Plant-based Meat Market size was valued at USD 7.28 billion in 2023 and is expected to exceed USD 69.1 billion by 2036, registering over 18.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of plant-based meat is assessed at USD 8.38 billion.
The growth of the market can be attributed to the growing trend of veganism among consumers, increasing consciousness about animal rights and rising awareness about the health benefits of plant-based meat. It is evaluated that more than 7.5 million human lives can be saved by the end of 2050 if the world went vegan. Furthermore, it can also avoid climate damages worth more than USD 1.3 trillion. High investments by major food industry players for the production of plant-based meat products is another factor projected to boost market growth in the near future. In addition to these, growing emphasis of companies to increase sales by innovative marketing strategies and correct positioning is expected to offer ample growth opportunities to the market in the forthcoming years.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
18.9% |
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Base Year Market Size (2023) |
USD 7.28 billion |
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Forecast Year Market Size (2036) |
USD 69.1 billion |
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Regional Scope |
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The market is segmented by source into wheat, soy, pea, and others, out of which, the soy segment is anticipated to hold the largest share in the plant-based meat market on account of high production of soybean, low formulation costs and low carbon footprint of these products than dairy-based and other animal food products. For instance, the United States alone produces over 105 million tons of soybean every year, followed by Brazil, producing over 95 million tons of the crop. Moreover, the segment for pea-based meat is estimated to grow with the highest CAGR during the forecast period, which can be credited to the rising demand for these products as they are lactose and gluten free. Furthermore, on the basis of type, the chicken segment is assessed to occupy the largest market share. This can be accounted to the fact that chicken is the major ingredient of conventional meat industry in several products such as patties and nuggets.
Our in-depth analysis of the global market includes the following segments
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By Source |
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By Type |
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By Product
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APAC Market Statistics
On the basis of geographical analysis, the plant-based meat market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Asia Pacific is estimated to dominate majority revenue share by 2036, on the back of increasing adoption of healthy lifestyle in the region. Along with this, growing consumption of Tofu and Tempeh as staple foods in countries, namely Japan, China and South Korea is also anticipated to drive market growth in the region in the future. The Tofu industry in China generated a revenue of more than USD 25 billion in 2020. The growth of this market reached up to 6% by the end of the same year.
Additionally, North America is projected to acquire the largest market share during the forecast period ascribing to the rising awareness about the risks of consuming contaminated meat products and strong presence of startups in the plant-based market.
Author Credits: Parul Atri
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