Plant-based Meals Market Size - By Type (Dairy Alternatives, Meat Substitutes, Egg Substitutes, Seafood Substitutes, Other Plant-based Meals), End use (Vegans, Vegetarians, Lactose intolerant, Gluten allergy), Distribution Channel, & Global Forecast, 2024-2032

Plant-based Meals Market Size

Plant-based Meals Market size was valued at USD 52.4 billion in 2023 and is anticipated to register a CAGR of over 18.1% between 2024 and 2032. Increasing awareness of the health benefits associated with plant-based diets, such as reduced risk of chronic diseases and better weight management, has driven the adoption of plant-based meals.
 

In addition, growing concerns about the environmental impact of animal agriculture, including greenhouse gas emissions and deforestation, have led many consumers to seek more sustainable and eco-friendly food options.

The plant-based diets can lack certain nutrients, like vitamin B12, iron, and omega-3 fatty acids, which are more readily available in animal-based products. This can raise nutritional concerns for some individuals. Traditional dietary habits and cultural preferences for animal-based foods can make it difficult for some individuals to transition to plant-based diets.
 

COVID-19 Impact

The COVID-19 had significant impact on the market there was a surge in demand for plant-based products, including meat substitutes, dairy alternatives, and plant-based ready meals. This was partly due to concerns about the links between zoonotic diseases and animal agriculture. The pandemic prompted many consumers to focus on their health and well-being. Plant-based diets were perceived as a healthier option by some, leading to an increased interest in these products.
 

Plant-based Meals Market Trends

The demand for plant-based meals and products had been steadily increasing, driven by factors such as health and wellness concerns, environmental awareness, and ethical considerations. In addition, companies were diversifying their plant-based product offerings, moving beyond basic veggie burgers and meat substitutes to include a wide variety of plant-based options, including dairy alternatives, plant-based seafood, and more.
 

Plant-based Meals Market Analysis

Based on type, the diary alternative segment held over USD 15.7 billion revenue in 2022. Consumers are increasingly concerned about their health and well-being. Plant-based dairy alternatives are often perceived as healthier options because they tend to be lower in saturated fats and cholesterol compared to traditional dairy products. They are also often lactose-free, making them suitable for those with lactose intolerance.
 

Based on distribution channel, hypermarket and supermarkets segment recorded 44.2% of the plant-based meals market share in 2022. Supermarkets and hypermarkets typically have a vast amount of shelf space and can accommodate a wide range of products. As demand for plant-based meals has grown, retailers have responded by expanding their plant-based offerings. This increased variety attracts a larger customer base.
 

Based on end user, the vegetarian segment accounted for the largest revenue share of 40.5 % in 2022. Many consumers are choosing plant-based diets, including vegetarianism, for health reasons. Research has shown that plant-based diets can be associated with various health benefits, including reduced risk of chronic diseases like heart disease, diabetes, and certain types of cancer. This health-conscious trend has led to an increase in the consumption of plant-based meals.
 

The North America plant-based meals market size reached USD 17.74 billion in 2022. There is growing awareness of the environmental impact of animal agriculture, such as deforestation, greenhouse gas emissions, and water usage. Many consumers in North America are choosing plant-based meals to reduce their environmental footprint. In addition, there is a growing awareness of animal welfare issues associated with conventional meat production. This has led to an increase in the number of people choosing plant-based options to align with their ethical beliefs.
 

Plant-based Meals Market Share

Major companies operating in the plant-based meals industry includes:

• Beyond Meat
• Impossible Foods
• Danone
• Unilever
• Kellogg
• The Hain Celestial Group
• Campbell Soup
• Archer Daniels Midland (ADM)
• Cargill
• SunOpta
• The Vegetarian Butcher
• Sweet Earth

The companies are undergoing various strategic initiatives, such as mergers and acquisitions, partnerships, collaborations.

ADM plays a pivotal role in transforming crops into an array of products used in food, animal feed, industrial, and energy markets. The company operates an extensive network of agricultural assets, including a vast supply chain, processing plants, and distribution centres worldwide. The company is renowned for its innovation and expertise in the procurement, transportation, and processing of agricultural commodities like grains, oilseeds, and more. It supplies a diverse range of food and beverage manufacturers with high-quality ingredients, from sweeteners and starches to oils and proteins.
 

Plant-based Meals Industry News

• In May 2023, ADM announced that it has reached an agreement to acquire D.C.A. Finance B.V. This acquisition is expected to increase the geographical expansion for both companies.
   

The plant-based meals market research report includes in-depth coverage of the industry with estimates & forecast in terms of transactional value (USD Billion) and transactional volume (Kilo Tones) from 2018 to 2032, for the following segments:

Click here to Buy Section of this Report

Market, By Type

• Dairy alternatives
• Meat substitutes
• Egg substitutes
• Seafood substitutes
• Other plant-based meals

Market, By Distribution Channel

• Hypermarket and Supermarkets
• Specialty stores
• Convenience stores
• Online

Market, By End user

• Vegans
• Vegetarians
• Lactose intolerant
• Gluten allergy

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Australia
  • Malaysia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Egypt