NEWARK, Del, Feb. 22, 2023 (GLOBE NEWSWIRE) -- By 2023, it is anticipated that the global market for meat alternatives would be worth US$ 13.9 billion. The global market is projected to be worth about US$ 230 billion by 2033. From 2023 to 2033, it is most likely to surge rapidly at a CAGR of 28.8%.
Rising awareness concerning healthy and sustainable foods is one of the key factors that is expected to lift the meat alternative market throughout the forecast period. Increasing vegan and flexitarian population in developed countries is another reason that is predicted to fuel the market.
Government agencies from several nations promote the consumption of meat alternatives due to health advantages that these products provide. In order to meet the need for healthy and delicious products, this change in eating habits necessitates development of new items.
These goods are probably going to take the place of meat in dishes. Nutritional value of their high protein content is also anticipated to be comparable. In the coming ten years, these reasons are anticipated to propel the demand for meat alternatives.
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The market for meat alternatives has experienced a boom in demand during the past ten years. This expansion is attributable to increased reliance on meat products by millennials in North America and Europe for their daily protein requirements. Despite the fact that meat proteins give one’s body the essential amino acids, they are high in cholesterol. It has been connected to a number of serious health issues.
Demand for meat alternatives is rising as a result of increased health issues and growing environmental consciousness. In the following ten years, it is anticipated that developing nations would gradually increase their consumption of organic meat alternatives.
It is also anticipated to open up new exporting prospects. Due to surging awareness and belief that food should be natural, customers are gravitating toward organic and non-genetically modified organisms (GMO) products.
Consumption of meat alternatives is anticipated to benefit both brain development and general human health. Regular eating of meat alternatives can aid in lowering the prevalence of coronary heart disease, gallstones, and diabetes. Prevalence of cancer, inflammation, hypertension, and excessive cholesterol can all be decreased with the use of meat alternatives.
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Key Takeaways from the Meat Alternative Market Study
- By product type, the patties category is estimated to accelerate during the forecast period in the meat alternative industry.
- The USA meat alternative market is anticipated to surge at a CAGR of 21.0% during the forecast period.
- India meat alternative market is expected to create an absolute dollar opportunity of around US$ 700 million by 2033.
- The United Kingdom meat alternative market is likely to exhibit exponential growth at a CAGR of 23% from 2023 to 2033.
- China meat alternative market is set to create an incremental opportunity of about US$ 2.3 billion in 2033.
“Animal welfare is likely to be a primary concern for vegans, vegetarians, or pescetarians. As a result, businesses around the world are investing in research and development. Around the world, numerous startup businesses are also making meat alternatives, which is promising for the industry,” says a lead analyst at Future Market Insights.
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Competition Landscape: Meat Alternative Market
Several top manufacturers of meat alternatives are concentrating on providing new products at an optimum price. This is attributed to increasing demand across various parts of the world. Key companies have implemented integrated production approaches to deliver cost-effective products to escalate their footprints and to surge their production capacity.
Prominent players in the field of meat alternatives are investing in research and development to produce organic products. In order to source high-quality ingredients for use in their recipes, numerous hotel chains and restaurants are also working directly with producers or farmers of meat alternatives.
A few meat alternative manufacturers include Impossible Foods, Benson Hill, Meati, Beyond Meat, Good Catch, Motif FoodWorks, Good Dot, Nature’s Fynd, Evo Foods, Mister Veg, Greenest, Vezley, Wakao, and Imagine Meats. They are adopting various marketing strategies such as new product launches, geographical expansion, mergers & acquisitions, partnerships, and collaborations to identify the interest of potential buyers and create a large customer base.
Meat Alternative Market Outlook by Category
By Product Type:
- Patties
- Hotdogs
- Sausages
- Meatballs
- Nuggets
By Nature:
- Organic
- Conventional
By Category:
- Seitan or Wheat Gluten
- Tofu
- Quorn
- Risofu
- Tempeh
- Algae/ Mycoprotein
- Insects
- Textured Vegetable Protein
- Fermented Proteins
- Fish Protein
- Cultured or Clean Meat
- Others (Yaso, Nato, and Miso)
By Application:
- Frozen Food
- Bakeries
- Pet Food
- Supplements
- Others
By Distribution Channel:
- Supermarkets
- Departmental Store
- Modern Trade
- Food Chain Services
- Online Stores
- Others
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Table of Content
1. Executive Summary | Meat Alternative Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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Explore FMI’s Extensive Coverage on Food & Beverage Domain:
Meat Substitutes Market Share: Global demand for meat substitutes is expected to rise at a yearly growth rate of 5.0% Y-o-Y to US$ 67.9 billion in 2033.
Processed Meat Market Size: The overall demand for processed meat is projected to grow at a CAGR of 6.3% between 2022 and 2032, totalling around 605.14 Billion by 2032.
Plant-Based Meatballs Market Demand: The global plant-based meatballs market is anticipated to rise at 23% CAGR during the forecast period from year 2020 to 2030.
Organic Meat Market Growth: The global market for organic meat is anticipated to grow at a CAGR of 5.3% during the estimated period, according to Future Market Insights report. The market will be worth USD 29.2 Bn in 2032.
Dehydrated Meat Product Market Value: The market value is projected to increase from US$ 834.6 Mn in 2022 to US$ 1,251.0 Mn by 2032
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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