Plant Based Meat Products Market Size Report | Growth Overview 2028

Plant Based Meat Products Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Patties, Nuggets, Meatballs, Sausages, and Others), Category (Frozen, Refrigerated, and Ambient), and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others)

Publication Month : May 2022

  • Report Code : TIPRE00028970
  • Category : Food and Beverages
  • Status : Published
  • No. of Pages : 178
Inquire Before Buy



[Research Report] The Plant Based Meat Products market is projected to reach US$ 14,527.55 million by 2028 from US$ 5,354.72 million in 2021; it is expected to grow at a CAGR of 15.3% from 2021 to 2028.

Market Insights and Analyst View:

Plant-based meat products are made using plant proteins such as soy protein, pea protein, and wheat protein. Soy protein is widely used to make plant based meat products as it is affordable than other plant proteins and it provides ideal texture to the products which is similar to conventional animal meat products. Patties, nuggets, sausages, and meatballs are some of the common plant based meat products available in the market. Consumers are highly inclined toward plant based or vegan-friendly products owing to increased health concerns and rising awareness regarding animal welfare. The rising health-consciousness among people owing to increasing prevalence of obesity, diabetes, and other diseases is compelling people to change their dietary habits. People generally perceive plant based products to be healthier than the conventional animal-based products. This factor is significantly driving the growth of plant based meat products market

Growth Drivers and Challenges:

Plant-based meat products are lower in saturated fat and calories than conventional meat products, making them a healthier choice. This factor is driving the growth of the plant based meat products market. The rise of the veganism trend is also attributed to increasing empathy toward animals. The rising awareness regarding the ill-treatment of animals in slaughterhouses and factories has raised concerns about animal protection among consumers. This factor is also expected to boost the consumption of plant based food, driving the plant based meat products market. However, its high price is limiting its uptake among price-sensitive consumers. At leading supermarket chains, such as Kroger and Walmart, two plant based hamburger patties from Beyond Meat can be purchased for around US$ 5.99. On the other hand, 2 pounds of ground beef is available for approximately the same price, which could produce 10 times more hamburger patties. Thus, after comparing the prices, consumers generally end up buying conventional meat instead of plant based meat, which is an obstruction in the plant based meat products market growth. Manufacturers are focusing to achieve economies of scale to reduce the overall cost required for manufacturing plant based meat products. Such initiative may help the manufacturers to acquire new customers even in the price sensitive markets.

Customize Research To Suit Your Requirement

We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.

Plant Based Meat Products Market: Strategic Insights

Market Size Value inUS$ 5,354.72 million in 2021
Market Size Value byUS$ 14,527.55 million by 2028
Growth rateCAGR of 15.3% from 2021 to 2028.
Forecast Period2021- 2028
Base Year2021
Analyst Image


Have a question?

Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.

Analyst Image  Speak to Analyst

Report Segmentation and Scope:

The “Global Plant Based Meat Products Market” is segmented based on type, category, distribution channel, and geography. Based on type, the plant based meat products market is segmented into patties, nuggets, meatballs, sausages, and others. Based on category, the plant based meat products market is segmented into frozen, refrigerated, and ambient. Based on distribution channel, the plant based meat products market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The plant based meat products market based on geography is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Russia, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America)

Segmental Analysis:

Based on type, the plant based meat products market is segmented into patties, nuggets, meatballs, sausages, and others. In 2021, the patties segment held the largest share in the plant based meat products market.

Based on distribution channel, the plant based meat products market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hypermarkets segment held the largest market share in 2021 and the online retail segment is expected to register the highest CAGR over the forecast period. Online retail is one of the fastest-growing distribution channels owing to its convenience in terms of shopping and product delivery. Online retail stores offer a wide variety of products with heavy discounts; also, consumers can conveniently buy desirable products remotely. Home delivery service attracts a large group of customers to shop through an e-commerce platform. E-commerce websites offer detailed product information, along with user reviews, which help buyers compare products and make informed decisions. These factors are significantly driving the segment’s growth over the upcoming years.

Regional Analysis:

Based on geography, the plant based meat products market is divided into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The global plant based meat products market size for Europe accounted for US$ 2,060.30 Million in 2021. North America is a second major contributor holding more than 30% share in the global market. Asia Pacific is also one of the key markets for plant based meat products growing at a CAGR of ~ 15%. Consumers are highly inclined toward plant based products owing to the rising awareness regarding animal welfare. The benefits of cholesterol-free proteinaceous food, with a meat-like texture, promote the plant based meat products market growth in Europe. Further, with rising consumers’ inclination toward plant based meat products, manufacturers are adopting growth strategies such as product development and expansion to meet elevating demands of consumers. For instance, Plant & Bean opened a plant based meat factory in Boston and Lincolnshire (UK) in December 2020 to serve the European market. This factory has the original capacity of producing 55,000 tons of plant based meat per year.

