Plant-based Meal Alternatives Market Outlook 2032
The global plant-based meal alternatives market size was USD 24.3 Billion in 2023 and is likely to reach USD 70.1 Billion by 2032, rising at a CAGR of 12.5% during 2024–2032. The market growth is attributed to the growing consumers awareness and increasing focus on sustainable food system.
Plant-based meal alternatives are gaining significant traction in the food industry, offering consumers a variety of options to reduce or eliminate meat, poultry, and dairy products from their diets. Plant-based meals are gaining popularity for a variety of reasons. People are choosing them for potential health benefits such as reduced risk of heart disease and diabetes. Environmental concerns about meat production, such as water usage, also play a role. Additionally, those with dietary restrictions or who are flexitarians looking to cut back on meat find plant-based alternatives to be a convenient and healthy option.
Plant-based products are being enhanced with functional ingredients that offer specific health benefits, such as probiotics or omega-3. Additionally, utilizing upcycled food waste or byproducts to create plant-based ingredients is gaining traction, promoting sustainability and reducing food waste. Developing countries with rising disposable incomes and growing awareness of health and sustainability issues offer significant growth potential for the plant-based market. Tailoring products and marketing strategies to these regions unlock new market opportunities.
Impact of Artificial Intelligence (AI) in Plant-based Meal Alternatives Market
Artificial intelligence (AI) is emerging as a game-changer in the plant-based meal alternatives market. Imagine a future where AI analyzes massive datasets of flavor profiles, ingredient interactions, and consumer preferences. This information harnessed to create plant-based products that tantalize our taste buds with textures and flavors that rival their meaty counterparts. This could be the key to attracting a wider audience and making plant-based options truly mainstream.
Beyond taste, AI also play a crucial role in optimizing the nutritional value of these alternatives. AI algorithms delve into the nutritional profiles of various plant-based ingredients, even predicting how they interact with each other. This paves the way for the development of plant-based alternatives with perfectly balanced nutrient profiles, potentially offering higher protein content, essential vitamins, and a range of health benefits. AI could even personalize the food experience based on individual dietary needs, preferences, and health goals. Imagine customizing plant-based meal plans or products tailored specifically for you!
The impact of AI extends beyond the product itself. AI is a powerful tool for streamlining production processes. By monitoring production lines, AI predict equipment failures before they occur, allowing for preventative maintenance and minimizing downtime. Additionally, AI-powered quality control systems ensure consistent product quality and minimize production waste. AI also be used to optimize supply chain management. By analyzing data on ingredient availability, pricing, and logistics, AI help source and deliver plant-based ingredients more efficiently, potentially leading to cost savings and a more sustainable supply chain.
Plant-based Meal Alternatives Market Dynamics
Major Drivers
Growing consumers awareness of health benefits is propelling the global market significantly. Consumers are increasingly aware of the potential health benefits associated with plant-based diets. These benefits include reduced risk of heart disease, certain cancers, type 2 diabetes, and obesity. Moreover, the increasing focus on sustainable food system is driving a shift towards plant-based options perceived as having a lower environmental footprint, boosting the market.
Existing Restraints
High cost of plant-based alternatives than traditional meat counterparts is expected to restrain the market. Moreover, the limited availability of plant-based alternatives is expected to hinder the global market. Although accessibility is improving, plant-based alternatives might not be readily available in all regions or stores. This hurdles the consumers to incorporate these options more regularly into their diet.
Emerging Opportunities
Increasing use of plant- based seafood alternatives is expected to provided an opportunity to the market. The market for plant-based seafood is poised for significant growth. Innovation in this area is expanding rapidly, offering alternatives to popular seafood options such as tuna, salmon, and shrimp. Furthermore, the focus on functional ingredients is offering specific health benefits. For example, plant-based alternatives fortified with probiotics, omega-3 fatty acids, or other beneficial nutrients cater to consumers seeking additional health advantages.
Scope of the Plant-based Meal Alternatives Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Plant-based Meal Alternatives Market- Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2023
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Historic Data
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2017–2022
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Forecast Period
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2024–2032
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Segmentation
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Product Type (Meat Alternatives, Dairy Alternatives, and Egg Alternatives), Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retailers, Natural Food Stores, and Foodservices), and Target Consumers (Vegan, Vegetarians, Flexitarians, People with Dietary Restrictions, and Health-conscious Consumers)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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Amy’s Kitchen, Inc.; Beyond Meat; Conagra, Inc.; Gold&Green Foods Ltd; Impossible Foods; Kellogg NA Co.; Maple Leaf Foods; Oatly; QuornFoods, Inc; Tofurky; and Vivera
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Plant-based Meal Alternatives Market Segment Insights
Product Type Segment Analysis
Based on product type, the plant-based meal alternatives market is divided into meat alternatives, dairy alternatives, and egg alternatives. The meat alternatives segment held the largest share in the global market in 2023 owing to high consumer demand. Moreover, the greater innovations and product variety is expected to drive the segment during the forecast period. Furthermore, the established market presence of plant-based meat is expected to boost the segment during the forecast period.
