Plant-Based Meat Market ‘To More Than Double In Value’ By 2030

The plant-based meat industry is projected to more than double in value by 2030, reaching $21.81 billion, with a compound annual growth rate of 14.72 percent. This growth will be driven by increased investment in the sector, product innovation, a demand for clean label foods, and environmental concerns. Consumer interest in clean labeling is a significant trend in the industry, with transparency in food labeling helping to build trust with customers.

Europe is leading the way in the plant-based meat space, with strong consumer demand for healthier and more sustainable foods. However, the higher cost of plant-based meat compared to conventional meat remains a barrier to growth for the industry. Plant-based meat producers invest heavily in research and development to replicate the sensory experience of eating meat, adding costs to production. Additionally, the conventional meat industry benefits from economies of scale and government subsidies, making it more affordable for consumers.