Plant-Based Meat Market Size to Grow USD 50.89 Bn by 2034

Plant-Based Meat Market Size, Share, Trends and Future Opportunities

The global plant-based meat market size is projected to expand from USD 10.24 billion in 2025 to USD 50.89 billion by 2034, growing at a CAGR of 19.50% during the forecast period from 2025 to 2034.

Last Updated: 27 May 2025 Category: Plant-based Food & Beverages Insight Code: 5601 Format: PDF / PPT / Excel

Plant-Based Meat Market Size and Growth

The global plant-based meat market size was valued at USD 8.57 billion in 2024, is expected to expand from USD 10.24 billion in 2025 to USD 50.89 billion by 2034, with a CAGR of 19.50% during the forecast period from 2025 to 2034. The growing awareness about nutritious diets and the increased importance of food safety contribute to the major expansion of plant-based food alternatives and protein-rich food products.

Plant-Based Meat Market Size 2025 to 2034

Key Highlights

  • By region, North America dominated the market with the highest share of 39% in 2024, due to supportive policies and legislation on food products. 
  • By region, Europe is held the largest revenue share of 28% in 2024, due to several European government initiatives for a sustainable food system. 
  • By region, Asia Pacific is a significantly growing area, driven by several product approvals and supportive measures by the regulatory agencies. 
  • By source, the soy segment contributed the largest market share of 49% in 2024, due to the increased adoption of soymilk, soybeans, and many other soy foods due to protein-rich health benefits. 
  • By source, the pea segment is predicted to grow at the remarkable CAGR of 20.7% during the forecast period, driven by its benefits for overall health and wellness. 
  • By product, the burgers segment dominates the market share in 2024, driven by their power as the protein-rich source that helps in muscle repair and related concerns. 
  • By product, the sausages segment is expected to grow fastest during the forecast period, attributed to the greater demand for the high-protein diet. 
  • By type, the chicken segment dominated the market share in 2024 due to the high levels of vitamin B12, iron, fibers, and proteins. 
  • By type, the fish segment is expected to grow at a rapid rate due to its cultural importance along with its major role in weight management and keeping healthy hearts. 
  • By end user, the HORECA (Hotel/Restaurant/Café) segment dominated the market share in 2024 due to the increased importance of food safety in the HORECA industry. 
  • By the end user, the retail segment is expected to grow at a rapid rate due to the enhanced shopping experience through the online and offline retail sectors. 
  • By storage, the frozen plant-based meat segment contributed the largest market share of 39% in 2024 due to its potential qualities like no cholesterol, low saturated fat, etc. 
  • By storage, the refrigerated plant-based meat segment is expected to grow at a rapid rate due to its potential health benefits and a major role in weight management.

Market Overview

What is the Role of the Plant-based Food Industry?

The plant-based meat market has been transformed by revolutionary approaches towards agriculture, food systems, and food safety. The extensive use of different types of ingredients such as soy, legumes, wheat protein, and plant proteins in the production of these plant-based products presents versatility and improved functionality. These plant-based food products cause 30%-90% fewer greenhouse gas emissions than traditional ones. These products reshape the food industry, encourage innovation, and promote sustainable practices.

The ISO 22000 Certification Process aims to understand the standards, develop a food safety management system, conduct internal audits, take corrective actions, and maintain compliance. It results in enhanced food safety, quality assurance, increased market access, and improved consumer trust. It delivers regulatory compliance along with risk reduction, operational efficiency, and cost savings. 

  • In September 2024, vEEF, the plant-based meat brand of Australia, announced the launch of carbon-neutral plant-based meat products. (Source: vegconomist)

What is the Contribution of Versatile Protein Products in Driving Revolution?

