Plant-based Meat Market Is Projected To Grow Robustly By 2030 Plant-based Meat Industry The global

Rahul Nikade

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Plant-based Meat Market Is Projected To Grow Robustly By 2030

Plant-based Meat Industry

The global plant-based meat market size is expected to reach USD 24.77 billion by 2030, registering a compound annual growth rate (CAGR) of 19.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market growth is primarily driven by the increasing adoption of vegan lifestyles and diets among health-conscious consumers, particularly in traditionally meat-eating developed economies.

Rising consumer concerns over animal welfare and the significant greenhouse gas emissions associated with conventional meat production practices, coupled with celebrity endorsements of vegan and vegetarian diets, are projected to further fuel the demand for plant-based meat products globally.

The Hotel/Restaurant/Café (HORECA) sector remains the predominant consumer of plant-based meat products. Key industry players are actively collaborating with fast-food chains and restaurant groups to promote the adoption of their offerings. For example, fast-food brands such as Burger King, McDonald’s, and Subway have introduced new vegan meat products to cater to a growing segment of health-conscious consumers.

Among product categories, plant-based burgers are anticipated to witness steady growth in the coming years. This trend is driven by heightened consumer concerns over conventional meat products, particularly following the coronavirus pandemic. Plant-based burgers, known for their low-gluten and low-fat content, are increasingly favored by health-conscious individuals seeking nutritious and sustainable food alternatives.

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Plant-based Meat Market Segments Highlights:

The plant-based sausages are anticipated to register the fastest CAGR over the forecast period. Shifting consumer inclination towards plant-based diets and rising consumption of sausages via retail channels on account of taste, texture, and convenience are anticipated to spur product demand across the globe
Soy accounted for the largest market revenue share of 48.0% in 2023, owing to its protein-rich content and widespread popularity
The rising trend of a vegan diet in European countries has pushed the demand for plant-based meat products in the region. The U.K., known for a variety of fresh and high-quality meat delicacies is now home to the largest vegan population in the world
In June 2020, Starbucks, in collaboration with Impossible Foods Inc., introduced the Impossible Breakfast Sandwich to its menu in most of its locations in the U.S. The sandwich is made with plant-based sausage and was launched as part of the Starbuck sustainability initiative to meet the rising consumer interest in the plant-based options

Plant-based Meat Market Report Segmentation

Grand View Research has segmented the global plant-based meat market on the basis of on source, product, type, end-use, storage, and region:

Plant-based Meat Source Outlook (Revenue, USD Million, 2018 - 2030)