Key Takeaways
- The global plant-based meat market was valued at USD 7.43 billion in 2022 and is projected to grow at a CAGR of 22.3% from 2023 to 2030.
- Plant-based meat sales in the US reached $1.4 billion in 2022, marking a 7% increase from the previous year despite broader meat category declines.
- The European plant-based meat market is expected to reach €6.5 billion by 2025, driven by demand in Germany, UK, and France.
- Plant-based meat retail sales in US hit $1.51 billion in 2023, up 2% YoY.
- Beyond Meat's net revenue was $418 million in 2022, with Q4 sales up 19% YoY.
- Impossible Foods reported $600 million in sales for 2022, doubling from 2021.
- 40% of US consumers tried plant-based meat in 2023, up from 35% in 2022.
- Millennials represent 45% of plant-based meat buyers in the US.
- 28% of Gen Z purchase plant-based meat weekly, highest among generations.
- Plant-based meat reduces GHG emissions by 90% compared to beef per kg.
- Plant-based burgers use 96% less land than conventional beef burgers.
- Producing 1kg plant-based meat saves 2,500 liters of water vs beef.
- 65% of plant-based meat consumers cite high price as barrier to repeat purchase.
- Plant-based meat unit sales in US declined 10% in 2022 due to inflation.
- 40% of triers do not repurchase plant-based meat due to taste/texture.
The plant-based meat industry is expanding rapidly worldwide despite facing significant challenges.
Consumer Demographics
- 40% of US consumers tried plant-based meat in 2023, up from 35% in 2022.
- Millennials represent 45% of plant-based meat buyers in the US.
- 28% of Gen Z purchase plant-based meat weekly, highest among generations.
- Women account for 58% of plant-based meat purchasers in Europe.
- 35% of US households with children under 18 buy plant-based meat.
- Urban consumers 2x more likely to buy plant-based meat than rural.
- 22% of vegans and 15% of vegetarians tried plant-based meat in 2022.
- Hispanic consumers in US overindex plant-based meat purchases by 25%.
- African American buyers of plant-based meat grew 30% YoY in US 2022.
- 60% of plant-based meat trialists are flexitarians.
- Income >$100k households buy plant-based meat 3x more than <$50k.
- 18-34 year olds represent 55% of plant-based meat volume in UK.
- Parents with young kids 40% more likely to try plant-based nuggets.
- College-educated consumers purchase plant-based meat 50% more often.
- East Coast US consumers buy 35% more plant-based meat per capita.
- 25% of meat reducers cite health as reason for plant-based meat trial.
- Boomers (55+) plant-based meat trial rate doubled to 20% since 2020.
- Single-person households overindex plant-based meat by 28%.
- LGBTQ+ consumers 3x more likely to buy plant-based meat regularly.
- Athletes and fitness enthusiasts 45% of frequent plant-based meat buyers.
- 32% of plant-based meat buyers motivated by animal welfare.
- Low-income flexitarians trial rate up 15% with price drops.
- Asian American consumers lead plant-based meat purchases at 18% penetration.
Consumer Demographics Interpretation
Environmental Benefits
- Plant-based meat reduces GHG emissions by 90% compared to beef per kg.
- Plant-based burgers use 96% less land than conventional beef burgers.
- Producing 1kg plant-based meat saves 2,500 liters of water vs beef.
- Impossible Burger has 89% lower GHG emissions than beef hamburger.
- Beyond Burger GHG footprint 90% lower than US beef average.
- Plant-based meat production emits 0.7 kg CO2e per kg vs 27 kg for beef.
- Pea protein-based meats reduce water use by 94% compared to chicken.
- Fungi-based plant-based meat cuts deforestation risk by 95%.
- Plant-based sausage GHG emissions 84% less than pork equivalents.
- Scaling plant-based meat to 20% market share avoids 120 Mt CO2e/year by 2030.
- Plant-based chicken uses 85% less land than conventional poultry.
