Global Plant-Based Meat Market to Reach $14.27Bn by 2030, Seeing “Remarkable” Growth – vegconomist

According to a report by Verified Market Research, the global plant-based meat market will be worth $14.27 billion by 2030, up from $4.62 billion in 2021. This represents a CAGR of 13.34%.

Demand for sustainable alternatives to animal meat is believed to be the biggest market driver, fueling “remarkable” growth in recent years. Increased awareness of the health benefits of plant-based foods is also a contributor; meat alternatives are typically lower in saturated fat, cholesterol, and calories than conventional meat.

However, there are some challenges facing the market, such as the higher cost of plant-based meat compared to animal meat. This is particularly significant in price-sensitive markets such as China, India, and South Africa. Encouragingly, many companies are already said to be working on improving cost-effectiveness.

Evolving demands

The new report supports the conclusions of previous studies, with figures from FNF Research earlier this year finding that the plant-based market would almost double in value between 2021 and 2028. A report by ResearchAndMarkets has also predicted significant market growth, driven by rising demand for multifunctional protein; however, it notes that many consumers perceive plant-based meat as highly processed, which could restrict market growth.

“The plant-based meat industry is experiencing a revolution driven by increasing health consciousness and environmental awareness. As the market continues to grow, key development strategies, market share, and market ranking analysis will be essential for players seeking to maintain their competitive edge and cater to the evolving demands of consumers worldwide,” says Verified Market Research.

The full report can be found here.