  • Diversification of Plant Protein Sources: The innovations of several plant-based alternatives foster the growing diversity of plant proteins. The availability of hazelnut, walnut, pistachio beverages, buckwheat, and sunflower seeds expands the product range in the market. The global consumer preference for nuts, lentils, mushrooms, chickpeas, and fava beans introduces alternative protein food ingredients. The investments in the manufacturing of functional sustainable fava bean proteins in the U.S. and Canada diversify plant protein sources. 
  • Establishment of Consumer Trust with Cleaner-Label Plant-based Products: The growing concerns about ultra-processed foods in the diets of U.S. consumers create opportunities to build trust over plant-based food products. Natural foods are enriched with minimally processed ingredients which raise their importance for health. The recommendable preference of the 44% of U.S. consumers for less processed meats results in the reduced intake of ultra-processed foods. These are the major rationales behind the expansion of cleaner-label plant-based meats that are convenient and ready-to-eat.

Market Opportunity

Which Opportunities Revolve around Protein Sourcing, Protein Optimization, Formulation, Processing, and Distribution?

Exploring new sources of plant-based proteins helps to expand a product range by boosting the taste and texture of those products. The use of plant-based proteins for mass production allows protein purification and their conversion into protein concentrate. Moreover, plant-based oils or nuts can offer good alternatives to natural animal fat. However, the good sources for plant-based carbohydrates are legumes, starchy vegetables, and whole grains. To achieve control over production and evaluate the production of plant-based products, streamlined manufacturing systems, real-time monitoring, and diagnostic tools play important roles. The supply of plant-based food products allows opportunities to meet the growing consumer demands.

Market Challenge

How can the Ethical Considerations Regarding Animal Agriculture Impose Challenges?

The growing concerns about the environmental impact of health benefits, animal agriculture, and ethical concerns regarding animal welfare raise the popularity of plant-based meat products. It is challenging to maintain the taste, texture, and appearance of conventional animal-based meat by developing innovative food products. The industries meet challenges regarding the implementation of advanced technologies like fermentation and extrusion to produce meat-like textures. They also face challenges in meeting the exact sensory attributes of meat.

Regional Insights

North America dominated the plant-based meat market in 2024.

The various government initiatives are actively supporting the development of plant-based meat through research and funding assistance in countries like the U.S. and Canada. The major authorities contributing to promoting and conducting research on plant-based meat are the Good Food Institute and the Plant-Based Foods Association (PBFA). Other government organizations include the U.S. Department of Agriculture (USDA), the U.S. Department of Energy (DOE), the Defense Advanced Research Projects Agency (DARPA), and the Canadian Government. The government provides funding for research and supports research and development of plant-based meat products. The public-private partnerships and strategic collaborations within industries drive the expansion of biomanufacturing facilities.

Plant-Based Meat Market Share, By Region, 2024 (%)

Policies and Legislation on Food Products Boost the Market in the United States

The United States leads the market by introducing policies and cultivated meat products. Strong legislation on cultivated products drives the growth of the agricultural sector at both state and federal levels. The U.S. government has introduced various state-level policies and legislation to promote healthy diets, reduce carbon emissions, and ensure greater productivity. One of the government's measures focused on providing fortified soy milk to children in schools.

  • In September 2024, the government of New Zealand announced a funding investment of NZ$9.6M ($5.95M) into a 5-year program for the development of cultivated fish products. (Source: green queen)

Europe is expected to witness the fastest rate of growth in the plant-based meat market during the predicted timeframe. The Good Food Institute (GFI) in Europe took several initiatives to fulfill the growing demand for meat production, and it aims to meet consumer needs by 2050. The increasing demand for animal protein and the newest industrial methods of meat production fulfill the expanding population needs for nutritious food products. According to the United Nations (UN) and the GFI, alternative proteins are the solutions to food security. The GFI accelerates the innovations in alternative proteins.

Initiatives of Europe for a Sustainable Food System

The United Kingdom stands as the prominent European country in innovating sustainable protein solutions. The UK is renowned for the £12-million Sustainable Protein Hub that focuses on research and innovations in the food industry. The country has made efforts to scale up cultivated meat production for many years. Innovate UK is the national innovation agency of the United Kingdom and maintains a competition for the investments of up to £6.5 million for innovation projects. These projects support the development of the plant-based protein sector. They aim to fulfill the global consumer demands for alternative proteins. These efforts create opportunities for the launch of new services, technologies, and products in the market.

