The Numbers Tell a Revolutionary Story
Plant-based meat markets are experiencing explosive growth that defies traditional food industry patterns. According to some market research firms, the global plant-based meat market size was valued at approximately USD 8.5 billion in 2024 and is projected to reach USD 40.38 billion by 2033, exhibiting a CAGR of 18.9% during the forecast period. Yet these figures only scratch the surface of what’s happening.
Different research firms paint varying pictures of this explosive growth. Another projection valued the global plant-based meat market at USD 7.17 billion in 2023, projecting it to reach USD 24.77 billion by 2030, growing at a CAGR of 19.4% from 2024 to 2030. The United States plant-based meat market size reached USD 3.4 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 18.9 Billion by 2033, exhibiting a growth rate (CAGR) of 21.2% during 2025-2033.
This isn’t just about venture capital getting excited over trendy food. The sustained growth across multiple market segments suggests fundamental shifts in consumer behavior and technological capability. North America plant-based meat market accounted for the largest market revenue share of 38.0% in 2023, but global expansion is accelerating rapidly.
Cellular Agriculture Enters the Commercial Arena
While plant-based alternatives capture most consumer attention, cellular agriculture represents perhaps the most revolutionary development in food technology. As of 2024, the industry has grown to over 175 companies on six continents, backed by over $3.1 billion in investments. This isn’t theoretical anymore. As of July 2025, cultivated meat can be sold in Singapore, the United States, and Australia.
In May 2024, Florida governor Ron DeSantis signed legislation which banned the sale of lab-grown meat in the southern state, illustrating the political tensions surrounding this technology. Yet Israel-based Aleph Farms, which had previously submitted applications to sell its Aleph Cuts product in Switzerland and the UK, received regulatory approval for producing and selling cultivated-beef in its home market in January 2024.
The technology continues advancing rapidly. Cultured meats have existed for over a decade, and as of 2023, you might even find lab-grown chicken in restaurants (in the U.S., at least). Our study provides a novel low cost, sustainable cell culture system with broad applicability in various fields involving cellular agriculture, such as cultured meat production, fermentation, bio-pharmaceutical production, and regenerative medicine.
Precision Fermentation Scales Beyond Niche Applications
Perhaps no technology embodies the future of food production quite like precision fermentation. According to Fortune Business Insights, the global precision fermentation market size is expected to grow significantly, from $3 billion in 2024 to over $57 billion by 2032, exhibiting a compound annual growth rate of just over 44% during the forecast period. These aren’t modest incremental improvements.
While precision fermentation technology has been around for more than 30 years, it’s only now being recognized for its potential to produce food and food ingredients in a sustainable way. It’s already used in the production of several food ingredients, including natural flavors, rennet, vitamins and stevia. But it is recent advancements in cellular agriculture – the process of using precision fermentation to produce genuine animal proteins – that is fueling interest and innovation.
Companies are achieving remarkable breakthroughs. Onego Bio, Espoo, Finland, has developed Bioalbumen animal-free egg proteins. Onego Bio’s ingredient is bio-identical to ovalbumin, the primary protein in egg white. It provides the same functionality and nutrition without the egg from chickens, according to the company.
Artificial Intelligence Transforms Food Development
Food technology isn’t just about biology anymore. Artificial intelligence is fundamentally changing how new food products are conceived, developed, and produced. One of the most significant breakthroughs in 2025 has been the integration of artificial intelligence (AI) and machine learning into the cell cultivation process. AI is now being used to: Optimize cell growth conditions, reducing the time and cost of production.
The impact extends well beyond laboratory efficiency. Companies leveraging AI are seeing up to a 40% reduction in production costs, bringing lab-grown meat closer to price parity with conventional meat. This represents a fundamental shift from expensive experimental products to commercially viable alternatives.
The convergence of artificial intelligence (AI) and precision fermentation is revolutionizing the production of alternative proteins, enzymes, and bioactive compounds. Hadar Sutovsky highlights the impact of AI in food tech: “AI is a game-changer, enabling the food industry to create solutions that are not only innovative but also aligned with sustainability and scalability goals. It bridges the gap between cutting-edge technology and real-world applications.” Additionally, AI is facilitating predictive analytics in food safety, enhancing quality control by identifying potential risks before they occur. From minimizing food waste through supply chain optimization to creating personalized nutrition plans, AI continues to redefine the capabilities of the food tech industry.
Plant-Based Meat Gets More Sophisticated
Traditional plant-based alternatives continue evolving beyond simple protein substitutes. By source, soy accounted for the largest market revenue share of 48.0% in 2023. By product, plant-based burgers accounted for the largest market revenue share in 2023. By type, the chicken segment accounted for the largest market revenue share in 2023.
Yet the focus is shifting toward more diverse product categories. Plant-based meatballs are expected to hold 19.6% of the market share in 2025. Plant-based meatballs are gaining popularity in the global plant-based meat market with a share of 19.6% in 2025. This diversification reflects consumer demand for varied options beyond hamburger alternatives.
Companies are also reformulating existing products with cleaner ingredients. In May 2025, Beyond Meat has introduced reformulated products, including the Beyond Burger and Beyond Chicken Pieces, featuring cleaner ingredients and certifications from the American Heart Association and the American Diabetes Association.
