The global market for plant-based meat is projected to expand by USD27.29bn between 2024 and 2028, achieving a compound annual growth rate (CAGR) of over 36.92%, according to Technavio.
This rapid growth is being fueled by a surge in new product launches and shifting consumer demographics, though the rising consumption of animal meat remains a challenge.
A growing focus on health, environmental sustainability, and animal welfare is propelling interest in plant-based diets, with ingredients such as wheat, soy, corn, oats, rice, and chickpeas playing a central role.
These components provide essential amino acids while serving as the foundation for plant-based products that mimic the texture and flavor of animal proteins. Industry leaders such as Impossible Foods and Beyond Meat have developed a range of offerings, including plant-based chicken, pork, beef, seafood, and sausages, which are gaining traction among consumers seeking alternatives to traditional meat.
Refrigerated plant-based meats are especially popular within the foodservice industry, including fast food chains, casual dining establishments, and hotels. Key selling points include extended shelf life, high protein content, and nutritious profiles.
Plant-based meats not only provide fiber, vitamin C, and iron but also have a lower carbon footprint compared to animal-based foods. However, the market faces hurdles such as trade restrictions, supply chain disruptions, and regulatory challenges related to genetically modified ingredients like soy and peas.
Consumers are increasingly drawn to plant-based products that replicate the appearance, taste, and cooking experience of meat while avoiding undesirable elements such as hormones, nitrates, nitrites, gluten, animal fats, and cholesterol. This growing demand has spurred startups to enter the market with innovative products, while partnerships with retail and foodservice channels have become critical to success.
The range of plant-based meat products continues to diversify, spanning categories such as burger patties, nuggets, strips, veggie bacon, lobster, veal, and other seafood alternatives. These offerings address ethical concerns about animal cruelty while prioritizing food sustainability and safety.
The global trend toward health consciousness is a major driver of the market’s expansion, as consumers seek healthier food and beverage options. With chronic conditions like diabetes, obesity, and digestive disorders on the rise, many are opting for lower-calorie foods that deliver essential nutrients. This shift toward healthier eating habits is helping to sustain the momentum of the plant-based meat industry.
As demand for plant-based alternatives continues to grow, the market is expected to expand steadily through the forecast period, further reshaping global dietary trends and advancing the movement toward sustainable food solutions.
Find out more at: https://www.technavio.com