Plant Based Meat Market Is Estimated To Witness High Growth Owing To Rising Health Consciousness Amo

Author : Ashish Thapa | Published On : 12 Jan 2024

Plant based meat products mimic the sensory qualities of conventional animal-based meat products such as burgers, sausages, chicken nuggets through the use of ingredients derived from soy, wheat, and other plant sources. These plant based meat products are preferred by health conscious consumers as they are cholesterol free and contain less saturated fats.

The global Plant Based Meat Market is estimated to be valued at US$ 7.2 Bn  in 2023 and is expected to exhibit a CAGR of 6.9%  over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
Rising health consciousness among consumers is expected to drive the growth of the plant based meat market over the forecast period. There is a growing consumer shift towards vegan and vegetarian diets due to various factors like health, environmental sustainability and animal welfare. Consumers are more aware about the health risks associated with excessive consumption of red meat and are thus looking for healthier meat alternatives. Plant based meat products are a good source of proteins and vitamins and contain no cholesterol. The ability of these products to mimic the taste and texture of animal meat is attracting more health conscious people towards a plant based diet. This growing trend towards healthy and sustainable lifestyles is expected to provide significant opportunities for players in the plant based meat market.

Porter's Analysis
Threat of new entrants: The threat of new entrants in the plant-based meat market is moderate. High capital requirement for R&D, production facilities and brand building pose substantial barriers.

Bargaining power of buyers: The bargaining power of buyers in the plant-based meat market is high. Buyers have numerous options and brands to choose from. Buyers can leverage this choice to negotiate lower prices.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key raw materials such as soy and wheat are easily available from numerous suppliers globally. Supplier switching costs are also low.

Threat of new substitutes: The threat of substitutes is high due to the presence of actual meat and other plant-based alternatives such as wheat proteins, pea proteins etc.

Competitive rivalry: The competitive rivalry is high among leading brands such as Beyond Meat, Impossible Foods competing on quality, taste, nutrition, sustainability and price.

SWOT Analysis
Strengths: High nutrition content, environment-friendly production process, appeal to health-conscious consumers.
Weaknesses: Limited product portfolio, higher prices than animal meat, restrictively designed for flexitarians not hardcore carnivores.
Opportunities: Growing adoption in Southeast Asia & Africa, potential to capture dietary preferences shift, scope for new product innovation.
Threats: Pushback from meat lobby, lack of regulations for "meat" labeling, dependency on key inputs like soy whose supply & prices fluctuate.

Key Takeaways
The global Plant Based Meat Market Demand  is expected to witness high growth over the forecast period of 2023 to 2030. Rapid urbanization, rising health awareness, and sustainability concerns are key growth drivers. The global Plant Based Meat Market is estimated to be valued at US$ 7.2 Bn  in 2023 and is expected to exhibit a CAGR of 6.9%  over the forecast period 2023 to 2030.


Regional analysis: North America is the largest regional market for plant-based meat currently. Europe is the second largest market growing at over 8% CAGR owing to stringent regulations promoting sustainability. Asia Pacific region exhibits the highest growth potential with CAGR above 10% led by India and China. Countries like Thailand, Indonesia and Philippines are also emerging as high potential markets.

Key players: Key players operating in the plant-based meat market are Beyond Meat, Impossible Foods, Maple Leaf Foods (Field Roast & Lightlife), Conagra (Gardein), Quorn Foods, Kellogg's (MorningStar Farms), Sunfed, and Yves Veggie Cuisine.