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

Market Outlook:

Plant-based Meals Market was over USD 52.92 Billion in 2023 and is expected to surpass USD 238.33 Billion by end of the year 2032, growing at over 18.2% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 52.92 Billion
• CAGR (2024-2032): 18.2%
• Forecast Year Value (2032): USD 238.33 Billion
• Historical Data Period: 2019-2023
• Largest Region: North America
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

The increasing consumer awareness regarding the health benefits associated with plant-based diets is a major growth driver for the plant-based meals market. Consumers are becoming more conscious of the impact of their food choices on their health, leading to a growing demand for plant-based options.

The rising prevalence of lifestyle-related diseases such as obesity, diabetes, and cardiovascular diseases is another key growth driver for the plant-based meals market. Many consumers are turning to plant-based diets as a means of managing and preventing these health issues, driving the demand for plant-based meals.

The growing adoption of veganism and vegetarianism among consumers is also driving the growth of the plant-based meals market. As more people choose to follow plant-based diets for ethical reasons, there is a growing demand for plant-based meals to meet their dietary preferences.

Report Scope

Report Coverage	Details
Segments Covered	Product Type, Distribution Channel, End Use
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Beyond Meat, Impossible Foods, Danone, Unilever, Kellogg, The Hain Celestial Group, Campbell Soup, Archer Daniels Midland (ADM), Cargill, SunOpta, The Vegetarian Butcher, Sweet Earth

Industry Restraints:

A major obstacle for the plant-based meals market is the higher cost associated with plant-based ingredients and products compared to traditional meat-based options. This can deter some consumers, particularly those on lower budgets, from opting for plant-based meals.

Moreover, a significant challenge for the plant-based meals market is the challenge of developing plant-based products that mimic the taste and texture of meat. Many consumers are hesitant to switch to plant-based diets due to a perceived lack of flavor and satisfaction in plant-based options, posing a challenge for the industry in attracting a wider consumer base.

Regional Forecast:

North America:

The plant-based meals market size in North America, particularly in the United States and Canada, continues to experience significant growth. This is primarily driven by the increasing awareness of the health and environmental benefits of plant-based diets. The US specifically has seen a surge in plant-based food options in recent years, with major fast-food chains and supermarkets offering a variety of plant-based alternatives. Canada is also witnessing a similar trend, with more consumers opting for plant-based products.

Asia Pacific:

In the Asia Pacific region, countries like China, Japan, and South Korea are gradually embracing plant-based meals as well. While these countries have traditionally been heavy meat consumers, there is a growing interest in plant-based diets due to concerns about sustainability and animal welfare. In China, for instance, the government has been promoting plant-based diets as a way to reduce the environmental impact of meat consumption. Japan and South Korea are also seeing an increase in the availability of plant-based options in restaurants and grocery stores.

Europe:

Europe, specifically the United Kingdom, Germany, and France, is another key region for the plant-based meals market. These countries have a long history of vegetarianism and veganism, with a significant portion of the population following plant-based diets. The UK, in particular, has seen a surge in plant-based product launches and a rise in plant-based restaurants. Germany and France are also witnessing a shift towards plant-based eating, with more consumers seeking out meat alternatives and plant-based protein sources.

Segmentation Analysis:

In terms of segmentation, the global Plant-based Meals market is analyzed on the basis of Product Type, Distribution Channel, End Use .

Plant-based Meals Market

The plant-based meals market can be segmented based on type, end use, and distribution channel. The types of plant-based meals include dairy alternatives, meat substitutes, egg substitutes, seafood substitutes, and other plant-based meals. Each type caters to different dietary preferences and restrictions, offering a wide variety of options for consumers.

Dairy Alternatives

Dairy alternatives are a popular choice for individuals who are lactose intolerant, vegan, or have a dairy allergy. These alternatives include plant-based milks (such as almond, soy, coconut, and oat milk), yogurts, cheeses, and butter. The increasing awareness about the health and environmental benefits of consuming plant-based dairy alternatives has driven the growth of this segment in the market.

Meat Substitutes

Meat substitutes are designed to mimic the taste, texture, and appearance of traditional meat products while being entirely plant-based. This segment caters to vegetarians, vegans, and individuals looking to reduce their meat consumption for health or environmental reasons. Meat substitutes include products like plant-based burgers, sausages, nuggets, and deli slices.

Egg Substitutes

Egg substitutes are used in baking and cooking to replace eggs in recipes. These substitutes are made from plant-based ingredients like flaxseeds, chia seeds, tofu, and chickpea flour. Egg substitutes are popular among vegans and individuals with egg allergies or dietary restrictions. The growing demand for vegan baking and cooking ingredients has led to the increasing availability and variety of egg substitutes in the market.

Seafood Substitutes

Seafood substitutes are a newer entrant in the plant-based meals market, offering alternatives to popular seafood dishes like fish fillets, shrimp, and crab cakes. These substitutes are made from ingredients like soy, algae, and plant-based proteins to replicate the taste and texture of seafood. Seafood substitutes cater to vegans, vegetarians, and individuals looking to reduce their consumption of seafood for sustainability reasons.

Other Plant-based Meals

The category of other plant-based meals encompasses a wide range of products that do not fit into the specific dairy, meat, egg, or seafood substitute categories. This includes plant-based meals like tofu-based dishes, tempeh products, seitan, plant-based snacks, and frozen meals. The growing demand for convenient and nutritious plant-based options has led to the expansion of this segment in the market.

End Use

The end use segment of the plant-based meals market includes different consumer groups like vegans, vegetarians, lactose intolerant individuals, and people with gluten allergies. Vegans avoid all animal products, including dairy, meat, eggs, and seafood, and rely on plant-based alternatives for their dietary needs. Vegetarians do not consume meat but may consume dairy and eggs, making dairy alternatives and egg substitutes popular choices for this group. Lactose intolerant individuals are unable to digest lactose, a sugar found in dairy products, and opt for dairy alternatives to meet their nutritional needs. People with gluten allergies or sensitivities rely on gluten-free plant-based meals to avoid consuming gluten-containing grains like wheat, barley, and rye.

Distribution Channel

The distribution channel for plant-based meals includes supermarkets and hypermarkets, specialty stores, online retailers, and food service providers. Supermarkets and hypermarkets are the primary retail outlets for plant-based meals, offering a wide range of options for consumers to choose from. Specialty stores cater to niche dietary preferences and offer a curated selection of plant-based products. Online retailers have become increasingly popular for purchasing plant-based meals, providing convenience and a wider variety of products for consumers. Food service providers like restaurants, cafes, and catering services offer plant-based meal options to cater to the growing demand for plant-based foods among consumers.

Competitive Landscape:

Top Market Players:

Beyond Meat

Impossible Foods

Tofurky

Gardein

Sweet Earth Foods

Amy's Kitchen

Lightlife Foods

MorningStar Farms

Quorn

Field Roast Grain Meat Co.

The competitive landscape in the Plant-based Meals Market is highly dynamic and competitive with a growing number of companies entering the market to meet the increasing demand for plant-based food options. Key players in the market are focusing on product innovation, expansion into new markets, and strategic partnerships to gain a competitive edge. As the market continues to grow, competition is expected to intensify, leading to further developments and advancements in the industry.