A new report by the IMARC Group has found that the plant-based meat market is now worth over $10 billion, and is expected to grow at a massive rate in the coming years. The market also found that it will grow at a rate of times 2 over the coming 5 to 10 years, with no slowdown in the site. This pairs with two other recent reports that found similar results
Titled “Plant-Based Meat Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028 ,” the report found that the global plant-based meat market size reached$10.8 Billion in 2022. The report anticipates the market to reach $42.7 Billion by 2028, exhibiting a growth rate (CAGR) of 25.64% during 2023-2028.
The global market is majorly driven “by the accelerating health consciousness among the masses”, states the report. “Consumers are increasingly becoming aware of the health benefits associated with plant-based diets and are actively seeking out products that provide these benefits. Besides this, the rising popularity of veganism for health and ethical reasons and the increasing number of consumers opting for vegetarian ingredients to avoid animal cruelty is significantly support the demand for plant-based meat.”
Moreover, the report states that “numerous leading manufacturers are offering large discounts and the emergence of the organized retail sector are creating a positive market outlook. Other factors, including rapid urbanization, the advent of home delivery models and the emergence of social media, are positively influencing the market.” The market is expected to grow at a rate similar to that of the vegan cheese market as well as the vegan milk market both expected to grow heavily in coming day .
According to the report, the major market players include:
• Amy’s Kitchen, Inc.
• Beyond Meat
• Boca Foods Company (Kraft Foods, Inc.)
• Garden Protein International (Conagra Brands, Inc.)
• Impossible Foods, Inc.
• Maple Leaf Foods
• MorningStar Farms (Kellogg Na Co.)
• Quorn Foods
• The Vegetarian Butcher
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• Vbites Food Limited
More information on this report can be found by clicking here.
This is the fourth study in the past 12 months to show that the plant-based meat market will grow to $35 – $45 billion by 2028 to 2030. Other reports have found it will double within the next two years, demostrating an absolutely eye-opening growth rate that is typically unheard of in the food market and really in any amrket.