Plant-based Meals Market Size

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.

Industry

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

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.