Global Plant-Based Meat Market Expected to Reach $24.77 Billion by 2030 Amid Rising Demand for Sustainable Options
Dublin, Oct. 30, 2024 (GLOBE NEWSWIRE) – A recent report projects that the plant-based meat market will reach a valuation of $24.77 billion by 2030, growing at a CAGR of 19.4% from 2024 to 2030.
According to ResearchAndMarkets.com, this surge is largely driven by increased interest in vegan diets, sustainable consumption, and ethical food production.
The rise in vegan and health-focused lifestyles across traditionally meat-centric markets has led to significant changes. Consumer demand for alternatives has grown, with many favoring plant-based options for their environmental and health benefits.
Key players are collaborating with fast-food giants, including Burger King and McDonald’s, to expand plant-based product availability.
“Plant-based burgers are likely to exhibit steady growth,” the report notes, driven by “rising consumer concerns regarding conventional meat products” and the benefits of plant-based foods, such as lower fat content.
Market Highlights:
- Plant-Based Sausages: Expected to show the fastest growth, spurred by demand for taste, convenience, and availability in retail settings.
- Soy-Based Products: This category led with a 48.0% market share in 2023, noted for its high protein content and popularity among consumers.
- Regional Trends: Europe, particularly the U.K., shows rapid growth due to an increasing vegan population and demand for high-quality plant-based meats.
In June 2020, Starbucks collaborated with Impossible Foods to launch a plant-based sausage sandwich, showing the sector’s move toward mainstream availability.
Key companies such as Beyond Meat, Impossible Foods, and Kellogg’s MorningStar Farms remain at the forefront, with continued innovation expected to meet growing consumer demand.
Curious about how plant-based meat is shaping the future of food? Visit our homepage for insights on sustainable and innovative meat alternatives.