Industry Developments and Future Opportunities:

Various initiatives taken by the key players operating in the plant based meat products market are listed below:

  1. In December 2022, United Supermarket Holdings, Inc. launched "BEYOND BEEF," a plant based meat alternative created by Beyond Meat, Inc. BEYOND BEEF is a minced beef-like plant-based alternative to conventional minced beef which can be used as an ingredient in a variety of dishes such as burger patties, meatballs, among others.
  2. In October 2022, Licious, an India-based company, launched plant-based meat brand ‘UnCrave’ which consists of plant based chicken and mutton seekh kebabs under its portfolio.
  3. In March 2022, Beyond Meat and PepsiCo formed a joint venture under the name “Planet Partnerships LLC” with the launch of Beyond Meat jerky made with 100% plant-based ingredients like peas and mung beans.

Covid-19 Impact:

The COVID-19 pandemic affected almost all industries in various countries. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) hampered the growth of several industries, including the food & beverages industry. During the initial phase of the COVID-19 pandemic, severe supply chain disruptions created a shortage of raw materials, leading to an increase in raw material prices. According to the United States Department of Agriculture (USDA), the prices of pea protein which is one of the common ingredients used in plant based meat increased due to disruptions in the supply chain. This resulted in price hikes, negatively impacting the demand for plant based meat products. However, due to a significant shift in consumer dietary preferences, the demand for plant based meat products increased dramatically after the COVID-19 outbreak. The World Health Organization (WHO) published a guideline on food products that should be consumed during the COVID-19 pandemic. The guideline suggested limiting red meat consumption due to its high percentage of saturated fat. Moreover, people focused on reducing their overall meat consumption shifted to vegetarian and vegan diets to improve immunity. These factors had a positive impact on the plant based meat products market growth.

Competitive Landscape and Key Companies:

Some of the prominent players operating in the global plant based meat products market include Beyond Meat; Conagra Brands, Inc.; Impossible Foods Inc.; Quorn Foods, Inc.; Kellogg Company; Hilary’s Eat Well; Vbites Foods, Ltd.; Before the Butcher; Field Roast; and Tofurky; among others. These companies are highly involved in product innovation and new product development to enhance their expertise and expand their product portfolio. Moreover, these companies are also partnering with other players in the industry to cater to a wider customer base. Such initiatives are expected to provide strong growth potential to the key industry players operating in the plant based meat products market.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, Category, and Distribution Channel

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions

Can you list some of the major players operating in the global plant-based meat products market?

The major players operating in the global plant-based meat products market are Beyond Meat; Conagra Brands, Inc.; Kellogg’s Company; Tofurky; Field Roast; Before the Butcher; VBites Foods Inc.; Hilary’s – Drink Eat Well, LLC.; Quorn; and Impossible Foods Inc.

What are the opportunities for plant-based meat products in the global market?

Plant-based meat is experiencing strong demand in emerging regions like the Asia Pacific and the Middle East & Africa. Rising demand for low or no meat diets owing to shifting consumer priorities towards sustainability and wellness is driving the plant-based meat industry across the Asia Pacific. On the other hand, plant-based meat is also gaining huge traction across the Middle East & Africa as consumers in the region are reducing their meat consumption in an attempt to lead a sustainable and healthy life. Thus, the surging demand for plant-based meat in emerging regions will provide a strong market potential over the forecast period.

Based on the distribution channel, why is the supermarkets and hypermarkets segment have the largest revenue share?

Based on distribution channel, the supermarkets and hypermarkets segment accounted for the largest revenue share as the increasing urbanization, rising working-class population, and competitive pricing are boosting the popularity of supermarkets and hypermarkets in developed and developing regions. Moreover, manufacturers of plant-based meat products usually prefer to sell their products through supermarkets and hypermarkets owing to a heavy customer base.

What is the scope of the global plant-based meat products market?

The market scope for global plant-based meat products takes into consideration the retail sale of plant-based meat products and not the foodservice consumption.

What are the key drivers for the growth of the global plant-based meat products market?

The growing importance of environmental sustainability is expected to significantly drive the development of the plant-based meat products market over the forecast period. Also, the growth of the veganism trend is also attributed to growing affiliation with animals. Animals are ill-treated in slaughterhouses and factor which is raising concerns related to animal protection among consumers. This factor is also expected to boost the consumption of plant-based food. Thus, rising veganism and vegetarianism trends are projected to significantly drive the growth of the plant-based meat products market over the forecast period.

What is the largest region of the global plant-based meat products market?

Europe accounted for the largest share of the global plant-based meat products market. Europe has emerged as a significant plant-based meat products market due to considerable demand for animal-meat alternatives from consumers owing to increasing health consciousness and the rising veganism trend.

The List of Companies - Plant-Based Meat Products Market

  1. Beyond Meat
  2. Conagra Brands, Inc.
  3. Kellogg’s Company
  4. Tofurky
  5. Field Roast
  6. Before the Butcher
  7. VBites Foods Inc.
  8. Hilary’s – Drink Eat Well, LLC.
  9. Quorn
  10. Impossible Foods Inc.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

Related Reports