Vegan Meat Market Size, Share & Industry Analysis by Source (Pea, Soy, Wheat, and Others), Analysis by Product (Burgers, Patties, Strips & Nuggets, Sausages, and Others), Analysis by Type (Beef, Pork, Chicken, Fish, and Others), Analysis By End User (Food Service and Retail), and Regional Forecast, 2024-2032

Vegan meat is a sustainable ecological solution serving tasty alternatives for people who avoid eating meat. A vegan diet improves the gut's health and helps the absorption of nutrients from the food. Several vegan meat products are high in fiber and these products also help lower cholesterol, stabilize blood sugar levels, and are preferred by significant populations worldwide.

The population of flexitarian consumers has been increasing in recent years. According to The Institute of Food Technologists magazine, in 2022, plant-based meat’s share accounted for 2.5% of the total retail packaged meat dollar sales. Vegan and flexitarian diets are gaining popularity owing to their perceived health benefits and becoming readily available in supermarkets and restaurants, making them a convenient choice.

People have been concerned about being environmentally responsible and shifting from meat to a plant-based meat diet. ‘Conscious consumers’ was a new trend that gained popularity among such consumers and brought a positive shift and a sense of responsibility to protect the planet and is a significant driver for boosting the global vegan meat market. For instance, in June 2022, Fitday, a nutraceutical start-up, announced the launch of a series of products in the vegan meat segment. The company forayed their business into the vegan meat market and served the consumers believing in preventing animal cruelty and consuming sustainable food.

The outbreak of the COVID-19 pandemic impacted various food industries, including the vegan meat industry. The pandemic provided significant growth opportunities for the meat-based market. Various industries, such as the meat industry, had to close down due to restrictions and a shortage of raw materials, which created opportunities for the meat substitute vegan meat market.

Vegan Meat Market Segmentation Analysis

Key Insights

The report covers the following key insights:

• Market Overview of Related/Parent Market


• Supply Chain & Regulatory Analysis


• Recent Industry Developments – Partnerships, Mergers and Acquisitions, and New Product Launches


• COVID-19 Impact


• Swot Analysis

Analysis by Source

The soy-based segment is expected to hold a significant global vegan meat market share. These foods exhibit a lower carbon footprint and reduce formulation costs. The soy-based meat constitutes high protein content and prominent adaptability in developing meat substitutes providing nutritious solutions to vegetarians. For instance, in November 2022, International Flavors & Fragrances, an American corporation, launched Supro Tex, a soy-based plant protein ingredient. The new product can be made into chunks of whole-muscle meat. The product is a dried protein used for vegan chicken, pork, and lamb dishes. The major factor for the growth of soy meat products is the global acceptance of soy in the diet.

The wheat segment is expected to grow significantly over the forecast period. Wheat is one of the most accessible and affordable cereal grains globally, making it a cost-effective choice for vegan meat production. Moreover, wheat is a good source of dietary fiber, vitamins, and minerals, contributing to the overall nutritional value of vegan meat products.

Analysis by Product

The vegan burger segment is expected to account for a significant share of the global plant-based meat market. The ingredients in plant-based burgers imitate the aroma, texture, and flavor of animal meat. The growing consumption of fast foods among millennials propels the demand for burgers in the market. New product launches in this segment also contribute to the growth of the plant-based burgers market. For instance, in April 2023, Future Farm, a Brazilian meat-free brand, launched a new vegan Future Burger. The new product is made from soy and pea protein and is a healthier alternative to conventional meat burgers.

The strips and nuggets segment is expected to grow significantly over the forecast period. Vegan strips and nuggets mimic the texture and mouthfeel of traditional meat counterparts, satisfying the sensory expectations of consumers accustomed to traditional animal-based options, further fueling the vegan meat market growth.

Application by Type

The vegan chicken is likely to be the leading segment in the global plant-based meat market. Animal-based chicken is the primary ingredient in products such as burgers, nuggets, cutlets, and others. Technological developments have led to significant improvements in the taste and texture of vegan chicken, making it more appealing to a wide consumer base. Therefore, several competitors introduce new products to meet the demand for plant-based meat products. For instance, in June 2022, Blue Tribe, an Indian start-up company, launched two plant-based alternatives of chicken and mutton patties. Both products are 100% animal-free and plant-based and available through both online and offline forums.

The vegan pork segment is expected to grow significantly over the forecast period. Advancements in food science and technology have led to the development of vegan pork products that replicate the taste and texture of traditional pork, fueling its market growth. For instance, in August 2023, Haofood, a Shanghai food tech brand, launched soup dumplings filled with peanut-based pork mince. The new product mimics the original taste and texture of pork and is packed with protein and dietary fibre.

Analysis by End User

The food service sector accounted for the largest revenue share in the global vegan meat market. Many restaurants, cafes, fast-food chains, and casual dining cater to a particular menu segment dedicated solely to meat-free options and help drive the vegan meat industry growth. Health-focused, eco-conscious millennials primarily drive the rising interest in veganism and flexitarian diets. The rising number of start-ups in the market, innovative product launches, and technological investment help grow the plant-based market exponentially. For instance, in December 2021, ITC Limited, an Indian conglomerate company, entered a plant-based meat segment and launched two products, nuggets and burger patties, under the ITC Masterchef brand. On the B2B front, the new products were distributed across the hotel/restaurant/café segment.

The retail segment is expected to grow significantly over the forecast period. Vegan meat products are becoming increasingly available in mainstream grocery stores and online retailers, making them more accessible and convenient for home cooks. This wider distribution removes a logistic barrier to purchasing and consuming products, further fueling the vegan meat market expansion.

Regional Analysis

Europe is expected to hold a significant share of the global plant-based meat market. According to a Good Food Institute Europe (GFI) survey, in November 2023, more than half of the European population reduced their meat consumption on a weekly basis. People shifted to plant-based meat alternatives owing to the environmental impact of intensive animal farming, lower carbon emissions, and growing interest in cultured meat. The companies are capitalizing and investing in developing products to meet the increasing demand for plant-based products. For instance, in January 2022, Danish Crown, one of Europe’s largest meat processors, launched a plant-based range of products in the portfolio, including BBQ burgers, Veggie fars, Nuggets, and others. The new product range is used as ready meals and meal components and comprises organic vegetables.

Key Players Covered

• Beyond Meat, Impossible Foods Inc.


• Maple Leaf Foods


• Unilever


• Indian Tobacco Corporation (ITC)


• Imagine Eats


• Amy’s Kitchen Inc.


• Gold & Green Foods Ltd


• Vegetarian Butcher


• Conagra Inc.


• Kelloggs Co

Key Industrial Development

• In July 2022, Tata Consumer Products entered the plant-based meat product category under the brand name “Tata Simply Better.” The company introduced nuggets, burger patty, Awadhi seekh kebab, and spicy fingers in the new product line of plant-based meat products.


• In February 2022, VegaBytz, operated by Chennai-based Functional Foods Pvt. Ltd., launched their vegan meat, chicken, and tuna ready-to-eat products in India.


• In January 2022, Beyond Meat, a U.S.-based plant-meat substitute company collaborated with Pizza Hut, an American multinational restaurant chain. According to the company, the plant-based pepperoni was added to the pizza base of Pizza Hut, leading to the launch of a permanent menu of Beyond Pepperoni.