The global plant-based meat market was valued at approximately USD 7.17 billion in 2023 and is projected to experience significant growth at a compound annual growth rate (CAGR) of 19.4% from 2024 to 2030. This robust growth can be attributed to an increasing awareness of the health risks associated with the excessive consumption of red and processed meats. As more consumers become informed about these risks, they are actively seeking healthier alternatives. Plant-based meats are often perceived as lower in saturated fats and cholesterol compared to their animal-based counterparts, making them an appealing option for health-conscious individuals. This transition in dietary preferences is further supported by a growing body of research that highlights the health benefits associated with plant-based diets, which are linked to a reduced risk of chronic diseases such as heart disease, diabetes, and certain types of cancer.

As plant-based products gain mainstream acceptance, they are becoming increasingly available in a variety of formats, including ready-to-eat meals, frozen patties, and deli slices. This extensive range of offerings caters to diverse culinary preferences and lifestyles, making it more convenient for consumers to integrate plant-based options into their daily diets. Additionally, the growing presence of plant-based meat in fast-food chains and restaurants has improved accessibility and visibility, helping to normalize these products in the eyes of the general public and attract a wider audience. This visibility not only encourages consumers to try plant-based options but also fosters a cultural shift towards embracing these alternatives.

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Source Segmentation Insights

Within the plant-based meat market, soy accounted for the largest revenue share, representing 48.0% in 2023. Soy protein, derived from soybeans, is particularly notable for its complete protein profile, containing all essential amino acids necessary for human nutrition. This characteristic makes soy an attractive option for those seeking nutritious alternatives to animal-based proteins. Furthermore, soy-based products can be formulated into a wide variety of textures and flavors, making them versatile for different meat substitutes, ranging from burgers and sausages to nuggets and ground meat. The ability to create products that mimic the taste and texture of traditional meats significantly enhances soy’s appeal among consumers looking to reduce their meat intake without sacrificing culinary satisfaction.

Pea protein, on the other hand, is anticipated to register the fastest CAGR of 20.6% over the forecast period. Peas provide a high-quality protein profile that includes essential amino acids, positioning pea protein as a valuable alternative to animal-derived proteins. Its digestibility and hypoallergenic properties enhance its appeal, particularly for individuals with dietary restrictions or sensitivities. This growing preference for pea protein is driven by an increasing number of consumers who are either lactose intolerant or allergic to soy, further broadening the market for plant-based meat options.

As awareness of the benefits of plant-based proteins continues to rise, along with the demand for varied and nutritious dietary options, the plant-based meat market is expected to expand rapidly, fueled by innovative product development and a growing consumer base that prioritizes health and sustainability.

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