Plant Based Meat Products Market Research Report and Outlook by 2028

The market for plant-based meat products is anticipated to grow significantly, reaching an estimated US$ 14,527.55 million by 2028, up from US$ 5,354.72 million in 2021. This growth represents a compound annual growth rate (CAGR) of 15.3% from 2021 to 2028.

Consumer interest in plant-based meat has surged, driven by increasing concerns regarding environmental sustainability and animal welfare. Many individuals are now opting for plant-based alternatives over traditional meat products, as they often view these vegan options as healthier choices compared to those derived from animals.

Plant-based meat products are characterized by their low caloric content and absence of unsaturated fats, making them a healthier alternative to conventional meat. Manufacturers in this sector are producing a variety of items, including burger patties, meatballs, sausages, and ground meat. To capture a broader audience, these companies are investing heavily in product innovation, introducing organic, gluten-free, non-GMO, and allergen-free options that align with current market trends.

The distribution channels for plant-based meat products are categorized into supermarkets and hypermarkets, convenience stores, online retail, and other outlets. In 2020, supermarkets and hypermarkets dominated the market share. However, the online retail segment is projected to experience the highest CAGR during the forecast period. The convenience of online shopping, coupled with home delivery services, is attracting a significant number of consumers to e-commerce platforms. Online retailers provide a diverse range of products at competitive prices, allowing customers to shop from the comfort of their homes. Additionally, e-commerce sites often include detailed product descriptions and user reviews, aiding consumers in making informed purchasing decisions. For instance, in August 2020, Beyond Meat launched a dedicated e-commerce platform to enhance accessibility to its range of plant-based products, further facilitating consumer engagement.

Regionally, the plant-based meat products market is divided into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). Europe held the largest market share in 2020, while North America is expected to witness the fastest growth rate during the forecast period. The rise in lifestyle-related health issues in countries like the UK, Germany, and Italy positions Europe as a key market for plant-based meat. Health-conscious consumers are increasingly incorporating plant-based options into their diets. According to "Google Trends," veganism was among the top five most searched terms globally in 2019, particularly in the UK. Brighton was identified as the most vegan-friendly city in the UK in 2021, following its popularity in 2019, with other cities like Bristol, Bathford, and Norwich also ranking highly. The growing awareness of cardiovascular diseases, climate change, and the ethical treatment of animals are significant factors propelling the growth of the plant-based meat market in Europe.

Key players in the plant-based meat products market include Beyond Meat, Conagra Brands, Inc., Impossible Foods Inc., Quorn Foods, Inc., Kellogg Company, Hilary's Eat Well, Vbites Foods, Ltd., Before the Butcher, Field Roast, and Tofurky, among others. These companies are focused on developing cost-effective products to meet the growing consumer demand and maintain their competitive edge in the market.

The overall size of the plant-based meat products market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry stakeholders to validate the findings and gain deeper analytical insights. Participants in this research included industry experts such as vice presidents, business development managers, market intelligence managers, national sales managers, and external consultants, including valuation experts, research analysts, and key opinion leaders specializing in the plant-based meat sector.