Pune, India, Aug. 09, 2022 (GLOBE NEWSWIRE) -- The global meat substitute market size was valued at USD 5.41 billion in 2021. The market is anticipated to surge from USD 5.88 billion in 2022 to USD 12.30 billion by 2029 at an 11.11% CAGR during the forecast period. Fortune Business Insights™ has deep-dived these inputs in its latest research report, titled, “Meat Substitute Market, 2022-2029.”
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 substitute 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.
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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)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 11.11 % |
| 2029 Value Projection | USD 12.30 billion |
| Base Year | 2021 |
| Meat Substitute Market Size in 2022 | USD 5.88 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 207 |
| Segments Covered | By Source, By Distribution Channel , By Geography |
| Meat Substitute Market Growth Drivers | Increasing Demand for Plant-based Protein Foods to Drive Market Growth |
| Positive Health and Environmental Impact Related to Consumption of Plant-based Protein Foods to Further Propel Market Growth |
COVID-19 Impact
Expansion of E-commerce Spurred Industry Growth
While the influence of the COVID-19 pandemic triggered food insecurity, industry players exhibited profound traction for clean meat products. The outbreak disrupted the supply chain of pea and soy and had a notable influence on processed food manufacturing. Meanwhile, the rising footprint of the e-commerce industry augured well for the industry outlook—growing preference for online stores amidst the pandemic prompted investments across emerging and advanced economies. In a bid to boost customer purchasing experience, companies shifted their attention toward e-commerce sites.
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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 substitute 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.
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.
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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 substitute 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 substitute 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.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Overview of the Parent/Related Markets
- Regulatory Analysis
- Industry SWOT Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Impact of COVID on Supply Chain of Meat Substitutes Market
- Impact of COVID-19
- Supply Chain Challenges
- Potential Opportunities due to COVID-19
- Global Meat Substitutes Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Source (Value)
- Soy-based Ingredients
- Wheat-based Ingredients
- Other Grain-based Ingredients
- Textured Vegetable Protein
- By Distribution Channel (Value)
- Mass Merchandisers
- Specialty Stores
- Online Retail
- Other Retail Channels
- Foodservice
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Source (Value)
- North America Meat Substitutes Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Source (Value)
- Soy-based Ingredients
- Wheat-based Ingredients
- Other Grain-based Ingredients
- Textured Vegetable Protein
- By Distribution Channel (Value)
- Mass Merchandisers
- Specialty Stores
- Online Retail
- Other Retail Channels
- Foodservice
- By Country (Value)
- U.S
- By Source (Value)
- Soy-based Ingredients
- Wheat-based Ingredients
- Other Grain-based Ingredients
- Textured Vegetable Protein
- By Source (Value)
- U.S
- By Source (Value)
TOC Continued…!
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Key Industry Developments
- February 2022: Beyond Meat, Inc. announced a three-year global strategic agreement with McDonald’s Corporation. Under this agreement, Beyond Meat, Inc. has become the preferred supplier for a new plant-based burger patty for McPlant, a plant-based burger.
- April 2019: Nestlé undertook most significant step into the meat-free market by unveiling new 'cook from raw' plant-based burger in Europe. This has increased emphasis on delicious, authentic plant-based foods.
Read Related Insights:
Plant-based Snacks Market Size, Share, Industry & Forecast 2029
Plant based Protein Supplements Market Size | Global Report, 2028
Processed Meat Market Size, Growth | Global Industry Trends, 2027
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