Meat Alternatives Market to Surpass USD 73.8 billion by 2031, Growing at a 6.3% CAGR – Exclusive Report by Transparency Market Research, Inc.

Veganism and the desire for plant-based products are expected to drive the market for meat alternatives.

Wilmington, Delaware, United States, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The meat alternatives market was valued at US$ 42.6 billion in 2022. A CAGR of 6.3% is predicted between 2023 and 2031, resulting in a market size of US$ 73.8 billion.  Continuing advancements in the field of nutritional technology, which include extraction of plant-based proteins, the development of fermentation processes, and the use of 3D printing are likely to result in more sustainable and realistic meat substitutes than ever before.

Meat alternatives could be developed in future iterations to gain nutritional value that matches or exceeds that of traditional meat. Health-conscious consumers may find it more appealing to purchase plant-based products that are fortified with nutrition, vitamins, and minerals.

Developing and commercializing cell-based or cultivated meat products will become increasingly important. As an alternative to traditional animal farming, the technique involves growing animal cells in the lab, which could improve sustainability and animal welfare. Governments can support open-source research, transparent and streamlined regulatory processes can be implemented, and subsidies to industrial animal agriculture can be reduced or redistributed in order to reduce food prices.

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Global Meat Alternatives Market: Key Players
A global analysis of the meat alternatives market found that key players in the business were expanding organically to consolidate their customer base. To launch meat substitutes globally, leading manufacturers follow market trends and invest heavily in research and development.

  • Pinnacle Foods, Inc.
  • Beyond Meat Inc.
  • Pacific Foods of Oregon Inc.
  • Monde Nissin Corporation
  • Kellogg Company
  • Fry Group Foods (Pty) Ltd.
  • Nutrisoy Pty Ltd
  • Nasoya Foods Inc.
  • Others

Key Findings of the Market Report

  • Protein consumption and tofu's health benefits are driving demand for meat alternatives.
  • The Asia Pacific region dominates the meat alternatives market.
  • Based on source, soy-based segment to drive market demand for meat alternatives.
  • Frozen food products will likely create a market for meat alternatives in the coming years.
  • In terms of distribution channels, the demand for indirect meat alternatives is predicted to increase in the coming year. 

Global Meat Alternatives Market: Growth Drivers

  • Plant-based diets are becoming increasingly popular as health and wellness awareness increases. Consumers seek alternatives to traditional meat products to reduce saturated fat, cholesterol, and calories. In addition to deforestation and greenhouse gas emissions, the meat industry contributes to water pollution.
  • Consumers criticize the conventional meat industry for its unethical treatment of animals. Alternatives to meat provide those opposed to mistreating animals with a cruelty-free option. Technological advancements in food have led to realistic and tasty plant-based alternatives. Improved texture, taste, and nutritional profiles drive consumer acceptance and adoption of meat substitutes.
  • Burgers, nuggets, sausages, and other meat alternatives have flooded the market in recent years. Because of this diversity, a wide range of dietary requirements and preferences are catered to, thus expanding the market. The popularity of meat alternatives has been influenced by celebrity endorsements and influencer promotions. Celebrities advocating for the diet influence the perceptions and choices of consumers regarding plant-based diets.
  • Veganism and vegetarianism are rapidly becoming more popular, whether for health, environmental, or ethical reasons. Restaurants, food chains, and supermarkets carry more meat alternatives than ever before. These products are more accessible to consumers because they are available in mainstream outlets. Innovation and product development have accelerated in the alternative protein space as research and development investments have increased.

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Global Meat Alternatives Market: Regional Landscape

  • Asia Pacific has seen an increase in the demand for meat alternatives. Health and wellness awareness is growing, and plant-based diets are becoming more popular. By substituting alternatives to traditional meat products, the Asia Pacific region is becoming more health-conscious.
  • Middle-class populations are growing in many Asian countries, leading to an increase in disposable income. Consequently, consumers are becoming more interested in and investing in sustainable, healthy food options. A change in dietary preferences is often associated with urbanization. With a faster pace of life, urban consumers may choose convenient plant-based alternatives.
  • As consumers become aware of issues like global warming, deforestation, and pollution, they are becoming increasingly concerned about the foods they eat. In recent years, meat alternatives have gained popularity due to their reduced environmental impact. A growing number of consumers in Asia are adopting plant-based diets due to Western lifestyle trends and diets. Popular fast-food chains in the region offer meat alternatives in Western style.

Key Developments

  • In December 2023, Beneo (Parsippany, NJ) plans to have a more extensive line of semi-finished meat alternatives, including Minced Meat and Meatless Beef Bites. Beneo acquired Meatless B.V. last year.
  • In December 2023, Nestlé will explore how plants can provide nutritious proteins at an affordable and sustainable cost to consumers. The company recently in Central and West Africa launched a plant-based meat alternative called Maggi Soya Chunks so that consumers can add high-quality protein to their daily diets.

Global Meat Alternatives Market: Segmentation
By Product Type

  • Tofu
  • Tempeh
  • Seitan
  • Natto
  • Others

By Source

  • Soy-based
  • Wheat-based
  • Mycoprotein
  • Others

By Category

  • Refrigerated
  • Frozen

By Distribution Channel

  • Direct
  • Indirect
  • Modern Groceries
  • Convenience Stores
  • Discount Stores
  • Food & Drink Specialty Stores
  • Traditional Groceries
  • Online Retail

By Region

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East and Africa (MEA)

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