  • In May 2025, the EU-funded project announced the establishment of upcycled and whole food plant-based meat to produce ultra-processed food (UPF). (Source: green queen)

Asia Pacific is seen to grow at the fastest rate in the plant-based meat market during the forecast period. Several government measures promote plant-based meat alternatives in Asia. Several international companies focus on expanding their sales of plant-based meat alternatives in Asian markets. The increased consumer preference for products related to dairy, meat, and eggs drives the market’s growth in this region. The rising prevalence of milk allergies and lactose intolerance cases raises the need for plant-based proteins and related alternatives. The adoption of advanced technologies for product innovations and strategic collaborations between national and international companies allows market exposure to many opportunities.

Impacting Factors for the Growth of Singapore

The Singapore Food Agency (SFA) approved the use of a bite-sized chicken product made with cultivated meat. The SFA leads as the first regulatory authority in the world to approve cultivated meat products that are commercially available all across the world. Singapore was the first country to introduce cultivated meat to the market by accelerating innovation and encouraging the growth of sustainable protein sources.

  • In November 2024, the Singapore Food Agency (SFA) announced its second grant call for future foods from researchers and industry partners to encourage the development of tastier novel foods. (Source: straitstimes)

2024 Retail Sales of Plant-based Foods of the Good Food Institute by Region

Plant-based Foods:

  • Plant-based milk, yogurt, cheese, and ice-cream
  • Meat and Seafood Substitutes
Name of the Region  Europe Asia Pacific North America Latin America Middle East and Africa
Retail Sales $9.7 billion  $8.9 billion $7.3 billion $1.7 billion $1.0 billion 

Segmental Insights

Source Insights

The soy segment dominated the plant-based meat market in 2024.

Soy is good for health due to its nutritious contents, like protein, healthy fats, fiber, potassium, iron, and phytochemicals. The convenience of incorporating soybean and foods made from them into snacks and meals makes them a good choice for a healthy and plant-based diet. A variety of soy foods such as edamame, tofu, tempeh, and soy milk allow people to add them to healthy diets.

The pea segment is expected to witness the fastest rate of growth in the plant-based meat market during the predicted timeframe.

The pea is in high demand because it is a good source of plant-based protein and a useful source of vegan iron. The presence of antioxidant plant compounds in peas makes it a preferred choice for healthy diets. Peas contribute to improving blood sugar control and support digestive health and heart health. It helps to balance cholesterol and serves as a cancer-protective food. Pea also protects vision at the time of aging and supports the immune system.

Product Insights

The burgers segment dominated the plant-based meat market in 2024.

The burgers serve as powerhouse of proteins that are essential for muscle repair and in the creation of enzymes and hormones. The protein-enriched burgers help in the maintenance of a healthy immune system. The preference for lean meat and plant-based burger alternatives allows consumers to experience an entire protein-rich meal without excessive saturated fat.

The sausages segment is observed to be the fastest-growing in the plant-based meat market during the forecast period.

Sausages are good for health because they are high in protein, help keep the body healthy, keep the blood healthy, and keep consumers looking healthy. The sausages provide consumers with high levels of vitamin B12 and iron, which are essential for healthy red blood cells and hemoglobin production. Vitamin-B12- enriched sausages help to metabolize both proteins and fats in the human body.

Type Insights

The chicken segment dominated the plant-based meat market in 2024.

The consumption of chicken, which is a great source of protein, contributes to making stronger bones and muscles. It helps in weight management and keeping the heart healthy, which also reduces the risk of heart diseases. In addition to high-quality proteins, chicken also contains tryptophan(amino acid), choline, zinc, iron, vitamin B12, and copper, which serve a great amount of nutrition.

The fish segment is seen to grow at the fastest rate in the plant-based meat market in the upcoming years.

Fish enriched with omega-3 fatty acids help to maintain a healthy heart, lower blood pressure, and reduce the risk of heart attack, sudden death, strokes, and abnormal heart rhythms. There is a cultural importance of fish in Washington State as an important cultural icon due to its spiritual and recreational way of life in the Pacific Northwest. The fish serves as a symbol of culture, heritage, and prosperity. The intake of fish can reduce the risk of Alzheimer's disease, dementia, diabetes, depression, and ADHD.

