Food & Climate
The Plant-Based Meat Market was valued at $ 9.57 billion in 2024, and is projected to reach $ 21.81 billion by 2030, rising at a CAGR of 14.72%, according to ResearchAndMarkets.com’s offering.
The global plant-based meat market report consists of exclusive data on 36 vendors. The competitive scenario in the market is currently intensifying with global and domestic players offering a diverse range of products.
Companies in this market are continuously innovating to develop better and new products. In terms of market share, a few of the major players are currently dominating the market.
Some companies that are currently dominating the market are Beyond Meat, Conagra, Hungry Planet, Impossible Foods, Kellanova, Maple Leaf Foods, Quorn Foods, Next Level, Tofurky & Tyson Foods. Major players are focusing on strategic agreements, acquisitions, and collaboration with emerging players to enter the market and gain access to commercially launched products, according to the report that seen by “Food & Climate” platform.
Europe dominance
Europe dominates the global plant-based meat market with the largest share in 2024. Europe, driven by strong consumer demand for sustainable and healthy food alternatives, has emerged as a leading region in the global transition toward plant-based diets. This growth is supported by the increased availability of plant-based products, innovative offerings, and partnerships with food service providers.
The rising popularity of veganism and plant-based lifestyles in Europe is closely linked to ethical concerns, which have expanded the consumer base for plant-based meat.
Additionally, a growing segment of flexitarian consumers – those who primarily follow plant-based diets but occasionally consume animal products – has significantly boosted demand, particularly in urban areas where exposure to health and wellness trends is higher. Health-focused campaigns promoting reduced meat consumption for wellness reasons have further encouraged consumers to shift toward plant-based alternatives, solidifying Europe’s position as a key market for plant-based meat.
Moreover, the demand for clean labeling in the plant-based meat market is a significant trend that reflects changing consumer preferences for transparency, health-conscious choices, and ethical food production. Clean labeling refers to products with simple, recognizable, and minimally processed ingredients, free from artificial additives, preservatives, and synthetic chemicals. This trend is not only reshaping the plant-based meat industry but also driving innovation and market growth globally.
In the US, the FDA’s evolving guidelines on plant-based food labeling stress the accurate representation of product ingredients, leading brands to adopt clearer labels. Consumers are willing to pay a premium for clean-label products, which contributes to higher revenues. Clean labeling helps build consumer trust, a critical factor for long-term market growth. Thus, the clean-label movement has spurred the market growth.
The trend of growing investments in the plant-based meat market also is a global phenomenon, reflecting increasing consumer demand for sustainable, ethical, and health-conscious food options. This trend is underpinned by technological advancements, shifting consumer preferences, and the global emphasis on sustainable food systems.
As per the report by Good Food Institute published in 2024, as of 2023, public funding for the alternative protein sector, encompassing both research and development (R&D) and commercialization initiatives, reached an all-time total of $1.67 billion.
In 2023 alone, governments allocated $523 million, with $190 million directed toward R&D, $162 million for commercialization efforts, and $170 million for initiatives combining elements of both. This highlights the growing investment and commitment to advancing plant-based meat innovation and infrastructure. Increased funding enables companies to diversify their offerings, catering to various tastes, dietary preferences, and cuisines.
Animal rights activists
Animal rights activists and organizations have played a key role in raising awareness about the treatment of animals in factory farms. The ethical implications of meat production, such as factory farming practices, animal confinement, and inhumane slaughter methods, are prompting many consumers to seek alternatives that do not involve animal exploitation. High-profile advocacy from organizations like PETA (People for the Ethical Treatment of Animals) and the Humane Society has pushed consumers toward plant-based diets.
The environmental consequences of traditional animal agriculture are becoming increasingly evident. Animal farming is a leading cause of environmental degradation, contributing to greenhouse gas emissions, deforestation, water pollution, and biodiversity loss. Consumers, especially among younger generations like Millennials and Gen Z, are more conscious of how their food choices align with their values.
Companies in the plant-based meat industry invest heavily in R&D to mimic the sensory attributes of traditional meat (taste, smell, mouthfeel, etc.). This includes costs related to experimenting with formulations, texture technology, and scaling innovative production techniques. Traditional meat production benefits from economies of scale, as the industry has been established for decades.
Plant-based meat, being a newer industry, lacks the same level of infrastructure and scalability, leading to higher per-unit production costs. Many consumers, particularly in developing countries or lower-income demographics, are price-sensitive and unable or unwilling to pay a premium for plant-based meat. Traditional meat, being cheaper, remains their preferred choice, according to “Glob News Wire“.