.
Tofu is projected to dominate the plant-based meat market in 2024, due to its low cost, high protein content, and health benefits such as cholesterol reduction. However, the hot dogs and sausages segment is expected to grow the fastest, driven by their popularity as ready-to-eat foods and new product launches.
North America is expected to lead the plant-based meat market in 2024, driven by high protein diet awareness, concerns over contaminated meat, and substantial investments in plant-based meat production. The Asia-Pacific region is forecasted to grow at the highest CAGR, supported by rising incomes, urbanization, health-focused diets, and government initiatives in the food industry.
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