by Meat substitute products mimic the taste, texture, and appearance of different types of conventional meat including beef, pork, and poultry. Vegetarian and vegan diets have gained immense popularity globally owing to rising health and environmental concerns. Meat substitutes provide similar taste and nutrition derived from plant-based proteins including soy, wheat, and pea. Products such as vegetarian sausages, burgers, nuggets are widely consumed as alternatives to meat.
The global meat substitute market is estimated to be valued at US$ 2.48 billion in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising demand for plant-based proteins as highlighted in the heading as one of the key driver for growth of meat substitute market. Increasing number of health-conscious consumers preferring plant-based diet over meat is another major growth driver. Plant-based proteins offer nutritional benefits and are considered healthy substitutes to red meat and processed meat products. Soy-based meat substitutes are dominant alternatives and are widely acceptable in developed regions of North America and Europe. However, pea and wheat protein-based products are gaining traction globally due to their non-GMO nature.
Segment Analysis
The meat substitute market is broadly segmented into four categories based on product type – Tofu & tofu ingredients, Tempeh, Seitan, Quorn and other meat substitutes. Tofu and tofu ingredients dominates the overall meat substitute market with around 35% share primarily due to its high protein content, versatility as an ingredient and wide acceptance in Asian countries. Tofu serves as an excellent meat alternative and is considered a staple food in many East & Southeast Asian cuisines.
PEST Analysis
Political: The meat substitute market is expected to grow moderately during the forecast period due to increasing regulatory approvals and favorable policies promoting vegetarianism and veganism across various countries. However, stringent regulations associated with new ingredient development may pose a challenge.
Economic: Growing health awareness and rising disposable incomes are driving more people to shift towards meat-free diets. However, highprices of some meat substitute products compared to conventional meat may limit adoption to some extent.
Social: Changing lifestyles and eating patterns backed by animal welfare and environmental sustainability concerns are propelling the growth of meat substitutes. Flexitarian and reducing meat diets are becoming mainstream in western countries.
Technological: Ongoing R&D in alternative protein sources and food technology innovations are helping launch novel products with texture and taste resembling animal-based meat. Products mimicking beef and chicken are gaining acceptance.
Key Takeaways
The Global Meat Substitute Market Size is expected to witness high growth over the forecast period. The global meat substitute market is estimated to be valued at US$ 2.48 billion in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031.
Regionally, North America dominates currently led by USA due to strong health awareness trends. However, Asia Pacific is likely to emerge as the fastest growing regional market driven by large vegan and vegetarian populations in countries like India.
Key players operating in the meat substitute market are Tofurky, Amy’s Kitchen, Beyond Meat, Gardein, Meatless B.V and Quorn Foods. Sanofi, Teva Pharmaceutical Industries, Taro Pharmaceuticals, Mylan N.V., and Perrigo Company PLC. Key players are focusing on new product launches and mergers to strengthen their market presence. For instance, Beyond Meat launched plant-based beef and sausage substitutes.
Additionally, startups are introducing novel products mimicking various types of meat like chicken through cell-based cultivation, thereby expanding the market scope over the coming years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
