Vegan Meat Market to be Worth $25.51 Billion by 2032
Meticulous Research®—
leading global market research company, published a research report
titled ‘Vegan Meat Market Size, Share, Forecast, & Trends Analysis
by Product (Burger Patties, Meat Balls, Sausages), Source (Soy), Meat Type
(Chicken, Beef, Fish), Storage Category (Frozen), Distribution Channel (B2B,
B2C {Modern Groceries}) - Global Forecast to 2032.’
According to this
latest publication from Meticulous Research®, the vegan meat market
is projected to reach $25.51
billion by 2032, at a CAGR of 13.8% during the forecast period 2025–2032. The growth of this market is driven by
factors such as the increasing vegan population, rising preference for
plant-based diets among consumers, and growing concerns about animal welfare.
However, the high cost of vegan food and the high preference for animal-based
products among a significant number of consumers may restrain market growth.
Key Players
Some of the key
players operating in the vegan meat market are Beyond Meat Inc. (U.S.),
Impossible Foods Inc. (U.S.), The Hain Celestial Group, Inc. (U.S.), Unilever
Plc (U.K.), Maple Leaf Foods Inc. (U.S.), Nestlé S.A. (Switzerland), Conagra
Brands, Inc. (U.S.), Kellanova (U.S.), Marlow Foods Limited (U.K.), VBites Food
Ltd (U.K.), The Tofurky Company (U.S.), The Kraft Heinz Company (U.S.), and No
Evil Foods, Inc. (U.S.).
Global Growth
Trends of the Vegan Meat Market:
Over the past decade,
veganism has evolved from a niche movement to a powerful global force,
fundamentally transforming the food and beverage industry. As of 2024,
approximately 88 million people globally identified as vegan, representing
about 1.1% of the world's population. This growing number is indicative of
shifting dietary preferences and increased participation in impactful
initiatives like Veganuary, which saw nearly 700,000 individuals commit to
plant-based diets in January 2024. These trends are expected to drive
consistent and long-term growth in the vegan meat market, propelled by rising
health concerns, environmental awareness, and animal welfare advocacy.
Retail sales validate
these shifts. In 2024, U.S. retail sales of plant-based foods hit $8.1 billion,
with projections indicating that by 2040, nearly two-thirds of consumers aged
16–40 will increase their spending on plant-based meat and milk products. Innovations
in product accessibility, affordability, and convenience further stimulate
demand, as busy consumers seek nutritious options that cater to quick
lifestyles without compromising quality or taste.
Consumer
Preferences Fueling Market Expansion:
The expansion of the
vegan meat market is uniquely intertwined with consumer values and
expectations. Health remains a primary motivator—plant-based meats are
perceived to offer lower saturated fat and cholesterol while providing high
protein content, aligning perfectly with modern wellness goals. Recent surveys
reveal a surge in trial and adoption rates: the proportion of consumers trying
vegan meat climbed from 53% in 2021 to a remarkable 73% in 2024, with 39%
citing health as their chief reason for embracing these products.
Environmental
consciousness is another key driver. The shift towards sustainable food choices
is backed by a growing awareness of the negative environmental impacts of
traditional animal agriculture, such as greenhouse gas emissions,
deforestation, and water pollution. Vegan meat presents a solution, offering
consumers a way to align their eating habits with their ethical and ecological
values. Additionally, the demand for cruelty-free products continues to rise,
supporting further market growth.
Regional Leaders
and Opportunities:
Asia-Pacific stands
out as the world’s fastest-growing region for vegan meat, expected to claim the
largest share of the market—an estimated 43% in 2025. Economic growth,
urbanization, and a surge in health-conscious consumers have contributed to
this rapid adoption. Markets like India, China, and Japan are experiencing
burgeoning investments in plant-based food, supported by consumer demand for
protein-rich diets and government initiatives promoting food industry
innovation.
North America and
Europe also hold significant market shares, with Latin America and the Middle
East & Africa emerging as new frontiers for expansion. In particular, Latin
America's market is being driven by a growing flexitarian population and increased
availability of vegan products in supermarkets and online platforms.
Download Sample
Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5945
Key Questions
Answered in the Report:
- What are the historical market sizes and
growth rates of the vegan meat market?
- At what rate is the vegan meat demand
projected to grow over the next 5–7 years?
- What are the major factors impacting
market growth at the regional and country levels? What are the
opportunities for existing players and new entrants in the market?
- Which segments, in terms of product,
source, meat type, storage category, and distribution channel, are
expected to create traction for the manufacturers in this market during
the forecast period 2025–2032?
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