Overview and Scope
A meat substitute, also known as a meat alternative or meat analog, is a food product designed to replicate the taste, texture, and nutritional value of meat, but made from non-meat ingredients. These substitutes are commonly used by vegetarians, vegans, and people seeking to reduce their meat consumption for health, environmental, or ethical reasons.
Sizing and Forecast
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 growth in the historic period can be attributed to rising awareness about the health risks, growth of vegetarianism and veganism, concerns about the environmental impact of livestock farming, growing awareness and concern over the ethical treatment of animals, increasing 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 can be attributed to increasing vegan population, increased investment from major food corporations, government policies and incentives promoting sustainable and healthy eating, increasing cholesterol-free protein, and rising meat substitutes. Major trends in the forecast period include innovation in plant-based meat, technological advancements, expansion into new categories, clean label and health-focused products, and development of cultured meat (lab-grown meat).
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The meat substitute market covered in this report is segmented –
1) By Product : Tofu, Tempeh, Seitan, Quorn, Other Types
2) By Source: Plant-Based Protein, Mycoprotein, Soy-Based, Other Sources
3) By Form: Solid, Liquid
4) By Category: Refrigerated, Shelf Stable, Frozen
5) By Distribution Channel: Off-Trade, On-Trade
Europe was the largest region in the meatsubstitute 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.
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Major Driver Impacting Market Growth
The increasing vegan population is expected to propel the growth of the meat substitute market going forward. The vegan population exclusively consumes plant-based foods, avoiding all animal products, including meat, dairy, eggs, and honey, driven by ethical, environmental, and health considerations. The rising awareness about the health risks associated with consuming animal products, such as heart disease, high cholesterol, and certain cancers, is prompting people to adopt vegan diets. Meat substitutes are delicious, nutritious, and convenient alternatives to meat, making it easier for individuals to adopt and maintain a vegan lifestyle while promoting the environmental and ethical benefits of reducing animal product consumption. For instance, in December 2021, according to the Plant Based Foods Association, a US-based food association, plant-based food sales are rising, expanding 6.2% in 2021 over a record-breaking year of growth in 2020. Therefore, the increasing vegan population drives the meat substitute market.
Key Industry Players
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
The meat substitute market report table of contents includes:
1. Executive Summary
2. Meat Substitute Market Characteristics
3. Meat Substitute Market Trends And Strategies
4. Meat Substitute Market – Macro Economic Scenario
5. Global Meat Substitute Market Size and Growth
…..
32. Global Meat Substitute Market Competitive Benchmarking
33. Global Meat Substitute Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Meat Substitute Market
35. Meat Substitute Market Future Outlook and Potential Analysis
36. Appendix
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