Global Plant-Based Meals Market Analysis: 2022-2028

Global plant-based meals market analysis and insights

The global plant-based meals market estimated at US$4.40 billion in the year 2022 is now projected to grow at a CAGR of 15.86% and reach US$10.63 billion by 2028. Rapid growth in vegetarian dietary habits owing to increasing global health concerns is the major factor driving the growth of the plant-based meals market during the forecast period. Moreover, the market demand and growth are likely to accelerate due to the reduction in consumption of meat and dairy products along with increasing awareness about climate change and plant-based diet and increasing technological advancements for producing plant-based alternatives.

The improving accessibility of plant-based meals is a significant factor in their increasing popularity, with the research finding that the range of plant-based meals has increased by 50% since 2018. Another driving factor for plant-based meals demand is changing preferences and lifestyles. The customization and personalization that the company offers to the consumer help them to acquire a new customer and retain existing ones.

Furthermore, because of increasing hectic work schedules, customers are gravitating towards packaged plant-based meals that can be consumed quickly and effortlessly, which has increased the demand for packed ready-to-eat meals and is expected to increase throughout the forecast period.

Convenience meals are gaining prominence, and they are made up of fully or half-cooked meals that require minimal time to make, no cooking expertise, and negligible exertion. Moreover, the digitization surge and vigorous ads regarding cooked plant-based meals on different communication platforms help raise consumer knowledge, which in turn is expected to propel the plant-based meals market throughout the forecast period.

Plant-based meals market regional insights

North American plant-based meals market is expected to grow significantly over the 2022-2028 period. This growth is attributed to the increasing adoption of vegan diet, high demand for organic food and beverages, and growing awareness about the benefits of plant-based foods. U.S. contributed around 78% of the total North American plant-based meals market and is estimated to have a market value of US$981 million in the year 2022. Among the other noteworthy geographic markets are Canada and Mexico, each forecast to grow at 15.68% and 14.27% CAGRs respectively over the forecast period.

Asia-Pacific plant-based meals market is anticipated to witness an upsurge owing to the adoption of emerging technologies for product innovation, a collaboration between international and domestic food companies and increased R&D investment by governments in the food sector. China is expected to reach a market size of US$1.31 billion by 2028.

Within Europe, U.K., Germany, Italy and Spain are the key countries responsible for the significant growth of the regional market. Germany is expected to grow at a fastest CAGR of 16.34% over the forecast period.

Meanwhile, the Middle East & Africa is expected to show limited growth due to the strong presence of under-developed countries in Africa who are still struggling to meet technology standards. However, any growth that the region experiences is expected to come from developing Gulf Cooperation Council nations such as Qatar, U.A.E, Saudi Arabia and Oman due to a similar growth pattern as the Asia Pacific.

Key players

Key players profiled in the report include Amy’s Kitchen Inc.; Atlantic Natural Foods LLC; Axiom Foods; Beyond Meat Inc.; Blue Diamond Growers; Cargill, Inc.; Conagra Brands; Daiya Foods Inc.; Danone SA; Earth’s Own Food Company Inc.; Eden Foods; Garden Protein International, Inc.; Impossible Foods Inc.; Kerry Group; Lightlife Foods, Inc.; Marlow Foods Ltd.; Nestlé S.A.; Nutrisoy Pty Ltd.; Plamil Foods Ltd.; Sahmyook Foods; Sanitarium Health and Wellbeing Company; SunOpta; Taifun -Tofu GmbH; The Campbell Soup Company; The Hain Celestial Group, Inc.; Unilever PLC and VBIte Food Ltd., among others.

Competitive Landscape

January 14, 2023 – Tesco has launched a new selection of frozen vegan products to meet the growing customer demand for freezable meals. According to the retail giant, almost one in five (19%) of UK adults who did not previously buy frozen food have started to do so in an effort to save money. In addition, some 34% of shoppers say they are now buying frozen to cut back on food waste and be more sustainable. To meet this demand, Tesco has expanded its Plant Chef frozen food range with five new products, including fish-free cakes and plant-based chicken breasts, with prices ranging from US$1.91 – US$2.51.

October 06, 2022 – Rebl Eats, a Finnish company producing plant-based foods, partnered with alternative protein ingredient manufacturer Mycoreana, to enable more access to plant-based alternatives throughout Northern Europe. Through the partnership, Rebl’s team of product developers and chefs have created new additions to its portfolio of ready meals made using Mycorena’s flagship protein, Promyc. These new additions have already garnered demand following a launch at 15 selected outlets in Helsinki, Finland. During the next step of the collaboration, the companies will launch the new products in Sweden, followed by the rest of the Nordic region and Europe with retailers such as Carrefour already on board.

Plant-based meals market scope

• By Type
  • Frozen meals
  • Refrigerated melas
  • Shelf-stable meal
  • Retail meal kit
  • Others

• By Food Product Type
  • Plant-based dairy food
  • Plant-based meat
  • Plant-based eggs
  • Plant-based seafood
  • Veggie burgers
  • Sandwich
  • Plant-based pizza
  • Others

• By Source
  • Legume based
    • soy
    • Peanut
    • Chickpea
    • Lentil
    • Mung bean
    • Others
  • Nuts based
    • Almond
    • Cashew
    • Macadamia
    • Hazelnut
    • Others
  • Cereal based
    • Wheat
    • Rice
    • Oats
    • Others
  • Pseudo-cereal based
  • Seed based
  • Fruits based
  • Others

• By End-User
  • Vegan
  • People with lactose intolerance
  • Vegetarian
  • Flexitarians
  • Others
• By Distribution Channel
  • Store-based retailing
    • Food retails
    • Food services
    • Meal delivery services
    • Others
  • Non-store retailing
    • Internet retailing

• By Region
  • North America
  • South America
  • Europe
  • Asia Pacific
  • Middle East and Africa

The research report  provides a comprehensive review of market trends (Technology, Product and Application analysis), market growth drivers, PEST Analysis (Political, Economic, Social and Technological Analysis) Market growth inhibitors, and strategic industry activities and SWOT Analysis of key players in the market. The report provides market estimates and forecast for geographic markets such as the North America (United States, Canada, Mexico and Rest of North America), South America (Brazil, Argentina Chile Colombia Peru Venezuela Ecuador and Rest of South America), Europe (Germany, France, U.K., Russia, Italy, Spain, Sweden, Netherlands, Poland, Austria, Belgium, Finland, Norway, Switzerland, Denmark, Czech Republic, Portugal and Rest of Europe), Asia-Pacific (China, Japan, South Korea, Taiwan, India, Australia, Indonesia, Philippines, Malaysia and Rest of Asia-Pacific), Middle East (Iran, Turkey, Kuwait, UAE, Israel, Oman, Bahrain, Saudi Arabia, Qatar, Egypt and Rest of Middle East) & Africa.

Research Methodology