Plant-based meat Market Trends, Opportunities, Key Players, Growth Factors, Revenue Analysis, 2024-2035
Over the past few years, plant-based meat market has been proven to transform the recent preference towards alternative meat options in the food industry.
These meat substitutes have demonstrated high nutritional value and sustainability resulting in a paradigm shift towards the adoption of more environmental-friendly and animal-friendly meat options.
The global plant-based meat market size is projected to grow from $17.1 billion in the current year to $54.8 billion by 2035, representing a CAGR of 11.16% during the forecast period.
The forecasted opportunity was analyzed across several relevant parameters, such as source of protein (soy, wheat, pea and others), type of meat substituted (chicken, beef, pork, seafood and other types of meat substituted), type of end product (burger patties, sausages, minced meat, strips and nuggets, meatballs and other end products), mode of storage (frozen, refrigerated and shelf-stable), type of distribution channel (hotels and restaurants, retail stores and e-commerce), geographical regions (North America (the US, Canada, Rest of North America), Europe (the UK, the Netherlands, Germany, Italy, Spain, France, Rest of Europe), Asia-Pacific (China, India, Australia, New Zealand, Rest of Asia-Pacific), Middle East and North Africa (Saudi Arabia, UAE, Rest of Middle East and North Africa), and Latin America (Argentina, Brazil, Columbia and Rest of Latin America)), and key leading players.
Our estimates suggest that, currently, the plant-based meat market is likely to grow at an annualized rate (CAGR) of 11.16%, in the given time period. Further, the highest share of plant-based meat market based on source of protein will be captured by soy. However, in the coming years, pea-based meat products are anticipated to grow at a relatively faster pace owing to their several health benefits. Furthermore, chicken type of meat substituted captures the majority share of the overall plant-based meat market. However, in the coming years, seafood is anticipated to grow at a relatively faster pace. This can be attributed to the increasing awareness of nutritional benefits offered by seafood products. In addition to this, amongst the key geographical regions, North America captures the majority share of the overall plant-based meat market, followed by Europe. However, in the coming years, the market in Asia-Pacific is anticipated to grow at a relatively faster pace, attributed to the increased growing population and economic growth in Asia-Pacific. This has risen the interest of the various plant-based meat companies in the region towards the development of alternative meat products, such as plant-based meat.
However, in the coming years, shelf-stable meat is anticipated to grow at a relatively faster pace. This can be attributed to the fact that shelf-stable plant-based meats often have lower transportation and storage costs as compared to refrigerated or frozen products. Additionally, among the type of distribution channels, hotels and restaurants captures the majority share of the overall market, whereas e-commerce is anticipated to grow at a relatively faster pace, attributed to the fact that pandemic accelerated a shift towards e-commerce as consumers sought safer shopping alternatives.
Around 930 patents have been filed / granted related to plant-based meat by different industry and non-industry players to protect intellectual property rights.
There has been a steady increase in the number of patents published in this domain, which is indicative of continuous ongoing research to develop plant-based meat products. It is worth highlighting that majority (36%) of patents were published in 2022, followed by patents published in 2023 (29%) and 2021 (22%). This can be attributed to the significant research efforts made towards the incorporation of advanced technologies such as 3D-bioprinting, electrospinning and extrusion technology, to enhance the taste and texture compared to animal meat. In addition, it is worth mentioning that around 70% of the patents in this domain have been published post-2021.
As can be observed in the figure, maximum (37%) number of the patent applications were published in 2022, followed by those published in 2023 (31%). Further, 35% of patents published were granted in the year 2023. This increase in the number of patents for plant-based meat products can be attributed to the growing demand of sustainable meat alternatives to address the ethical, social and economic factors associated with conventional meat consumption.
Additionally, the continuous expansion of plant-based meat market further drive the patent filings as companies strive to differentiate their product portfolio to meet consumer preferences.
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