Plant-Based Burger Market Size, Share, Analysis, Trends, Growth Report, 2030

Plant-Based Burger Industry Prospective:

The global plant-based burger market size was worth around USD 4,906.22 million in 2022 and is predicted to grow to around USD 22,569.12 million by 2030 with a compound annual growth rate (CAGR) of roughly 21.02% between 2023 and 2030.

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Plant-Based Burger Market: Overview

Plant-based burgers are edible items similar to traditional burgers however they derive taste and nutrients from plant-based sources. They do not contain any form of meat including animal-derived products such as eggs and dairy items. They are also referred to as veggie burgers and the most commonly used ingredients are vegetables, tofu, beans, lentils, spices, nuts, seeds, and grains. It must be noted that each plant-based burger manufacturer may choose the type and quantity of ingredients they would like to add to the recipe to achieve a certain taste and texture. One of the key aspects of plant-based burgers is that they do not taste the same as meat-based burgers although several providers have been working toward achieving the same taste using faux meat.

The processing of veggie burgers is the same as meat-based burgers since the product resulting at the end of the assembly line looks similar to ground beef. Plant-based burgers are sold at numerous selling points including cafes, restaurants, and other commercial food service centers. Furthermore, a large number of products are also available at retail stores such as supermarkets and hypermarkets. The industry for plant-based burgers is expected to grow rapidly during the forecast period caused by several personal, environmental, and social factors.

Key Insights:

• As per the analysis shared by our research analyst, the global plant-based burger market is estimated to grow annually at a CAGR of around 21.02% over the forecast period (2023-2030)
• In terms of revenue, the global plant-based burger market size was valued at around USD 4,906.22 million in 2022 and is projected to reach USD 22,569.12 million, by 2030.
• The plant-based burger market is projected to grow at a significant rate due to the increasing number of vegan populations worldwide
• Based on source segmentation, soy-based protein was predicted to show maximum market share in the year 2022
• Based on sales channel segmentation, hypermarkets/supermarkets were the leading segment in 2022
• On the basis of region, North America was the leading revenue generator in 2022

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Plant-Based Burger Market: Growth Drivers

Increasing number of vegan populations worldwide to drive market growth

The global plant-based burger market is expected to witness a high growth rate due to the vegan population across the globe. In recent times, there has been a drastic shift in consumer eating trends as more people have shown an inclination toward consuming meat-free items owing to the several advantages associated with a plant-based diet. As per the World Animal Foundation, there are currently more than 88 million vegans worldwide comprising up to 1.1% of the world population. Consumers believe that vegan diets can lead to several health benefits including assistance in weight loss and overall health including reduced risk of diabetes and heart conditions. However, the claims are not entirely scientifically backed as more research is required to reach accurate conclusions.

Another reason for the growth in the number of people opting for plant-based food products is the severe environmental impact of the animal agriculture industry. For instance, animal farming is known as one of the leading causes of higher greenhouse gas emissions including the release of gasses such as nitrous oxide, methane, and carbon dioxide. As per official data, animal agriculture contributes to 65% of the global nitrous oxide emissions. Furthermore, the industry directly impacts the overall ecosystems since it disrupts regional biodiversity. In addition to this, animal farming also leads to environmental pollution caused by a lack of appropriate waste management systems. As consumer awareness is growing steadily, the demand for sustainable and environmentally conscious food solutions is projected to surge.

Plant-Based Burger Market: Restraints

Presence of a mature meat-based burger segment to restrict market growth

The global plant-based burger industry is expected to be impacted by the presence of an existing and dominating mature market dealing with meat-based burgers. Since its inception, the fast-food industry has been dominated by burgers deriving nutrition from some form of meat. The main source may differ based on cultural and regional preferences but the essential component of the burger has primarily been derived from meat. This drastically impacts the revenue generated by plant-based substitutes since consumer awareness and acceptance are limited.

Plant-Based Burger Market: Opportunities

Growing number of plant-based burger manufacturers and providers to create growth opportunities

The global plant-based burger market is expected to come across fresh growth opportunities due to the increasing innovation rate adopted by manufacturers and suppliers of plan-based burgers including players operational in the food service sector. The addition of new players across remote and urban geographical locations helps in enhanced market penetration as brands can cater to the needs of several consumer groups by providing a greater number of options to choose from. In August 2023, Beyond Meat, Inc., a global leader in plant-based meat, announced the expansion of its burger portfolio with the introduction of its new offering Beyond Stack Burger™.