The dairy alternatives segment is anticipated to grow at a substantial CAGR during the forecast period due to the established market and consumer base. Moreover, the wider range of products by collaborations among market players is expected to boost the segment during the forecast period. For instance,
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In May 2021, in a sustainable move, Unilever joins forces with ENOUGH to create plant-based meat products. ENOUGH utilizes a novel zero-waste fermentation process, where wheat and corn are used to cultivate ABUNDA mycoprotein, a key protein ingredient.
Distribution Channel Segment Analysis
On the basis of distribution channel, the global market is segregated into supermarkets & hypermarkets, convenience stores, online retailers, natural food stores, and foodservices. The SS1 segment is anticipated to register a considerable CAGR in over the predicted period due to wider product selection and accessibility. Supermarkets and hypermarkets offer the most extensive selection of plant-based meal alternatives compared to other channels, allowing consumers to find brands, product types, and price points. Furthermore, the convenience and one stop shopping of supermarkets and hypermarkets is expected to boost the segment during the predicted period.
The online retailers’ segment is projected to register a robust growth rate during the assessment years owing to direct-to-consumer sales and niche products. Additionally, the online retailers are facilitating the growth of subscription services and meal kit delivery specifically for plant-based meals. This caters to consumers seeking convenience and pre-portioned ingredients for easy meal preparation.
Target Consumers Segment Analysis
On the basis of target consumers, the plant-based meal alternatives market is segmented into vegan, vegetarians, flexitarians, people with dietary restrictions, and health-conscious consumers. The flexitarians segment registers a robust growth rate in 2023 owing to their openness to try new products. Moreover, the larger market potential and focus on health and sustainability is expected to fuel the segment. Many flexitarians are motivated by health concerns and environmental sustainability associated with reducing meat consumption. Plant-based alternatives that cater to these values resonate well with flexitarians, further driving the segment.
The people with dietary restrictions segment are expected to expand at a significant growth rate over the projection period owing to the increasing number of allergies due to lactose, eggs, and gluten. The rise of gluten-free diets has created a demand for plant-based alternatives made with gluten-free ingredients such as legumes, seeds, and certain grains. This caters to a growing segment with specific dietary restrictions.
Regional Analysis
In terms of region, the global plant-based meal alternatives market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominates the global market in 2023 owing to high prevalence of flexitarians and growing consumer awareness of health and environmental benefits associated with plant-based diets. Moreover, the increasing number of product launch and increasing number of food manufacturing companies in North America is expected to propel the regional market. For instance,
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In November 2022, Beyond Meat's Beyond Popcorn Chicken and Beyond Chicken Nuggets hit shelves nationwide at over 5,000 Kroger and Walmart stores, with select availability at Albertsons and Ahold locations. Beyond Popcorn Chicken is a vegan popcorn chicken made up of simple plant-based ingredients with no genetic modified organisms.
The market in Asia Pacific is projected to grow at a significant pace in the years to come owing to rising disposable income and growing awareness of health benefits. The Asia Pacific region boasts a large and young population, a demographic often more receptive to trying new food trends such as plant-based alternatives. Moreover, growing interests in sustainability and increasing product manufacturing & its transportation is expected to fuel the regional market. For instance,
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In September 2022, India's first export of plant-based meat products, from Nadiad, Gujarat, included mini samosas, patties, nuggets, momos, spring rolls, and burgers, all headed for California, USA.
Segments
The plant-based meal alternatives market has been segmented on the basis of
Product Type
- Meat Alternatives
- Dairy Alternatives
- Egg Alternatives
Distribution Channel
- Supermarkets & Hypermarkets
- Convenience Stores
- Online Retailers
- Natural Food Stores
- Foodservices
Target Consumers
- Vegan
- Vegetarians
- Flexitarians
- People with Dietary Restrictions
- Health-conscious Consumers
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global plant-based meal alternatives market are Amy’s Kitchen, Inc.; Beyond Meat; Conagra, Inc.; Gold&Green Foods Ltd; Impossible Foods; Kellogg NA Co.; Maple Leaf Foods; Oatly; QuornFoods, Inc; Tofurky; and Vivera
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In September 2022, Beyond Meat launched the Revolutionary Plant-Based Steak to expand its portfolio of sustainable, delicious, and nutritious plant-based meat products
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In July 2022, a new Diary & Plant Blend baby formula was launched by Danone to meet parents’ desire for feeding their babies vegan and plant-based diets.
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