According to Custom Market Insights (CMI), the Global Meat Substitute Market size was estimated at USD 10.1 Billion in 2023 and is expected to hit around USD 233.87 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 42.1% from 2023 to 2030.
According to expert analysis from CMI, intensive animal husbandry practices have faced criticism for their adverse impact on the environment and animal welfare. As a result, there has been a surge in diets that either limit or exclude animal products, which is expected to drive the growth of the meat substitutes market.
Browse the full “Meat Substitute Market Size, Trends and Insights By Source (Plant-based Chicken, Plant-based Fish and Plant-based Beef), By Product Type (Patties, Crumbles Grounds, Hot Dogs, Sausages, Nuggets, Meatballs, and Other Product Types), By Functionality (Weight Management, Immunity Boosting Products, Gut Health/Digestive Health, Clinical Nutrition, and Others), By Product Format (Refrigerated, Frozen, and Shelf-stable), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/meat-substitute-market/
The clean eating trend is gaining popularity worldwide as consumers seek transparency in their food choices. Manufacturers are also prioritizing natural, minimally processed ingredients that offer high functionality and performance. In the meat substitute market, plant-based proteins are often combined with fibers, starches, and other natural stabilizers to create multi-functional and natural products that meet the demand for clean labels.
Innovation is driving product development across all segments of the meat substitute market, including chilled, ambient, and frozen products. This has led to increased product choice and brand recognition for consumers. Supermarkets have responded to this trend by providing more shelf space for meat substitutes. Additionally, larger industry players are becoming increasingly aware of small-scale startup brands in the meat substitute market and their potential for innovation and growth.
Unilever’s acquisition of the Netherlands-based meat substitute brand, Vegetarian Butcher, in December 2018 is a clear indication of the growth potential of the meat substitute market. As the market continues to expand, manufacturers are incorporating a wider range of ingredients to diversify their product range. These ingredients are chosen for their ability to offer high levels of protein and nutritional value, in line with consumer preferences for healthier and more sustainable food options.
COVID-19 Analysis:
Even before the COVID-19 pandemic, plant-based meat had already been gaining popularity among consumers. However, with lockdown measures in place, consumers have been stocking up on both plant-based and conventional meat. The increasing awareness of the benefits of a vegan diet has resulted in new revenue opportunities for companies in the meat alternatives market.
As many countries are easing their lockdown measures, the reopening of the HoReCa (Hotel, Restaurant, Café) industry is expected to drive the growth of the meat alternatives market. Brands are leveraging mobile shopping apps and eCommerce to expand their revenue streams. Additionally, the outbreak of the coronavirus in meat-packaging plants has further accelerated the demand for plant-based meat and other dietary options.
The Increasing Demand for Plant-Based Ingredients is Playing a Significant Role in the Growth of the Meat Substitute Market.
The meat alternatives market is expanding in response to the growing global population and the increasing interest in vegetarian and vegan diets. As a result, companies are making substitutes for animal protein more widely available. One of the drivers of market growth is the rising demand for plant-based ingredients, which has led to innovations in texturized vegetable protein (TVP). Compared to animal products, TVP is more cost-effective and environmentally friendly.
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CMI Analysts’ Viewpoint
With the possibility of the next influenza pandemic arising from chicken or pork farming, more consumers are opting for plant-based meat and other dietary options. While conventional meat is high in protein and B12 compared to plant-based meat, there is a growing need for stakeholders in the meat substitute market to partner with farmers who provide value-added food products that are environmentally friendly. Flaky wheat proteins are a versatile option that can partially or completely replace meat without compromising taste or texture. Textured wheat protein has a neutral taste that eliminates the need to mask flavors, making it a better option than soy protein.
List of the prominent players in the global Meat Substitute Market:
- Amy’s Kitchen
- BeyondMeat
- Cauldron Foods
- Garden Protein International Inc.
- Meatless B.V.
- VBites Foods Ltd.
- MGP Ingredients (U.S.)
- Sonic Biochem Extractions Limited
- Kellogg Company
- Archer-Daniels-Midland Company
- Others
Table of Contents: https://www.custommarketinsights.com/report/meat-substitute-market/#table-of-contents
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