The global plant-based meat market was valued at approximately USD 7.17 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 19.4% from 2024 to 2030. This growth can be attributed to the increasing awareness of health risks associated with the excessive consumption of red and processed meats. As consumers become more informed about these risks, many are actively seeking healthier alternatives. Plant-based meats are often perceived as being lower in saturated fats and cholesterol compared to their animal-based counterparts, making them an appealing option for health-conscious individuals.

This shift in dietary preferences is further supported by a growing body of research that links plant-based diets to a variety of health benefits. Studies indicate that such diets can lead to a reduced risk of chronic diseases, including heart disease, diabetes, and certain types of cancer. As a result, more people are incorporating plant-based options into their diets.

Gather more insights about the market drivers, restrains and growth of the Plant-Based Meat Market

Plant-based meat is also becoming an essential component of vegan diets, contributing to the normalization of vegetarian lifestyles that exclude animal-based foods. According to Redefine Meat Ltd., there are approximately 80 million vegans worldwide, and this number continues to grow each year. Many consumers are drawn to veganism for both health and ethical reasons. Additionally, some individuals are opting for vegetarian ingredients to avoid animal cruelty and to promote the consumption of sustainable food and beverage products.

Soy, a key raw material in many plant-based meat products, contains all nine essential amino acids necessary for human growth and development. Its properties—such as enhancing water absorption, solubility, emulsification, viscosity, anti-oxidation, and overall texture of the final product—are likely to drive increased demand for soy in the production of plant-based meat products in the coming years.

Product Segmentation Insights

In 2023, plant-based burgers accounted for the largest share of market revenue. As more individuals adopt vegetarian or vegan diets for health-related reasons, there is a growing search for satisfying and nutritious alternatives to traditional meat products. Plant-based burgers provide a compelling option due to their familiar format and meat-like qualities, allowing consumers to meet their dietary goals while enjoying a sensory experience similar to that of beef burgers.

On the other hand, plant-based sausages are anticipated to register the fastest CAGR throughout the forecast period. Sausages are a staple food in many diets across the globe, and the emergence of plant-based versions offers a familiar and convenient choice for consumers who are transitioning to or maintaining a plant-based lifestyle. The availability of plant-based sausages that effectively replicate the taste and texture of traditional meat sausages caters to the needs of both long-time vegetarians and those exploring more flexible dietary options.

Overall, as health consciousness and ethical considerations continue to shape consumer choices, the plant-based meat market is well-positioned for significant growth, driven by innovations and a diverse range of product offerings that appeal to a broad audience.

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