End User Insights

The HORECA (Hotel/Restaurant/Café) segment dominated the plant-based meat market in 2024.

The growing importance of food safety and increasing efforts to maintain taste and convenience drive the growth of the HORECA industry. The rising popularity of ready-to-cook food products due to their various health benefits increases the expansion of the HORECA industry. The implementation of strict quality control measures in ensuring food safety and maintaining the highest standards raised the importance of the HORECA market.

The retail segment is expected to witness the fastest rate of growth in the plant-based meat market during the predicted timeframe.

The benefits of the retail sector include an easy shopping experience, customer engagement, personalization, and instant gratification, which drive the growth of the retail sector. The retail industry allows greater inventory options, targeted discounts, and price matching. The customers can enjoy an online buying experience along with some loyalty rewards, credit cards, and facility amenities.

Storage Insights

The frozen plant-based meat segment dominated the plant-based meat market in 2024.

Frozen plant-based meat is convenient for people with busy lifestyles due to its longer shelf-life and more sustainability than traditional meat. It offers various nutritional benefits, such as less saturated fat, no cholesterol, and more fiber than animal-based meat. According to the Good Food Institute, it is more affordable than fresh animal-based meat or plant-based meat.

The refrigerated plant-based meat segment is observed to be the fastest-growing in the market during the predicted period.

The refrigerated plant-based meat helps in weight management and reduces the risk of chronic diseases. It is a good source of protein, fiber, and nutrients and helps in achieving environmental sustainability. It plays a major role in lowering greenhouse gas emissions, water usage, and land consumption.

Recent Developments in the Plant-Based Meat Market

  • In November 2024, Vezley Foods, the leading plant-based meat company, announced its participation in the India International Trade Fair (IITF) organized in New Delhi. It has presented its new products, namely Crispy Veg Chicken and Tofu Fries. (Source: Vegan first)
  • In April 2025, the Good Food Institute released its 2024 State of the Industry report by an industry think tank and reported investments in alternative proteins. (Source: green queen)

Plant-Based Meat Market Leading Companies

Segments Covered in the Report

By Source

  • Soy 
  • Pea
  • Wheat
  • Others 

By Product

  • Burgers
  • Sausages 
  • Patties
  • Nuggets, Tenders, and Cutlets
  • Grounds
  • Others 

By Type 

  • Chicken 
  • Pork
  • Beef
  • Fish 
  • Others 

By End User

  • Retail
  • HORECA (Hotel/Restaurant/Café) 

By Storage 

  • Refrigerated Plant-based Meat 
  • Frozen Plant-based Meat
  • Shelf-stable Plant-based Meat

By Region

  • North America
  • Asia Pacific 
  • Europe
  • Middle East and Africa
  • Latin America
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  • Report Covered: [Revenue + Volume]
  • Historical Year: 2021-2023
  • Base Year: 2024
  • Estimated Years: 2025-2034

Meet the Team

Vidyesh Swar, Senior Research Analyst at Towards Food & Beverages, specializes in market research, focusing on supply-demand evaluation, pricing analysis, alternative proteins, plant-based foods, and sustainable food technologies within the industry.

Learn more about Vidyesh Swar

Aditi Shivarkar, with 14+ years in Food and Beverages market research, specializes in food, beverage, and eco-friendly packaging. She ensures accurate, actionable insights, driving Towards FnB's excellence in industry trends and sustainability.

Learn more about Aditi Shivarkar

Related Insights

FAQ's

The global plant-based meat market was valued at USD 8.57 billion in 2024 and is projected to reach USD 10.24 billion in 2025.

The market is expected to grow from USD 10.24 billion in 2025 to USD 50.89 billion by 2034, expanding at a CAGR of 19.50% during the forecast period (2025–2034).

North America held a dominant share of the global plant-based meat market in 2024, driven by supportive government policies, funding, and advanced research.