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Plant-based Meat
Overview
The Plant-based Meat (PBM) industry is focused on providing sustainable alternatives to traditional meats using technologies like fermentation, extrusion, and 3D printing, among others. While early meat substitutes failed to garner a large consumer base due to shortcomings in taste and texture, modern alternative meat products use advanced processes to overcome these issues while enhancing the nutritional profile of PBM products.
Increasing concerns about health and well-being, climate change, and sustainable food production drive the industry, while premium prices and highly processed ingredients remain obstacles to consumer adoption. However, cost-effective production methods, new ingredients such as mycelium and algae, and most recently, the use of AI to improve the efficiency of production processes are likely to help the industry close the gap between traditional meats and plant-based substitutes.
Industry Updates
Market Sizing
The US Plant-based Meat market could reach USD 3.2 billion–6.6 billion by 2028
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Market Mapping
Most plant-based meat startups focus on manufacturing beef and poultry substitutes, with plant-based seafood receiving less attention due to the emphasis on alternatives for red meat and chicken. Disruptors in beef, poultry, and pork alternatives have attracted significantly more funding than other segments of the industry.
Over half of the plant-based meet startups analyzed have launched products and are in the go-to-market stage, with a few advancing to the expansion phase, highlighting the sector’s commercial potential. While red meat substitutes dominate startup activity, alternative poultry and pork are also being explored. However, the development of plant-based ingredients and technology suppliers trails behind meat alternative producers. These suppliers are fewer in number and often have only a minimum viable product, with some ready to go to market. Meanwhile, industry incumbents have expanded their presence through in-house innovations, acquisitions, and investments, with most being consumer packaged goods manufacturers or traditional meat producers.
Supplier (technology/ingredients)
Manufacturers (beef)
Manufacturer (seafood)
Manufacturer (poultry)
Manufacturer (pork)
The Disruptors
Around half of all companies are prioritizing the development of plant-based beef products, while many are also exploring plant-based alternatives for chicken, pork, and seafood. Notable startups include Beyond Meat, Impossible Foods, NotCo, and Nature’s Fynd, all of which have achieved unicorn status, with a combined valuation of over USD 10.9 billion. Plant-based meat startups collectively raised USD 8 billion as of November 2024. Impossible Foods leads the industry with USD 500 million raised in its latest round (up to USD 1.9 billion in total funding). Between 2020 and 2024, the number of plant-based seafood startups increased significantly, with most of these startups being based in the US, while a few notable ones like Redefine Meat, SavorEat, and Equinom hail from Israel.
Funding History
Competitive Analysis
Incumbents
The growing popularity of plant-based meats (PBMs), the rise in vegan and flexitarian populations, and a shift toward healthy eating habits have pushed industry-leading CPG companies and conventional meat producers to enter the plant-based space. While the primary strategy has been partnerships, companies are exploring in-house product development and M&As to get a foothold in the industry.
Tyson Foods, Cargill, Maple Leaf Foods, and ADM have chosen to invest directly in the alternative meat space, strategically positioning themselves to cater to both the animal meat and alternative meat markets. Tyson Foods leads among incumbents, investing aggressively in alternative meat startups through its fund, Tyson Ventures.
Many retail chains have partnered with PBM companies, with retailers like Kroger, Tesco, Trader Joe’s, and Publix releasing plant-based alternatives under private labels. These partnerships have been key in increasing access to plant-based alternatives and expanding the retail presence of disruptors.
Notable Investors
