New York, United States, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The Global Meat Substitutes Market size is to Grow from USD 11.35 Billion in 2022 to USD 36.53 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 12.4% during the forecast period.
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Meat substitutes, also known as plant-based or alternative proteins, have gained significant popularity in recent years as a response to various concerns, including health, environmental, and ethical issues associated with traditional meat production. These substitutes are innovative food products designed to mimic the taste, texture, and nutritional profile of meat without using animal-derived ingredients. Common sources of meat substitutes include soy, wheat gluten, mushrooms, legumes, and algae. They offer a versatile solution for consumers seeking to reduce their meat consumption or transition to a plant-based diet. Beyond burgers, sausages, and nuggets, meat substitutes now encompass a wide range of products, from tofu and tempeh to jackfruit and seitan. As the industry continues to evolve and innovate, meat substitutes play a pivotal role in reshaping our approach to food sustainability and dietary choices.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the “Global Meat Substitutes Market Size, Share, and COVID-19 Impact Analysis, By Source (Plant-based Protein, Mycoprotein, Soy-based, and Others), By Distribution Channel (Foodservice and Retail), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.”
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In 2022, the plant-based protein segment accounted for around 56.5% market share
On the basis of the source, the global meat substitutes market is segmented into plant-based protein, mycoprotein, soy-based, and others. The plant-based protein segment's dominance in the meat substitutes market, holding the largest revenue share, can be attributed to its alignment with consumer preferences for healthier, more sustainable, and ethical dietary choices. Plant-based proteins, derived from sources like soy, peas, wheat, and legumes, offer a wide array of options for creating meat alternatives. They are recognized for their nutritional benefits, often providing essential nutrients while reducing saturated fat and cholesterol content. Additionally, plant-based proteins appeal to a broad range of dietary preferences, including vegan, vegetarian, and flexitarian diets. As a result, they have become the foundation for a diverse range of popular meat substitute products, driving their substantial revenue share in the market.
The retail segment held the largest market with more than 63.2% revenue share in 2022
Based on the distribution channel, the global meat substitutes market is segmented into foodservice and retail. The retail segment's leadership in the meat substitutes market, securing the largest revenue share, can be attributed to its widespread accessibility and convenience. Retail outlets, including supermarkets, grocery stores, and online platforms, have played a pivotal role in bringing meat substitute products directly to consumers. These channels offer a wide range of options, from frozen and refrigerated plant-based meats to pantry staples like tofu and legumes. Additionally, marketing efforts and promotional campaigns in retail settings have effectively educated consumers and encouraged adoption. The ease of incorporating meat substitutes into home-cooked meals has further boosted the retail segment's dominance in the market, making it the preferred choice for a majority of consumers.
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Asia-Pacific is predicted to Grow at a fastest CAGR of around 12.7% over the projected period
Based on region, Asia Pacific region is experiencing the fastest Growth in the meat substitutes market due to rising incomes, urbanization, and a Growing middle-class population have led to increased consumer spending on healthier and sustainable food options. Additionally, a surge in awareness regarding health and environmental concerns is driving the demand for meat alternatives in countries like China and India. The availability of diverse plant-based protein sources from tofu to tempeh aligns with the rich culinary traditions of the region, making it easier for consumers to adopt meat substitutes.
Europe's prominent role in the global meat substitute market is attributed to the heightened awareness of environmental sustainability and ethical concerns related to animal agriculture has driven European consumers toward plant-based alternatives. Government initiatives and regulations supporting sustainability and healthy eating have further fueled this trend. Moreover, the region has witnessed a surge in product innovation and a Growing number of vegetarian and vegan consumers.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. major players in the global meat substitutes market include Amy’s Kitchen, Inc., Beyond Meat, Impossible Foods Inc., Quorn Foods, Kellogg Co., Unilever, Meatless B.V., VBites Foods Ltd., SunFed, Tyson Foods, Inc. and Others.
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Recent Developments
- In June 2022, Cookout Classic is now available in over 10,000 stores throughout the country, including Giant Food, Hannaford, Publix, ShopRite, Sprouts, Stop & Shop, Wegmans, Whole Foods Market, and select Albertsons, Kroger, Target, and Walmart locations.
- In June 2022, The Kellogg Company revealed intentions to split into three independent firms, one of which would specialise on plant-based meat product products and will control the MorningStar Farms brand.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the Global Meat Substitutes Market Size based on the below-mentioned segments:
Meat Substitutes Market, By Source
- Plant-based Protein
- Mycoprotein
- Soy-based
- Others
Meat Substitutes Market, By Distribution Channel
- Foodservice
- Retail
Meat Substitutes Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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