Meticulous Research®, a leading global market research company, has published a comprehensive 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 2031.’

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According to this latest publication, the vegan meat market is projected to grow significantly, reaching a market size of $25.51 billion by 2031. This growth is expected to occur at a compound annual growth rate (CAGR) of 13.8% during the forecast period from 2024 to 2031. The market’s expansion is primarily driven by several key factors, including an increasing global vegan population, a rising preference for plant-based diets, growing concerns over animal welfare, and a growing awareness of the environmental impact of traditional animal agriculture.

However, challenges remain for the vegan meat industry, including the high cost of plant-based foods, which can be a barrier to widespread adoption. Additionally, despite the growing shift toward plant-based eating, a significant proportion of consumers continue to prefer animal-based products, which could slow down the overall market growth. Despite these hurdles, the adoption of vegan food in emerging markets, coupled with continued product innovation, presents numerous opportunities for market expansion.

Moreover, key trends such as the rising demand for sustainable and eco-friendly food options and an increasing focus on health and wellness are expected to further drive the growth of the vegan meat market in the coming years. Consumers are increasingly becoming aware of the health benefits associated with plant-based diets, including lower risks of chronic diseases, as well as the environmental impact of reducing animal-based product consumption.

Key Market Players

A variety of well-established companies operate in the vegan meat market, driving competition and innovation. Notable players include 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.).

These companies are contributing to the market’s growth by offering a diverse range of vegan meat products, ranging from burger patties to sausages, strips, and meatballs, using various plant-based protein sources such as soy, pea, and wheat. Their strategic initiatives, including product development, partnerships, and acquisitions, are reshaping the global market dynamics and expanding consumer access to plant-based alternatives.

Market Segmentation

The vegan meat market is segmented across several dimensions, including product type, source, meat type, storage category, distribution channel, and geography. Each of these segments presents unique growth drivers and challenges, providing a comprehensive view of the market landscape.

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By Product

The market is divided into several product categories, including burger patties, strips and nuggets, meatballs, sausages, ground meat, and other products. Among these, the burger patties segment is expected to account for the largest share of the vegan meat market, with an estimated 35.0% market share in 2024. This significant share is driven by the growing popularity of vegan burger patties, which replicate the taste, texture, and aroma of traditional meat. The increasing availability of vegan fast-food chains, such as those offered by Impossible Foods and Beyond Meat, has made plant-based burgers more accessible to mainstream consumers.

Vegan burgers are perceived not only as a healthier option compared to traditional beef burgers but also as a more environmentally sustainable alternative. The environmental benefits, such as a reduction in greenhouse gas emissions and water usage, further fuel the demand for vegan burgers.

By Source

Vegan meat products are made from various plant-based protein sources, including soy, wheat, pea, and other sources. The pea segment is expected to grow at the highest CAGR during the forecast period, from 2024 to 2031. This growth is attributed to the increasing use of pea protein among vegan meat manufacturers, driven by its high protein content and versatility. Pea protein also offers key advantages such as being allergen-free, gluten-free, and lactose-free, making it an appealing option for a wide range of consumers, including those with dietary restrictions.

Leading manufacturers are focusing on expanding their production of pea protein, further boosting its demand in the vegan meat market.

By Meat Type

The vegan meat market is also segmented by meat type, including chicken, beef, pork, fish, and other types of meat. In 2024, the chicken segment is projected to account for the largest share, with an estimated 34.3% of the total market. The widespread consumer acceptance of chicken meat alternatives is a key factor driving the growth of this segment. Vegan chicken products, including nuggets, sausages, burgers, and cutlets, are becoming increasingly available in mainstream grocery stores and restaurants.

In addition, advancements in plant-based food production technology have enabled the creation of vegan chicken products that closely replicate the taste and texture of traditional chicken meat, further contributing to the segment’s growth.

By Storage Category

The vegan meat market is segmented by storage category into frozen, refrigerated, and shelf-stable products. The frozen segment is expected to dominate the market, accounting for the largest share in 2024. Frozen vegan meat offers a longer shelf life compared to refrigerated or shelf-stable options, which is a key advantage for both retailers and consumers. Additionally, the growing demand for convenience foods, including frozen meals, is contributing to the expansion of the frozen vegan meat segment.

By Distribution Channel

The market is also segmented based on distribution channels into business-to-business (B2B) and business-to-consumer (B2C). The B2C segment is expected to grow at a higher rate during the forecast period, driven by the increasing online sales of vegan meat products and the rising consumer awareness of plant-based alternatives in developing countries. Modern grocery stores, convenience stores, specialty stores, and online platforms are all playing a critical role in making vegan meat products more accessible to consumers worldwide.

By Geography

Geographically, the vegan meat market is divided into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to hold the largest share of the market, accounting for approximately 43.0% of the global vegan meat market in 2024. This dominance can be attributed to several factors, including rising disposable incomes, shifting dietary preferences, rapid urbanization, and increasing awareness of plant-based diets.

Government initiatives aimed at promoting plant-based food options, along with the growing popularity of plant-based eating among health-conscious consumers, are further accelerating the adoption of vegan meat products in the region.

North America and Europe are expected to follow, with strong market growth driven by a rising vegan population, increasing awareness of sustainable food practices, and growing concerns over health and environmental issues associated with animal-based products.

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Conclusion

The vegan meat market is poised for significant growth in the coming years, driven by increasing consumer demand for plant-based food options, greater environmental awareness, and advancements in plant-based food technologies. While the high cost of vegan meat and ongoing consumer preference for animal-based products remain challenges, opportunities abound in emerging markets and through continuous product innovation.

Leading players in the vegan meat market are poised to capitalize on these trends, making plant-based alternatives more accessible, convenient, and appealing to a global audience. As consumer preferences continue to evolve, the future of the vegan meat industry looks promising, with expanding product offerings, new market entrants, and growing support for sustainable food systems.

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