The global plant-based burger market is forecast to quadruple to $23.2 billion by 2033.

The market for plant-based burgers is expected to grow from $5.1 billion to $23.2 billion by 2033, according to a new market analysis by research firm Future Market Insights (FMI). The market has seen significant growth in recent years due to a number of factors, including growing consumer interest in healthy foods, concerns about the environment and animal welfare, improved taste and quality, and the fact that they are now widely available in grocery stores and restaurants.

According to the report, the Covid-19 pandemic has also contributed to the growth of the plant-based burger market, as consumers are increasingly looking for healthy and sustainable food options. And as a result, many companies have entered the market to meet the demand, and they are competing with established players like Beyond Meat and Impossible Foods as well as big traditional companies like Tyson Foods and Nestlé.

“[This] Competition in the market has increased as companies try to differentiate their products and capture market share,” the report said

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In the short term, increasing consumer awareness of the benefits of plant-based diets and the popularity of such products is fueling the adoption of plant-based burgers, while manufacturers are developing plant-based technologies to expand and improve markets. In the long term, FMI suggests that increased research and development, new product innovations, product launches, government support and existing key players in this area will drive market opportunities.

The increasing popularity of vegetarian and plant-based food products will create additional market opportunities. “Consumers are looking for healthier plant-based meat alternatives, and brands are responding quickly with high-demand products like low-saturated-fat burgers,” Julie Emmett, vice president of marketplace development, Plant Based Foods Association (PBFA), told VeggieNews.

Similarly, the market for plant-based food and beverage ingredients is expected to grow from $2.3 billion to $9.3 billion by 2033 due to growing interest in healthy lifestyles, vegan products, probiotics, and omega-3 products.

Increasing innovation in this area, along with improved technology and government initiatives will help drive the sector.

Vegan beef dominates the world market

According to FMI, plant-based beef products are projected to secure a leading share of around 16 percent in the global market by 2033. These products are designed to replicate traditional beef burgers in taste, texture and appearance, but without the animal welfare and environmental concerns, making them popular among consumers looking for meat alternatives.

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Beyond Meat and Impossible Foods are currently the two leading players in the plant-based beef market as they have been able to capture significant market share with their innovative products. Yet in recent years, other companies have entered the market with their own plant-based beef products, increasing competition within the industry.

And when it comes to protein sources, FMI says that soy-based protein will secure the largest share of the global market at around 16 percent by 2033. Soy has become a popular choice for plant-based burgers because it contains all the essential aminos. Acidic and relatively inexpensive, it makes it an attractive option for companies looking to keep costs down.

Although soy is widely used, other plant-based protein sources commonly used in meatless burgers include pea protein, wheat protein, and mycoprotein.

“While animal-based meats have been limited to products in stores for decades, there are no limits to what plant-based meats can be or be made from,” Emmett says. “Each time a new material is used, or a new technique is discovered, more ideas are born, allowing for continuous and exciting product innovation.”

“In recent years we’ve seen the growth of nutritious ingredients like mung beans, oats, peas, chickpeas, lentils, artichokes and fava beans–and the potential for innovation is truly endless,” she says.

America is the largest market for vegan burgers

According to FMI the top three countries dominating the plant-based burger market are the US, China and the UK.

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The US is one of the largest markets with a predicted valuation of $4.8 billion by 2033 Growing consumer awareness about health is fueling market growth, as are growing concerns about animal welfare and the environment. Key players in the country include Beyond Meat, Impossible Foods, Morningstar Farms and Garden.

Overall, the US market is expected to continue to grow as more consumers seek healthy and sustainable food options. With a growing market, FMI says there is significant opportunity for new entrants to gain market share

In China, the plant-based burger market is a significantly growing sector with an expected value of $700 million by 2033. Contributing factors include growing demand for healthy and sustainable food options; Government initiatives that promote plant-based food consumption to reduce greenhouse gas emissions and improve public health such as the Green Monday campaign; Also the increasing availability of plant-based meats in grocery stores and restaurants, including KFC, McDonald’s and Burger King.

Burger King

And in the UK, government initiatives are driving the market, which is expected to be worth $2.7 billion by 2033. In addition to government initiatives such as Meat Free Monday, there is also significant interest in plant-based options, increasing availability, as well as high-profile celebrities endorsing the lifestyle and prominent food companies investing in plant-based meats, all helping to drive market growth.

Making vegan meat more accessible

However, PBFA notes that continued innovation in response to consumer desire for healthy, flavorful plant-based burgers will accelerate growth, including more dedicated space in stores, making it easier to find.

“Unless plant-based meat is on a shopper’s list, it’s still hard to find it in stores,” says Emmett.

“There is an abundance of total stores dedicated to animal meat and unit sales are declining across the board so retailers will benefit from leaning into the increased space of plant-based meat based on what consumers want, creating a merchandising strategy across all age groups and income levels. That makes it easier to find buyers,” he says