April 23, 2024
Meat Substitute Market

The Rising Demand for Protein Alternatives is Driving the Meat Substitute Market Trend by Sustainability

Meat substitutes provide an excellent source of plant-based proteins that can satisfy meat cravings without the negative health impacts and environmental footprint of meat consumption. Products such as tofu, tempeh, and seitan are made from soy, beans, wheat or other plant sources and rich in proteins, vitamins, and minerals. Their meat-like texture and flavor deliver the sensory experience of eating meat. The growing wellness trend and concerns over animal welfare and sustainability are fueling the rising popularity of meat substitutes.

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 from 2024 to 2030.

Key Takeaways

Key Players
Key players operating in the meat substitute market are Sanofi, Teva Pharmaceutical Industries, Taro Pharmaceuticals, Mylan N.V., and Perrigo Company PLC. Sanofi leads the industry with their popular meat alternatives made from soy and wheat proteins.

Growing Demand
The Global Meat Substitute Market Size is growing rapidly due to the rising demand from health-conscious consumers looking to cut down on meat consumption. North America and Europe currently dominate the market but Asia Pacific is emerging as a lucrative region.

Global Expansion
Established players are expanding their manufacturing footprints and distribution networks globally to seize opportunities in fast-growing emerging economies. Partnerships with foodservice providers are helping increase the availability of plant-based options.

Market Key Trends
One of the key trends driving growth in the Global meat substitute market Size is sustainability. There is growing recognition that a shift toward more plant-based diets is necessary to address various issues associated with intensive meat production such as environmental degradation, resource scarcity, and animal welfare. Meat substitutes provide a sustainable and affordable source of protein with a significantly lower carbon footprint than meat.

Porter’s Analysis

Threat of new entrants: The threat is moderate as the capital requirements are moderately high for R&D and production facilities.

Bargaining power of buyers: The power is moderate to high as the products have substitutes and customers can switch to alternatives easily.

Bargaining power of suppliers: The power is low to moderate as there are many ingredient suppliers in the market.

Threat of new substitutes: The threat is high as customers are open to transition to new substitutes emerging in the market.

Intense competitive rivalry: Companies compete on taste, nutrition, pricing and production scale.

Geographical Regions

North America currently dominates the market in terms of value as customers are increasingly adopting plant-based and flexitarian diets. Changing consumer preferences towards healthy and sustainable food choices is driving the growth.

Asia Pacific is expected to witness the fastest growth during the forecast period owing to rising health consciousness, growing vegan population and increasing adoption of meat substitutes as an alternative protein source especially in countries like China, India and Indonesia where the consumption of meat is rising rapidly.

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it