Plant-based Meat Market Size

Plant-based Meat Market Size

Plant-based Meat Market size is estimated to record over 10.5% CAGR from 2023 to 2032, backed by the rising health awareness as well as growing environmental concerns among the consumers. People are increasingly looking for healthier dietary options and seeking to reduce their consumption of animal products due to concerns about potential health risks. Additionally, the environmental impact of traditional meat production, including greenhouse gas emissions and deforestation, has led to a surge in demand for more sustainable and eco-friendly protein sources. According to an article published by the World Economic Forum, 65% consumers prefer to make ethical spending choices to live a healthy and sustainable life.

Innovation and product development have played a pivotal role in market growth. A study conducted by Credit Suisse stated that around 66% consumers, aged 16-40 years across 10 countries, have planned to spend relatively more on plant-based meat and dairy alternatives in the future. Companies are continually developing new plant-based meat products that closely mimic the taste, texture, and mouthfeel of traditional meat, attracting a broader audience, including flexitarians and meat-eaters looking to reduce their meat intake. The availability of a wide range of plant-based meat products, from burgers and sausages to plant-based chicken and seafood alternatives, further expand the appeal and market growth prospects.

One of the significant constraints in the plant-based meat market is the competition with traditional meat products. While plant-based options have gained popularity, meat remains a staple in many diets, and shifting consumer habits can be slow. Additionally, the relatively higher cost of plant-based meat products, compared to conventional meat, can deter price-sensitive consumers. Regulatory challenges and labeling discrepancies also pose hurdles. Finally, ensuring a consistent and authentic meat-like taste and texture in plant-based alternatives remains a constant challenge for manufacturers.