According to FMI reports, the global market for veggie burgers can soar at a CAGR of 8.1% from 2023-2033. The net worth of the market share of the veggie burger industry is predicted from US$ 4164.44 Mn in 2023 to over US$ 8460.93 Mn by 2033. A growing market for veggie burgers has resulted from increased demand for vegan and vegetarian products owing to their health benefits. Growing concerns about animal welfare have also increased demand for veggie burgers.
There is a shift in eating patterns of consumers due to concerns regarding unhealthy junk food consumption which leads to chronic ailments. Though the irresistible taste, low nutritional value junk foods such as pizza and burgers also have little nutritional value, creating a substantial customer base.
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Plant-based burgers are highly nutritious and delicious, and manufacturers are now able to make them using advanced technology. Veggie burgers are much healthier than meat burgers for a variety of reasons.
In addition to having similar flavors, textures, like meat burgers, vegetarian burgers also contribute to reducing global warming and negative impact on biodiversity and ecosystems. In response to environmental concerns and animal welfare concerns, consumers are turning to vegan and flexitarian diets, creating market opportunities for veggie burger manufacturers.
Key Takeaways from the Market Study
- The US market for Veggie Burgers is expected to reach US$ 1028.1 Mnby 2022 registering a market share of 26.6%.
- The market is expected to increase at a notable CAGR of 8.1%.
- Soy-based protein captures 43.4% of the market share while the plant-based chicken segment holds 36.5% of the total market share.
- Europe’s veggie burger market is expected to dominate the market and grow at the fastest rate with an increased revenue share.
Competitive Landscape for the Market
KFC and Subway, two of the leading restaurant chains in the plant-based industry, are planning high-profile deals. Vegetarian burgers are showing promising signs, particularly from the fact that not only the biggest players are investing in the market but also consumer goods brands are betting on the future of animal-free products.
Several meat alternative companies are ramping up their production of plant-based products, including Impossible Foods and Beyond Meat. Companies are leaving no stone unturned to gain a competitive edge and boost vegetarian burger market prospects.
Engine 2, Trader Joe’s, Sunshine Burgers, Morningstar Farms, Lightlife, Hilary’s, Gardenburger, Gardein, Dr. Praeger’s, Beyond Burger, Field Roast, Beyond Meat, Amy’s California, Boca, Beneo GmbH, Glanbia plc, Fuji Oil Co., Ltd., Archer Daniels Midland Company, Symrise, Roquette Frères S.A., Kellogg’s, Tyson Foods, Inc. and others, the market is growing and establishing a strong global presence.
Recent Developments in the Veggie Burger Market
- In September 2020, Nestle SA launched its flagship plant-based burger.
- In 2021, McDonald’s, known for its fast food, launched a vegan product called “McPlant”, which substituted meat burgers for vegan alternatives.
- Beyond Meat, the Canadian company is also launching two innovative and brand-new versions of burgers. It will be the juiciest burger any company has ever released. Beyond Meat has partnered with McDonald’s to offer plant-based burgers in the fast-food industry.
- In November 2021, from BAUM Unternehmensgruppe, The McWin Food Ecosystem Fund, led by Henry McGovern and Steve K. Winegar, acquired Burger King Deutschland GmbH. In addition to strengthening the German Burger King expansion strategy, the new majority shareholder plans to focus on their premium and plant-based product portfolio, as well as the development of digital sales channels.
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Market Segmentation by Category
By Product Type:
- Plant-based Chicken
- Plant-based Beef
- Plant-based Pork
- Plant-based Fish
By Source:
- Soy-Based Protein
- Wheat-Based Protein
- Pea-Based Protein
- Canola-Based Protein
- Fava-Bean Based Protein
- Potato-Based Protein
- Rice-Based Protein
- Lentil-Based Protein
- Flax-Based Protein
- Chia-Based Protein
- Corn-Based Protein
By Distribution Channel:
- Retail
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Food Stores
- Online Retail
- HoReCA (Food Service Sector)
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