The global Plant Based Meat Market is estimated to be valued at US$ 7.2 Bn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:-

Plant-based meat products are innovative meat alternatives made from plant-based ingredients including soy, wheat and pea protein. These meat alternatives closely resemble real meat in terms of texture, flavor and appearance and provide similar protein content as animal meat without cholesterol.

Market key trends:-

One of the major trends in the plant based meat market is the rise of highly processed meat alternatives. Companies are developing advanced processing technologies and solutions to replicate meat texture and flavor more closely than traditional veggie burgers and sausages. For instance, the production of plant-based chicken or duck which accurately mimics real meat. Another key trend emerging in the market is customization and personalization of meat alternatives. Companies are launching wide ranges of plant based meat products catering to different customer preferences in terms of specific taste, flavor and nutritional profiles.

Segment Analysis:-

The global plant based meat market is dominated by the burger patties segment which has a market share of over 25%. Burger patties are the most widely consumed plant based meat products due to rising fast food culture and increasing flexitarian population experimenting with meat alternatives. Burger patties offer familiarity and taste similar to beef patties which drives their high demand.

Key Takeaways:-

The Global Plant Based Meat Market Size is expected to witness high growth, exhibiting 19% CAGR over the forecast period, due to increasing health consciousness among consumers and growing concerns regarding animal welfare.

The North American region dominates the global plant based meat market with a share of over 40%, due to high vegan population and supportive government regulations for startups engaged in plant based food products development. However, Asia Pacific is expected to grow at the fastest pace owing to expanding middle class population and increasing meat consumption in countries like China and India.

Key players operating in the plant based meat market are Beyond Meat, Impossible Foods Inc., Maple Leaf Foods, Vegetarian Butcher, Conagra, Inc., Kellogg NA Co., Quorn, Amy’s Kitchen, Inc., Tofurky, Gold&Green Foods Ltd., Sunfed, VBites Foods Limited, Kraft Foods, Inc., Lightlife Foods, Inc., Trader Joe’s, Yves Veggie Cuisine, Marlow Foods Ltd., Ojah B.V., Moving Mountains, Eat JUST Inc., LikeMeat GmbH, GoodDot, OmniFoods, No Evil Foods, Dr. Praeger’s Sensible Foods. Beyond Meat and Impossible Foods have revolutionized the plant based meat industry with their burger patties that resemble and taste like real meat. Both companies are leaders in the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it