According to the report, the global plant-based meat market is likely to grow from USD 8.9 billion in 2024 to USD 32.8 billion in 2035 at a moderate CAGR of 12.6% during the time period. On the verge of strong growth is afforded by the plant-based meat market due to the alloying forces of health, environment, and innovation. Increasing awareness of lifestyle diseases such as obesity, heart diseases, and diabetes has motivated consumers onto a healthier track of alternative proteins where plant-based meats come with a profile of low cholesterol and saturated fats. The advancement in technology brought improvements in food processing, including that in shear-cell and high-moisture extrusion, thus allowing a better replication of meat textures toward higher consumer acceptability. Yet another concern is the carbon footprint and water usage of livestock farming, which have brought individuals as well as institutions to select the sustainable alternative. Governments and regulatory bodies in some parts of Europe and North America are also rolling out incentives and subsidies for plant-based innovations; for instance, increased funding was announced by the EU in 2024 for plant-based food research under the Horizon Europe program. All the above, coupled with growth in the diversity of products and accessibility in retail, pave paths toward mass acceptance and growth in the global market.
Before, fast food and QSR sales worldwide must have been considered the most significant contributors to the plant-based meat market. Chains such as Burger King, Starbucks and McDonald's are adding plant-based products to their menus, bringing attention to the evolving consumer concern of sustainability and healthy living.
At the beginning of 2024, after an ultratrial phase in co-operation with Beyond Meat, McDonald's Germany launched McPlant Nuggets as a core menu item.
In 2024, the Indian startup GoodDot ventured into Kenya and South Africa with ready-to-eat plant-based meats containing local ingredients and local relevance. Such a regional expansion bestows a double boon: one meeting nutritional needs and the other being a foster of sustainable food systems in fast-growing economies. These associations give visibility to and mainstream plant-based options and in turn create demand, particularly among flexitarians searching for easy meat alternatives in common dining settings.
Taste and texture, though ameliorated somewhat, remain as another major constraint. Many consumers, especially those traditionally eating animal meat, maintain that plant-based meats do not quite stack up when it comes to flavor, mouthfeel, or juiciness against real animal meat. This perception negates repeat purchase and long-term acceptance. With extrusion and fermentation innovation making progress, though, it remains a big challenge for brands to keep closing the sensory gap in converting doubters. Until parity is obtained, especially for products such as steaks or whole cuts, consumer conversion outside of those health-conscious or eco-aware segments is minimal.
Emerging markets such as Southeast Asia, Latin America, and some parts of Africa, where meat consumption is rising due to urbanization and income growth, present an untapped opportunity. Plant-based alternatives could be brought to market at a competitive price, limiting protein demand from further environmental degradation.
In 2024, the Indian startup GoodDot ventured into Kenya and South Africa with ready-to-eat plant-based meats containing local ingredients and local relevance. Such a regional expansion bestows a double boon: one meeting nutritional needs and the other being a foster of sustainable food systems in fast-growing economies.
Tariff rates largely determine the global plant-based meat market, thus having pricing implications for imported goods on a cost-plus basis. When import tariffs are levied either upon plant-based meat products or upon their prominent raw materials such as soy protein, pea protein, or wheat gluten, foreign brands find it tough to enter into price-sensitive markets. For example, with India imposing very high tariffs in case of processed foods including meat substitutes, it becomes extremely difficult for international plant-based brands like Beyond Meat to compete on prices vis-à-vis local plant-based product alternatives. These price barriers decrease the accessibility of plant-based foods and also negate their prospects of attaining mass adoption in developing economies.
Reduced tariffs, on the other hand, serve rapid market expansion and speeded-up scaling of multinational brands in newly accessed territories. So far, the most promising example is found in the 2023 EU-Singapore Free Trade Agreement, where tariffs were eliminated on plant-based food imports including meat substitutes-with increased market penetration of European producers such as The Vegetarian Butcher (Unilever) in Southeast Asia being one result. In this way, low tariffs foster international trade, promote the sharing of innovations, and give consumers access to high-quality international plant-based meat products, putting a rapid growth spurt into the market at large.
Prominent players operating in the global plant-based meat market are Amy’s Kitchen, Beyond Meat, Conagra Brands (Gardein), Eat Just, Inc., Gold&Green Foods (part of Paulig Group), Hilary’s Eat Well, Impossible Foods, Kellogg Company (MorningStar Farms), Lightlife Foods, Maple Leaf Foods (Greenleaf Foods), Moving Mountains, Nestlé (Sweet Earth Foods, Garden Gourmet), Planterra Foods (OZO), Quorn Foods, Sunfed Meats, The Kraft Heinz Company (BOCA Foods), Tofurky Co., Tyson Foods (Raised & Rooted), Unilever (The Vegetarian Butcher), VBites Foods and Other Key Players.
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