Market Overview
The global meatsubstitutes market size was valued at USD 6.42 billion in 2023 and isprojected 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). FortuneBusiness Insights™ has deep-dived these inputs in its latest researchreport, titled, “Meat Substitutes Market, 2024-2032.”
According to the study, plant-based products have becomesought-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)
Segments
Soy-based Ingredients to Remain Dominant with Growing Demandfrom Vegan Population
With respect to source, the market is segregated intowheat-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 issegmented 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 GrowthPotentials
Developed and developing countries have exhibited anincreased 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 aboundwith 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 bepronounced 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 globalmarket 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 toBoost 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.