- Mycoprotein (Quorn) has 80% lower acidification potential than beef.
- Soy-based plant meats eutrophication 88% lower than beef.
- Plant-based meat global production could save 8 Gt CO2e cumulatively to 2050.
- Tempeh-based meats reduce water footprint by 97% vs pork.
- Plant-based bacon GHG 93% reduction compared to pork bacon.
- Algae protein meats cut energy use 70% vs traditional meat processing.
- Plant-based meat avoids 1.5 trillion gallons water/year if replacing 10% beef.
- Legume-based meats lower biodiversity loss by 91% per protein unit.
- Seitan production GHG 1.2 kg CO2e/kg vs 60 kg for lamb.
- Plant-based nuggets save 92% land vs chicken nuggets.
- Fermented plant proteins reduce methane emissions 95% vs ruminants.
- Plant-based meat scaling prevents 2.8 Gt deforestation by 2050.
- Jackfruit-based pulled pork water use 98% less than pork.
- Plant-based meat overall life cycle energy 75% lower than beef.
- Replacing beef with plant-based saves 1,100 gal water per burger.
- Plant-based hot dogs eutrophication 90% less than beef franks.
- Plant-based meat reduces antibiotic use pollution by 99%.
Environmental Benefits Interpretation
Industry Challenges
- 65% of plant-based meat consumers cite high price as barrier to repeat purchase.
- Plant-based meat unit sales in US declined 10% in 2022 due to inflation.
- 40% of triers do not repurchase plant-based meat due to taste/texture.
- Regulatory scrutiny on labeling increased 25% in EU 2023.
- Supply chain disruptions raised pea protein costs 30% in 2022.
- Meat industry lobbying spent $50 million against plant-based in 2022 US.
- 55% of consumers perceive plant-based meat as ultra-processed.
- Shelf-life of plant-based meat averages 50% shorter than animal meat.
- Investment in plant-based startups dropped 60% from 2021 peak in 2023.
- Sodium content in plant-based meats 20% higher than beef on average.
- Freezer burn complaints for plant-based meat up 35% in retail feedback.
- EU novel food approvals delayed 40% of new plant-based launches in 2023.
- 30% of plant-based burgers fail blind taste tests vs beef.
- Distribution limited to 20% of US grocery stores for new brands.
- Patent disputes slowed innovation, 15 cases filed in 2022-2023.
- Labor shortages in extrusion manufacturing up 25% costs.
- 45% consumers confused by 'plant-based' vs 'vegan' labels.
- Energy-intensive high-moisture extrusion raises costs 15%.
- Recall rate for plant-based meat 2x higher due to contamination.
- Marketing spend per dollar sales 3x higher for plant-based vs meat.
- 25% of brands exited market since 2021 due to losses.
Industry Challenges Interpretation
Market Size and Growth
- The global plant-based meat market was valued at USD 7.43 billion in 2022 and is projected to grow at a CAGR of 22.3% from 2023 to 2030.
- Plant-based meat sales in the US reached $1.4 billion in 2022, marking a 7% increase from the previous year despite broader meat category declines.
- The European plant-based meat market is expected to reach €6.5 billion by 2025, driven by demand in Germany, UK, and France.
- Asia-Pacific plant-based meat market grew by 25% YoY in 2022, with China leading at over $1 billion in sales.
- US retail plant-based meat dollar sales increased 6.5% in 2023 through Q3, outperforming total retail meat sales which declined 2%.
- The plant-based meat category in Canada saw a 15% sales growth in 2022, reaching CAD 250 million.
- Global plant-based meat market projected to hit $85 billion by 2030, with a CAGR of 27% from 2020.
- UK plant-based meat sales grew 21% in 2022 to £650 million, per Mintel data.
- Brazil's plant-based meat market expanded 45% in 2022, valued at BRL 1.2 billion.
- Plant-based meat market in India is forecasted to grow at 39% CAGR to reach INR 20,000 crore by 2027.
