Rockville, MD, Jan. 14, 2025 (GLOBE NEWSWIRE) -- Revenue from the sales of plant-based meat is evaluated to reach US$ 14.39 billion in 2024, according to a newly published industry analysis by Fact.MR, a market research and competitive intelligence provider. The global plant-based meat market is forecasted to climb to a value of US$ 25.29 billion by the end of 2034.
Plant-based meat options have gained prominence with increasing environmental and health issues caused due to the excessive consumption of traditionally produced meat. Government bodies around the world are taking initiatives such as awareness campaigns, ensuring larger availability of plant-based meat products, and others, which are generating lucrative opportunities for market players. Several traditional food products, such as meat sausages and patties, now have alternatives such as plant-infused/plant-based meat products. These food options are considered more beneficial for human beings because of their high protein and low-fat content.
On the flip side, high prices of plant-based meat products compared to their traditional counterparts, such as animal-based meat, are limiting their demand growth across the globe.
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Key Takeaway from Market Study
- The market for plant-based meat is analyzed to expand at a CAGR of 5.8% from 2024 to 2034.
- Demand for plant-based meat in Japan is projected to increase at 6.3% CAGR through 2034.
- Global sales of plant-based meat for use in the industrial sector are evaluated to rise at a CAGR of 5.9% and reach US$ 13.96 billion by the end of 2034.
- Worldwide demand for plant-based meat tempeh is approximated to increase at 5% CAGR and reach a value of US$ 5.66 billion by 2034.
- North America is forecasted to hold 24.3% share of the global market by 2034-end.
- The market in South Korea is forecasted to expand at a CAGR of 6.5% from 2024 to 2034.
“Companies are actively involved in R&D activities for preparing plant-based meat that closely matches the flavor and texture of conventional meal. This will be a key factor shaping the path of the market over the coming years,” says a Fact.MR analyst.
United States Key market for Plant-based Meat products
Demand for plant-based meat in the United States is forecasted to increase at a CAGR of 6.2% and reach a market value of US$ 2.8 billion by the end of 2034. More North Americans are taking an interest in sustainable and healthier food options, which is compelling companies to resort to responsible and environment-friendly production practices. People are embracing plant-based meat products with their increased availability in the country. Rapid technological advancements in preparing plant-based meat are helping manufacturers offer products with improved texture and flavor.
Key Market Players
Some of the leading manufacturers of plant-based meat are Amy’s Kitchen Inc., Pinnacle Foods, Inc., Impossible Foods Inc., Kellogg Company, Beyond Meat Inc., Meat. The End, Fry Group Foods (Pty) Ltd., The Kraft Heinz Company, Turtle Island Foods, Inc., Maple Leaf Foods, Tofurky, Sunfed, Yves Veggie Cuisine, Ligthlife Foods, Inc., Vegetarian Butcher Conagra, Inc., and Trader Joe’s.
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Plant-based Meat Industry News:
- The End is a food technology company established in Israel that sells a variety of meat alternatives, including burgers and nuggets, as well as texturized protein. Burger King Israel sells them. The business created the world's first chickpea protein-based texturized burger in April 2023.
- In October 2022, Beyond Meat declared that testing of its plant-based Beyond Popcorn Chicken, also known as Beyond Chicken, has begun. The steak's basis is made of wheat gluten and faba bean protein. About 1g of saturated fat, 300 mg of sodium, and 21g of protein are present in each serving.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the plant-based meat market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on product type (tofu, tempeh, seitan, RTC/RTE, Natto), source (soy-based, wheat-based, mycoprotein, others), end use (retail, industrial), and distribution channel (business to business, business to consumer [modern groceries, convenience stores, traditional stores, food & dress specialty stores, online retail]), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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