PUBLISHER: The Business Research Company | PRODUCT CODE: 1539729
PUBLISHER: The Business Research Company | PRODUCT CODE: 1539729
A meat substitute, also referred to as a meat alternative or meat analog, mimics the taste, texture, and nutritional profile of meat using non-meat ingredients. It is favored by vegetarians, vegans, and those aiming to cut down on meat consumption due to health, environmental, or ethical considerations.
Types of meat substitutes include tofu, tempeh, seitan, Quorn, and others. Tofu, for instance, is made from soybeans and commonly used in Asian dishes. These substitutes utilize plant-based proteins, mycoprotein, soy, and other sources, available in solid, liquid, refrigerated, shelf-stable, and frozen forms. They are distributed through both off-trade and on-trade channels.
The meat substitutes market research report is one of a series of new reports from The Business Research Company that provides meat substitutes market statistics, including meat substitutes industry global market size, regional shares, competitors with meat substitutes market share, detailed meat substitutes market segments, market trends, and opportunities, and any further data you may need to thrive in the meat substitutes industry. This meat substitutes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The meat substitutes market size has grown rapidly in recent years. It will grow from $6.46 billion in 2023 to $7.22 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The increase in the historical period can be attributed to heightened awareness of health risks, the rise of vegetarianism and veganism, concerns regarding the environmental impact of livestock farming, growing awareness and advocacy for the ethical treatment of animals, and the growing popularity of high-protein meat alternatives.
The meat substitutes market size is expected to see rapid growth in the next few years. It will grow to $11.32 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period is expected due to the expanding vegan population, increased investments from major food corporations, government initiatives and incentives promoting sustainable and healthy diets, rising demand for cholesterol-free protein, and growing interest in meat substitutes. Key trends anticipated in the forecast period include advancements in plant-based meat innovation, technological progress, diversification into new product categories, the popularity of clean label and health-oriented products, and the development of cultured meat (lab-grown meat).
The growth of the meat substitute market is expected to be driven by an increasing vegan population. Vegans strictly consume plant-based foods, eschewing all animal products such as meat, dairy, eggs, and honey due to ethical, environmental, and health reasons. Awareness of health risks associated with animal products, such as heart disease and certain cancers, is encouraging more individuals to adopt vegan diets. Meat substitutes offer tasty, nutritious, and convenient alternatives to meat, facilitating easier adoption and maintenance of vegan lifestyles while promoting environmental and ethical benefits from reduced animal product consumption. Plant-based food sales surged 6.2% in 2021, reflecting growing interest in veganism and driving the meat substitute market forward.
Major companies in the meat substitute market are focusing on innovative alternatives, such as shredded beef substitutes, to cater to increasing demand for meat alternatives. These products mimic the texture, flavor, and versatility of shredded beef using plant-based ingredients. For example, in May 2024, The Mushroom Meat Company introduced a new shredded beef alternative made from functional mushrooms and whole plants, promising a nutrient-rich, meat-like experience. This innovation aims to transform the alternative protein market, offering consumers a customizable option for their culinary preferences.
In September 2022, House Foods Group, based in Japan, acquired Keystone Natural Holdings, a US company known for tofu and plant-based foods, to strengthen its portfolio and expand in the US market. This acquisition underscores House Foods' commitment to offering value-added tofu and plant-based food products, aligning with the growing consumer demand for plant-based alternatives.
Major companies operating in the meat substitute market are Cargill Incorporated, Nestle S.A., Archer-Daniels-Midland Company (ADM), Unilever PLC, Tyson Foods Inc., Kellogg Company, JBS S.A., DuPont de Nemours Inc., International Flavors & Fragrances Inc., Conagra Brands Inc., Kerry Group, Ingredion Incorporated, Roquette Freres, MorningStar Farms, Hain Celestial Group Inc., Amy's Kitchen, Vital Farms, Impossible Foods Inc., Quorn Foods, Tofurky, Beyond Meat Inc., Field Roast Grain Meat Co. Inc., The Vegetarian Butcher, Lightlife Foods, Gardein International Inc., Gardenburger, Evol Foods
Europe was the largest region in the meat substitute market in 2023. The regions covered in the meat substitute market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the meat substitute market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The meat substitute market consists of sales of plant-based meat alternatives, soy-based products, legume-based products, and wheat-based products. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Meat Substitute Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on meat substitute market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for meat substitute ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The meat substitute market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.