Plant-based Meals Market Strategic Insights: Analysis 2025 and Forecasts 2033

Key Insights

The size of the Plant-based Meals Market market was valued at USD 52.4 Billion in 2023 and is projected to reach USD 167.91 Billion by 2032, with an expected CAGR of 18.1% during the forecast period. Hybrid seeds, government initiatives, food security concerns, and technological advancements further contribute to this momentum. Plant-based meat substitutes find applications in burgers, sausages, and nuggets, while dairy alternatives include milk, cheese, and yogurt. Major players in this space include Beyond Meat, Impossible Foods, and Danone. The plant-based meals market is experiencing rapid growth due to consumers adopting healthier, more sustainable eating habits, which are driven by concerns over health, animal welfare, and environmental impact. Plant-based meals, encompassing a range of dishes made from fruits, vegetables, legumes, grains, and plant-based proteins like soy, pea, and lentils, are gaining popularity among vegetarians, vegans, and flexitarians alike. These are wide-ranging benefits provided by such meals: lower cholesterol, reduced risk of chronic diseases, and a lower carbon footprint compared to animal-based foods. The demand for such convenient, nutritious, and ready-to-eat plant-based meals in supermarkets, restaurants, and foodservice channels drives the market. The growth in the offering of plant-based meat substitutes and dairy alternatives has now unfolded an expanded range of items, thereby driving this market towards a wider consumer base. Major players in the market, such as Beyond Meat, Impossible Foods, and Oatly, are continually developing new products to meet the increasing demand. The market for plant-based meals is expected to expand rapidly in the coming years as consumers increasingly prioritize plant-based diets for health and environmental reasons.

Plant-based Meals Market Concentration & Characteristics

The market exhibits a high level of innovation and fragmentation due to the emergence of new players and product categories. Regulatory bodies play a crucial role in shaping the market by implementing labeling requirements and safety standards. Product substitutes like cultured meat pose competitive threats. End-user concentration is evident in the high demand from vegans, vegetarians, and individuals with dietary restrictions. M&A activity is prevalent as established players acquire smaller companies to expand their portfolios and gain market share.

Plant-based Meals Market Trends

• Rising popularity of flexitarian diets, where consumers reduce meat consumption while incorporating plant-based options
• Increasing availability of plant-based meals in restaurants and retail stores
• Growing awareness of the environmental and health benefits of plant-based foods
• Advancements in food technology leading to improved taste, texture, and nutritional value of plant-based products
• Innovation in packaging and preservation techniques to extend shelf life and maintain quality

Key Region or Country & Segment to Dominate the Market

• Region: North America is the largest market for plant-based meals, driven by strong consumer demand and a supportive regulatory environment.
• Segment: Meat substitutes lead the market, with burgers and sausages being particularly popular. Dairy alternatives are also gaining traction, with plant-based milk and cheese becoming more widely accepted.

Plant-based Meals Market Product Insights Report Coverage & Deliverables

The report provides comprehensive coverage of product types, including:

• Dairy alternatives: Plant-based milk, yogurt, cheese, and ice cream
• Meat substitutes: Plant-based burgers, sausages, nuggets, and meatballs
• Egg substitutes: Plant-based eggs made from tofu, chickpea flour, or mung beans
• Seafood substitutes: Plant-based alternatives to fish and shellfish, often using soy or seaweed as ingredients

Plant-based Meals Market Analysis

The market analysis includes:

• Market size and growth rate for each product type and region
• Market share of key players and their competitive strategies
• Industry analysis and impact of regulatory changes, technological advancements, and consumer trends

Plant-based Meals Market Regional Insights

• North America: U.S. is the dominant market, with Canada also experiencing significant growth.
• Europe: UK, Germany, and France are major markets, with strong government support and consumer awareness.
• Asia Pacific: China, India, and Japan are emerging markets with high potential for growth.
• Latin America: Brazil and Mexico are leading the region, with increased demand for plant-based products.
• MEA: UAE, Saudi Arabia, and South Africa are key markets with growing affluence and health consciousness.

Driving Forces: What's Propelling the Plant-based Meals Market

• Health benefits: Plant-based meals are generally lower in saturated fat, cholesterol, and sodium compared to animal-based counterparts.
• Environmental concerns: Plant-based production requires less land, water, and energy, reducing greenhouse gas emissions.
• Animal welfare: Plant-based meals offer an alternative for consumers concerned about animal suffering and ethical considerations.
• Food security: Increasing population and climate change make plant-based meals a sustainable option for feeding a growing population.

Challenges and Restraints in Plant-based Meals Market

• High cost: Plant-based meals can be more expensive than animal-based products, limiting their accessibility for some consumers.
• Taste and texture: Some consumers may find plant-based meals to be less palatable and satisfying compared to traditional meat and dairy products.
• Lack of nutritional parity: Plant-based foods may not always provide the same nutritional profile as animal-based products, requiring careful formulation and fortification.

Emerging Trends in Plant-based Meals Market

• Plant-based gourmet products: Chefs are experimenting with plant-based ingredients to create high-end dishes that appeal to non-vegetarian consumers.
• Personalized nutrition: Plant-based meals are being tailored to meet individual nutritional needs based on dietary restrictions and health goals.
• Sustainability and traceability: Consumers are increasingly demanding transparency and assurances on the environmental and ethical practices behind plant-based production.

Plant-based Meals Industry News

In May 2023, ADM announced the acquisition of D.C.A. Finance B.V., expanding its geographical reach and product portfolio in the plant-based market.

Leading Players in the Plant-based Meals Market

• Beyond Meat
• Impossible Foods
• Danone
• Unilever
• Kellogg
• The Hain Celestial Group
• Campbell Soup
• Archer Daniels Midland (ADM)
• Cargill
• SunOpta
• The Vegetarian Butcher
• Sweet Earth
• Beyond Meat
• Impossible Foods
• Danone

Plant-based Meals Market Segmentation

• 1. Type
  • 1.1. Dairy alternatives
  • 1.2. Meat substitutes
  • 1.3. Egg substitutes
  • 1.4. Seafood substitutes
  • 1.5. Other plant-based meals
• 2. Distribution Channel
  • 2.1. Hypermarket and Supermarkets
  • 2.2. Specialty stores
  • 2.3. Convenience stores
  • 2.4. Online
• 3. End user
  • 3.1. Vegans
  • 3.2. Vegetarians
  • 3.3. Lactose intolerant
  • 3.4. Gluten allergy

Plant-based Meals Market Segmentation By Geography

• 1. North America
  • 1.1. U.S.
  • 1.2. Canada
• 2. Europe
  • 2.1. UK
  • 2.2. Germany
  • 2.3. France
  • 2.4. Italy
  • 2.5. Spain
  • 2.6. Russia
• 3. Asia Pacific
  • 3.1. China
  • 3.2. India
  • 3.3. Japan
  • 3.4. South Korea
  • 3.5. Indonesia
  • 3.6. Australia
  • 3.7. Malaysia
• 4. Latin America
  • 4.1. Brazil
  • 4.2. Mexico
  • 4.3. Argentina
• 5. MEA
  • 5.1. UAE
  • 5.2. Saudi Arabia
  • 5.3. South Africa
  • 5.4. Egypt