As per company claims, the new patty range has a closer resemblance to actual beef in the form of taste and texture. In the last 4 years, the company has shown an increase of 720% in its menu offering. In a similar move, in September 2023, Morningstar Farms, a division of global food giant Kellogg, announced that it was seeking ways to tap into the growing market of plant-based burger consumers by rolling out a new omnivorous variant of the famous fast-food edible product. Additionally, it is expected to be healthier as it contains 42% less fat as compared to cooked ground beef patties.

Surging rate of new fast-food chains to create expansion avenues

The global plant-based burger industry players can benefit from the growing number of fast-food retailers globally as the popularity of convenience food has skyrocketed in recent times. These restaurants tend to offer several options in the menu catering to a dynamic audience group. In 2022, the global fast-food industry was valued at over USD 700 billion and has shown promising signs of growth.

Plant-Based Burger Market: Challenges

Achieving taste and texture similar to meat-based options is a key challenge

One of the key challenges faced by the global plant-based burger industry players is achieving taste and texture exactly similar to meat-based burgers. Although product manufacturers are working toward achieving this goal, they have not managed to reach it yet due to the technical difficulties faced in delivering the expected result. Since most burger consumers are used to the taste produced by meat-based variants, it is difficult for them to adapt to new tastes of plant-based products.

Plant-Based Burger Market: Segmentation

The global plant-based burger market is segmented based on source, sales channel, and region.

Based on source, the global market is divided into pea-based protein, soy-based protein, potato-based protein, canola-based protein, wheat-based protein, rice-based protein, fava bean-based protein, corn-based protein, and others. In 2022, the highest growth was registered in the soy-based protein segment followed by pea-based protein. 100 grams of soy contains around 36 grams of protein. It is considered a great source of nutrition, especially for people trying to lose weight. Burgers made of soy are considered healthy leading to their high popularity among vegans and followers of plant-based diets.

Based on the sales channel, the global market is divided into grocery stores, quick service restaurants, specialty stores, departmental stores, hypermarkets/supermarkets, and others. In 2022, the market growth rate was led by the hypermarkets/supermarkets segment since these units tend to have higher buyer footfall and are considered a leading way of reaching a broader group of audience. The growing strengths of supermarkets globally could be a driving factor for segmental growth during the projection period. As of 2023, the global hypermarkets/supermarkets sector has reached a valuation of over USD 3374 billion.

Plant-Based Burger Market: Report Scope

Plant-Based Burger Market: Regional Analysis

North America to be led by the US during the projection period

The global plant-based burger market will be led by North America during the forecast period with the US acting as the major contributor and growing at a CAGR of more than 12.9%. The surging number of vegan food consumers in the US is one of the main factors influencing the regional market growth rate and is projected to be impacted by rising consumer awareness and changing lifestyles. The fast-food industry in the US is highly prominent thus offering higher growth scope for manufacturers of plant-based burgers as these units enjoy the benefits of a comprehensive and mature supply chain.

In January 2020, leading fast food retail chain McDonald's was reported to be partnering with Beyond Meat to test its first plant-based McPlant Burger. The company initially began selling the new range in around 600 stores. Europe will be a prominent player during the forecast period. The presence of key players in the food & beverages (F&B) sector is an assisting factor leading to Europe’s contribution.

Plant-Based Burger Market: Competitive Analysis

The global plant-based burger market is led by players like:

• Impossible Foods
• Beyond Meat
• Tattooed Chef
• Lightlife Foods
• No Evil Foods
• MorningStar Farms
• Nestlé (Garden Gourmet)
• Gardein
• Before the Butcher
• Field Roast
• Boca Foods
• Sweet Earth Foods
• Amy's Kitchen
• Dr. Praeger's Sensible Foods
• Alpha Foods.

The global plant-based burger market is segmented as follows:

By Source

• Pea-Based Protein
• Soy-Based Protein
• Potato-Based Protein
• Canola-Based Protein
• Wheat-Based Protein
• Rice-Based Protein
• Fava Bean-Based Protein
• Corn-Based Protein
• Others

By Sales Channel

• Grocery Stores
• Quick Service Restaurants
• Specialty Stores
• Departmental Stores
• Hypermarkets/Supermarkets
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa