April 21, 2024
Meat Substitute Market

The Global Meat Substitute Market is Estimated to Hit US$ 2.48 Million at a Healthy CAGR of 4.2% from 2024-2031

The global meat substitute market has gained immense popularity due to the rising awareness about health and environmental benefits of plant-based and lab-grown meat alternatives. Meat substitutes serve as an excellent source of protein and other vital nutrients, while being lower in fat, calories, and cholesterol than animal-based meat products. The growing vegan and vegetarian population, coupled with increasing food allergies and intolerances is driving the demand for meat substitutes worldwide.

The Global Meat Substitute Market Share is estimated to be valued at US$ 2.48 Mn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in the meat substitute market are Sanofi, Teva Pharmaceutical Industries, Taro Pharmaceuticals, Mylan N.V., and Perrigo Company PLC. With growing consumer preference for plant-based and microbial meat, major key players are developing a wide range of highly nutritious and sustainable meat alternatives to cater to the increasing demand.

The rising health consciousness and concerns regarding animal welfare are fueling the demand for meat substitutes globally. Moreover, the improving purchasing power in developing economies is also boosting the sales of meat alternatives. Various types of substitutes ranging from tofu, tempeh, seitan to pea-, soy-, and wheat-based alternatives are witnessing immense popularity.

The meat substitute market is witnessing significant gains across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. To leverage the growth opportunities, manufacturers are investing heavily in R&D activities to introduce novel product varieties with better taste, texture, and functionality. Several startups are also entering the space to offer innovative and customized meat analogs using advanced technologies.

Market Key Trends
Cell-based meat represents one of the major trends gaining ground in the global meat substitute landscape. By using tissue engineering techniques, cell-based meat is produced directly from animal cells without the need to slaughter entire animals. This novel approach has gained immense interest from manufacturers as it mimics the taste and texture of conventional meat products more closely. Moreover, with continuous technological advancements, the costs of cell-cultivated meat are declining rapidly, making them a commercially viable meat alternative in the coming years.

Porter’s Analysis
Threat of new entrants: The meat substitute market requires substantial investments in R&D and production facilities to manufacture high quality substitute meat products. This poses barriers for new companies.

Bargaining power of buyers: The global meat substitute market has many established brands and private label products providing alternatives to customers. This gives buyers bargaining power in terms of price and quality.

Bargaining power of suppliers: The meat substitute industry requires specialized ingredients like soy, wheat and pea protein to manufacture alternative meat products. This gives key suppliers an edge in negotiating prices with buyers.

Threat of new substitutes: Ongoing research is developing new plant-based and cell-based meat technologies that may threaten sales of existing meat substitutes if proven viable alternatives.

Competitive rivalry: Major brands compete intensely on product range, pricing and marketing to win customers from incumbent meat industries.

Geographical regions
North America accounts for the largest share in the global meat substitute market, both in terms of value and volume. This is attributed to rising awareness about veganism and vegetarianism coupled with growing health concerns in the region.

Asia Pacific is expected to witness the fastest growth during the forecast period. Countries like China, India and Indonesia are experiencing rapid economic development which has boosted disposable incomes. This allows more consumers to access premium meat substitute products.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it