In June 2024, Plantaway introduced India’s first plant-based chicken fillet, named Chick’n Fillet, crafted from pea protein. This innovative product offers 19g of protein per pack and is free from soy, preservatives, artificial colors, and flavors.
Food Technology Investment Patterns Signal Long-Term Commitment
Investment flows reveal where the smart money sees sustainable opportunities. To mention some of the recent instances, UK based THIS raised GBP 20 million in series C funding in June 2024. In the same month US based Tender Foods raised USD 11 million in series A round for expansion of its production capacity and further the commercialization.
European companies are particularly active. Spainish plant based meat company Novameat raised EUR 17.4 million in Series A funding, to be used for production and marke expansion. In February 2024, Heura Foods raised EUR 40 million through venture capital (series B) to improve its proprietary technology for plant-based meat production and to expand its market reach.
However, market growth has not been without hurdles. While investments surged in 2020–2023, funding has slowed in 2024-2025 due to concerns over cost-efficiency, regulatory roadblocks, and consumer skepticism. This pattern suggests the industry is maturing beyond speculative investment toward proven business models.
Governments Navigate Regulatory Complexity
Regulatory frameworks are struggling to keep pace with technological advancement. According to a report by the Good Food Institute, under a formal agreement established in 2019, the US Food and Drug Administration (FDA) and the US Department of Agriculture’s Food Safety and Inspection Service (USDA-FSIS) share regulatory oversight of cultivated meat. The FDA is responsible for cell collection, banking, and cultivation across all species, while the USDA-FSIS oversees the processing, packaging, and labeling of cultivated meat, poultry, and catfish products. Additionally, the FDA retains jurisdiction over the processing, packaging, and labeling of other cultivated seafood and game meat products.
Different countries are taking vastly different approaches. Like Singapore, Israel’s government is keen to support local food technology businesses. The country has scores of researchers across 11 academic institutions and two dedicated food-tech research centres to help keep it at the forefront of developments.
Like Israel and Singapore, The Netherlands is keen to become a global hub for food-tech, including cultivated-meat production. In January, the country announced the launch of two government-backed cellular agriculture scale-up facilities “offering companies the resources needed to move beyond research and into scalable production.”
Consumer Acceptance Drives Market Reality
Technology means nothing without consumer acceptance, and here the picture grows more nuanced. Consumer perceptions toward new food technology innovations are shifting with a recent study revealing that over three-quarters (77%) are likely to purchase products made with ingredients produced via precision fermentation. Younger generations in particular are seeking new ways to reduce their environmental impact by changing the way they eat and are demonstrating a willingness to dive into food tech. The survey, conducted by The Hartman Group and commissioned by Perfect Day and Cargill, found that “40% of adult consumers are ready to give precision fermentation a try or can be easily brought into the fold with information about benefits.”
Generational differences are particularly striking. The study finds that Millennials and Gen Z are the consumers most likely to be early adopters of any form of food innovation. Over half (60%) of Millennials and Gen Z (55%) said they will “actively seek out food and beverage products from companies that prioritize sustainability and animal welfare.” Upon further learning about the precision fermentation process, “85% of Millennials and 84% of Gen Z say they would be likely to purchase products containing ingredients made with it.”
However, challenges remain significant. Most of the general public has no idea what lab-grown meat is. When introduced to the idea, the answer is usually something like “Yuck!” That’s a significant hurdle for the sector to overcome, as without customers it’s going nowhere fast.
Cost Reduction Becomes the Primary Technical Challenge
Perhaps nothing matters more for widespread adoption than achieving price parity with conventional products. The progress here has been remarkable. These advancements are crucial in bringing costs down from the astronomical $330,000 per burger in 2013 to under $10 per patty today.
For example, proteins by precision fermentation is expected to be $10/kg by 2023–2025 and at this competitive price point, the market for food products may be unlocked. The company is focused on scaling its technology to reach price parity with the conventional animal-based ingredient. Perfect Day did this with whey proteins.
Manufacturing scale is proving crucial. Scaling production remains one of the biggest hurdles for lab-grown meat companies. Early bioreactors were small and inefficient, making large-scale production impossible. However, new large-scale bioreactor models designed by companies like Believer Meats have increased output by over 400%, making mass production more viable.
Beyond Traditional Categories
Food innovation is expanding beyond meat alternatives into entirely new categories. Precision fermentation, which has primarily focused on alternative proteins, is now expanding into broader applications like flavorings, bioactives, and functional ingredients.
Companies are finding creative applications for waste streams. In 2025, the focus on valorizing side-streams – turning byproducts into valuable inputs – will intensify. Companies are increasingly investing in technologies to extract value from side-streams, such as extracting protein from brewers’ spent grain. For example, through its subsidiary EverGrain, AB InBev upcycles spent barley grains from brewing into high-quality protein ingredients for food and beverage products.
Another company choosing precision fermentation over crop production is Phytolon, an Israeli startup using licensed technology from the Weizmann Institute of Science. The technology involves using baker’s yeast to produce natural colors. Most natural food colors are derived from fruits and vegetables, which require a lot of natural resources and is also dependent on the weather.
