Market Overview
The global meat substitutes market size was valued at USD 6.42 billion in 2023 and is projected to grow from USD 7.06 billion in 2024 to USD 17.79 billion by 2032, exhibiting a CAGR of 12.25% during the forecast period (2024-2032). Fortune Business Insights™ has deep-dived these inputs in its latest research report, titled, “Meat Substitutes Market, 2024-2032.”
According to the study, plant-based products have become sought-after in minimizing the issues of dependence on livestock production for meat products. Clean meat substitutes will gain further traction with the rising trend of vegan and vegetarian diets. Environment-friendly food products will continue to be sought globally. The Economist asserted that the number of vegans in the U.S. rose from 0.4% to 3.5% in 2021.
Major Players Profiled in the Report:
- Beyond Meat (U.S.)
- Impossible Foods (U.S.)
- Kellogg Company (U.S.)
- Tyson Foods (U.S.)
- JBS SA (Brazil)
- Conagra Brands, Inc. (U.S.)
- Hain Celestial Group (U.S.)
- Unilever Group (U.K.)
- Nestle S.A. (Switzerland)
- Sunfed (New Zealand)
Source: https://www.fortunebusinessinsights.com/industry-reports/meat-substitutes-market-100239
Segments
Soy-based Ingredients to Remain Dominant with Growing Demand from Vegan Population
With respect to source, the market is segregated into wheat-based ingredients, soy-based ingredients, other grain-based ingredients, and textured vegetable proteins. The soy-based ingredients segment could remain dominant due to growing traction among the vegan and vegetarian population. Moreover, the soaring popularity of tofu and tempeh across North America and Europe will boost ingredient adoption.
Mass Merchandiser to Grow with Easy Product Availability
With respect to distribution channel, the market is segmented into other retail channels, mass merchandisers, online retail, specialty stores, and food service. The mass merchandisers segment will exhibit notable growth due to easy availability and prevalence of discounts.
Report Coverage
The report provides a holistic view of the market size, share, revenue, and volume. It has deep-dived into SWOT analysis. Moreover, qualitative and quantitative assessments have provided a holistic view of the market. The primary interviews validate assumptions, findings, and the prevailing business scenarios. The report also includes secondary resources such as annual reports, press releases, white papers, and journals. The research report also delves into pre and post COVID-19 analysis to provide a comprehensive perspective of the market.
Drivers and Restraints
Advanced Form of Packaging Design to Reinforce Growth Potentials
Developed and developing countries have exhibited an increased inclination for clean products with carbon labeling. Of late, millennials and Gen Z populations have shown traction for advanced packaging with respect to environmental impact. Growing preference from health-conscious consumers could foster meat substitutes market share during the forecast period. Besides, escalating risk of cardiovascular disease, diabetes, and cancer due to consumption of red meat will further encourage the consumption of plant-based protein foods. However, difficulty in mirroring the meat color and challenges with respect to manufacturing meat flavor could dent the market growth.
Regional Insights
Europe to Gain Prominence from Soy-based Ingredients
Stakeholders anticipate Europe to witness investments abound with the rising trend for soy-based ingredients and wheat-based ingredients. With a notable shift toward a sustainable trend, plant-based products will be sought across the U.K., France, Germany, and Italy. The growing trend for gluten-free and vegan diets will bode well for regional growth.
The Asia Pacific meat substitutes market growth will be pronounced with rising emphasis on the vegan population. Moreover, consumers have spurred investments in high-quality, nutritious, and protein-rich food products. With the growing focus on sustainability, hotels and restaurants could invest in plant-based products.
North America could contribute notably toward the global market share due to the soaring popularity of vegan meat burgers and sausage. Manufacturers of meat substitutes are likely to inject funds into nutritious, tastier, and high-quality plant-based products. Clean products are expected to gain ground across online channels and will continue to be sought across retail food chains.
Competitive Landscape
Stakeholders Invest in Mergers & Acquisitions to Boost Portfolios
Major companies could invest in product launches, mergers & acquisitions, and technological advancements to bolster footprint. Besides, an influx of funds into R&D activities will encourage well-established players and new entrants to propel their portfolios.
KEY INDUSTRY DEVELOPMENTS:
- February 2024: Beyond Meat announced plans to launch a newer version of plant-based meat alterative-based burger in retail grocery stores in the U.S.