Global plant-based meat market projected to reach USD$14.27 billion by 2030

Kaycee Enerva

Kaycee Enerva

The global plant-based meat market is anticipated to experience a substantial compound annual growth rate (CAGR) of 13.34 per cent from 2022 to 2030, according to the latest report from Verified Market Research (VMR).

The market was valued at US$4.62 billion in 2021 and is expected to reach $14.27 billion by the end of the forecast period.

VRR said that the global plant-based meat market has experienced substantial growth in recent years from the increased demand for sustainable and greener alternatives to traditional meat.

Plant-based meat products are usually crafted from select plant-based ingredients that can closely replicate conventional meat’s taste, texture, and appearance. 

This emerging trend, continued the report, encourages consumers to have heightened awareness of the health benefits of plant-based meat products aside from its sustainability aspect. 

Nutritional benefits contributing to the popularity of plant-based meat include lower levels of saturated fats, cholesterol, and calories while boasting higher amounts of micronutrients like zinc, iron, and calcium. 

However, despite the rapid growth of the plant-based meat market, the industry still faces challenges, such as needing to be more competitively priced than its animal-based counterparts.

The report said industry-leading companies proactively address this issue, aiming to cater to price-sensitive markets in India, China, and South Africa.

Some of the key players driving the plant-based meat market (in no particular order):

  • Beyond Meat (United States)
  • Impossible Foods Inc. (United States)
  • Quorn Foods (United States)
  • Amy’s Kitchen (United States)
  • Tofurky (United States)
  • Maple Leaf Foods (Canada)
  • The Vegetarian Butcher (Netherlands)
  • Gardein Protein International (Canada)
  • Morningstar Farms (United States)
  • Gold&Green Foods Ltd. (Finland)
Kaycee Enerva

Kaycee Enerva

A digital content manager based in the Philippines, Kaycee Enerva has written for multiple publications over several years. A graduate of Computer Science, she exchanged a career in IT to pursue her passion for writing. She's slowly practicing sustainability through period cups, and eating more plant-based food.

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