Market Size and Growth
Global Plant-based Meat Market reached USD 5.6 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 21.7 billion by 2031. The market is expected to exhibit a CAGR of 20.2% during the forecast period (2024-2031).
Key Development:
United States: Recent Industry Developments
✅ In July 2025, Impossible Foods launched grilled plant-based chicken strips nationwide, expanding its product line to cater to the growing demand for plant-based options in quick-service restaurants.
✅ In July 2025, Beyond Meat introduced a new line of regenerative agriculture-based plant proteins, sourcing ingredients from soil health-focused farms, underscoring its commitment to sustainable food innovation.
✅ In June 2025, Eat Just expanded its GOOD Meat brand into plant-based chicken patties, targeting both foodservice chains and retail markets, reflecting a strategic move towards hybrid alt-protein solutions.
Japan: Recent Industry Developments
✅ In July 2025, Next Meats launched a plant-based chicken karaage, blending traditional Japanese cuisine with innovative plant-based ingredients, expanding their functional food portfolio.
✅ In July 2025, Fujiya, a Japanese restaurant operator, launched a plant-based meat line called Nikugoe made from sorghum, offering vegan-certified products like hamburg steaks and gyoza, catering to the rising demand for sustainable and allergen-free protein sources.
✅ In June 2025, the Japanese Ministry of Health, Labour and Welfare approved subsidies for food companies investing in plant-based protein R&D and packaged food innovations, aiming to reduce carbon footprint and reliance on imports.
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Plant-Based Meat refers to food products designed to replicate the taste, texture, and nutritional profile of traditional animal meat using plant-derived ingredients such as soy, peas, wheat, and fungi. These products are rich in protein, lower in saturated fat, and environmentally sustainable, catering to vegan, vegetarian, and flexitarian consumers. Driven by health-conscious diets, sustainability concerns, and technological innovation, the plant-based meat market is rapidly expanding across retail, foodservice, and alternative protein sectors.
United States: Recent Mergers & Acquisitions
✅ In August 2025, Australian firm V2food acquired U.S.-based Daring Foods, a vegan chicken producer. This acquisition expands V2food’s presence in the U.S. market and is supported by a strategic partnership with Japan’s Ajinomoto Co., aiming to enhance global reach and innovation in plant-based protein solutions.
✅ In July 2025, Danone completed the acquisition of a majority stake in Kate Farms, a U.S. producer of plant-based organic nutritional drinks. This acquisition strengthens Danone’s position in the U.S. medical nutrition market, aligning with its strategy to expand health-focused offerings.
✅ In June 2025, Century Pacific North America, the U.S. subsidiary of Century Pacific Food, acquired the Loma Linda plant-based brand from Atlantic Natural Foods. This move enhances Century Pacific’s portfolio in the plant-based food sector.
Japan: Recent Mergers & Acquisitions
✅ In August 2025, Japanese ingredients giant Ajinomoto Co. entered a strategic partnership with V2food, following V2food’s acquisition of Daring Foods. This collaboration leverages Ajinomoto’s global network to accelerate the expansion of plant-based protein products into emerging markets in Asia and Africa.
Key Players:
Beyond Meat, Impossible Foods Inc., Amy’s Kitchen, Inc., Garden Protein International, Inc., Quorn Foods, Inc., Lightlife Foods, MorningStar Farms (The Kellogg Company), Tofurky, VBites Foods Limited, and Before the Butcher.
Growth Forecast Projected:
The Global Plant-Based Meat Market is anticipated to rise at a considerable rate during the forecast period, between 2024 and 2031. In 2023, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
Research Process:
Both primary and secondary data sources have been used in the global Plant-Based Meat Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.
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Key Segments:
By Product: Sausages, Burgers, Crumbles, Nuggets, Meatballs, Others
By Meat Type: Pork, Beef, Chicken, Fish
By Source: Soybeans, Wheat, Quinoa, Peanut, Oats, Others
By End User: Retail, HORECA (Hotels, Restaurants, Cafes)
Regional Analysis for Plant-Based Meat Market:
⇥ North America (U.S., Canada, Mexico)
⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)
⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)
⇥ South America (Colombia, Brazil, Argentina, Rest of South America)
⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
Benefits of the Report:
Chapter 1: Sets the stage by outlining the report’s coverage, summarizing key market segments by region, product type, and application. Presents a snapshot of market sizes, growth potential across segments, and anticipated industry evolution both short and long term.
Chapter 2: Highlights pivotal market insights and uncovers the most significant emerging trends driving change within the industry.
Chapter 3: Offers an in-depth look at the competitive landscape among Plant-Based Meat producers, including revenue shares, strategic moves, and recent mergers and acquisitions.
Chapter 4: Presents comprehensive profiles of the market’s key players, delving into details such as revenue, profit margins, product portfolios, and company milestones.
Chapters 5 & 6: Analyze Plant-Based Meat revenue at both regional and country levels, providing quantitative breakdowns of market sizes, growth opportunities, and development prospects worldwide.
Chapter 7: Focuses on different market segments by type, examining their individual sizes and potential, guiding readers toward high-impact, untapped market areas.
Chapter 8: Explores segmentation by application, evaluating industry growth potential in various downstream markets and pinpointing promising sectors for expansion.
Chapter 9: Provides a thorough review of the industry’s supply chain mapping out both upstream and downstream activities.
Chapter 10: Concludes with a summary of the report’s key findings and highlights the most critical takeaways for industry stakeholders.
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FAQ
What is the current size of the Plant-Based Meat Market?
A: In 2022, the Plant-Based Meat Market was valued at USD 5.6 billion, reflecting its strong industry presence.
Q2: How large is the Plant-Based Meat Market expected to be by 2031?
A: By 2031, industry forecasts suggest the Plant-Based Meat Market will grow to around USD 21.7 billion, demonstrating significant expansion.
Q3: What is the growth rate of the Plant-Based Meat Market?
A: The market is projected to expand at a compound annual growth rate (CAGR) of 20.2% during the forecast period from 2024 to 2031.
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