- Australia plant-based meat sales hit AUD 200 million in 2022, up 30% YoY.
- Mexico's plant-based meat category grew 50% in volume sales in 2022.
- South Korea plant-based meat market valued at KRW 500 billion in 2023, with 28% growth.
- Plant-based meat RTD sales in US foodservice grew 18% in 2022.
- Global vegan meat market expected to reach $35.8 billion by 2027 at 18.2% CAGR.
- France plant-based meat sales increased 12% in 2022 to €450 million.
- Plant-based burger segment dominated US market with 55% share in 2022 sales.
- Plant-based meat market in Middle East & Africa projected to grow at 24% CAGR to 2028.
- US plant-based meat household penetration reached 12% in 2023.
- China plant-based meat imports surged 300% in 2022 to over 10,000 tons.
- Plant-based meat market CAGR in Latin America forecasted at 26% through 2030.
- Netherlands plant-based meat sales grew 18% to €300 million in 2022.
- Plant-based sausage segment expected to grow fastest at 25% CAGR globally.
- US dollar share of plant-based meat in total meat category was 1.7% in 2022.
- Global plant-based meat production capacity increased 40% from 2020-2023.
- Singapore plant-based meat market valued at SGD 100 million in 2023, up 35%.
- Plant-based meat e-commerce sales grew 50% globally in 2022.
- Italy plant-based meat sales rose 22% to €150 million in 2022.
- Plant-based meat market in Japan expected to reach JPY 100 billion by 2025.
- US plant-based meat sales volume grew 2% in 2023 despite price increases.
Market Size and Growth Interpretation
Sales Data
- Plant-based meat retail sales in US hit $1.51 billion in 2023, up 2% YoY.
- Beyond Meat's net revenue was $418 million in 2022, with Q4 sales up 19% YoY.
- Impossible Foods reported $600 million in sales for 2022, doubling from 2021.
- Oatly US sales reached $200 million in 2022, but plant-based meat segment lagged.
- MorningStar Farms (Kellanova) plant-based meat sales $300 million annually in US.
- Gardein (Conagra) generated $250 million in plant-based meat sales 2022.
- US refrigerated plant-based meat sales $1.2 billion in 2022, up 8%.
- Frozen plant-based meat sales in US declined 5% to $300 million in 2022.
- Plant-based burger sales in US retail $800 million in 2022, 55% of category.
- Plant-based chicken sales grew 20% to $150 million in US 2022.
- Plant-based pork sales in US $100 million in 2022, up 15% YoY.
- UK grocery plant-based meat sales £450 million in 2022, 70% of total PB sales.
- Walmart US plant-based meat sales up 12% in 2023.
- Kroger Co. plant-based meat sales increased 10% to $200 million in 2022.
- Whole Foods Market plant-based meat category sales grew 25% in 2022.
- Amazon Fresh plant-based meat sales surged 40% in 2022.
- Foodservice plant-based meat sales in US $500 million in 2022, up 15%.
- Burger King Impossible Whopper sales exceeded 1 million units weekly in 2022.
- KFC Beyond Fried Chicken sold out nationwide, generating $10 million in first year.
- Subway plant-based meat options sales up 30% in 2023.
- Starbucks plant-based meat breakfast sales grew 18% YoY 2022.
- Plant-based meat online sales in Europe €1 billion in 2022.
- China Hema Fresh plant-based meat sales up 60% in 2022.
- Australia Woolworths plant-based meat sales AUD 100 million 2022.
- Plant-based meat private label sales grew 35% in US 2023.
- Tattooed Chef plant-based meat revenue $150 million in 2022.
- Amy's Kitchen plant-based meat line sales $80 million annually.
- Plant-based meat sales in natural channels US $600 million 2022.
- Conventional grocery plant-based meat sales $900 million US 2022.
- Club stores like Costco plant-based meat sales up 22% 2022.
Sales Data Interpretation
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