The Meat Substitute Market is estimated to be valued at US$ 12.95 billion in 2022 and is expected to exhibit a CAGR of 43.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Meat substitutes are plant-based or synthetic alternatives that mimic the texture, flavor, and appearance of real meat. Common meat substitutes include tofu, tempeh, textured vegetable protein, seitan, and meat grown from animal cells in laboratories. These products are typically made from soy, wheat, or pea protein and aim to appeal to health-conscious and vegan consumers who wish to reduce their meat consumption for nutritional or ethical reasons. Rising awareness of health issues related to red and processed meat consumption is driving increased demand for meat substitutes as a more sustainable and nutritious alternative.
Market Dynamics:
The meat substitute market is primarily driven by the increasing health consciousness among consumers and the growing vegan population globally. A vegetarian or vegan diet has been linked to numerous health benefits such as reduced risk of obesity, heart disease, diabetes and some types of cancer. In addition, animal agriculture has considerable environmental impacts including greenhouse gas emissions, water pollution, and deforestation. This is raising demand for plant-based meat alternatives that are perceived as more sustainable and environmentally-friendly. Furthermore, technological advancements have enabled meat substitute products to more closely mimic the taste, texture and cooking experience of real meat, making them more appealing even to non-vegetarians. An expanding variety of meat-free options available across grocery shelves and restaurants is also supporting the market growth.
SWOT Analysis
Strength:
– Growing awareness about health benefits of plant-based meat substitutes. Meat substitutes are cholesterol-free and low in saturated fats.
– Increasing vegan and flexitarian population drive the demand for meat alternatives. Their nutritional profile appeals to health-conscious consumers.
– New product launches catering to evolving tastes and preferences of customers. Companies offer wide range of meat analogs.
Weakness:
– High prices of meat substitutes compared to conventional meat limit their mass appeal.
– Processing of some substitutes involve use of artificial ingredients, GMOs which some consumers dislike.
Opportunity:
– Untapped growth avenues in developing countries. Rising incomes fuel experimentation with new foods.
– Collaborations with restaurants, food outlets boost awareness and trial among customers.
Threats:
– Stringent regulations for labeling, marketing of plant-based meat products influence companies’ offerings.
– Meat industry adopts new strategies to promote real meat over processed substitutes.
Key Takeaways
Global Meat Substitute Market Demand is expected to witness high growth, exhibiting CAGR of 43.6% over the forecast period, due to increasing health consciousness. North America dominated the global market in 2021, accounting for 39.5% share. The region is projected to continue its dominance during the forecast period owing to rising vegan population and awareness about benefits of plant-based meat.
Regional analysis
Europe is projected to witness fastest growth among other regions, growing at a CAGR of around 45.4% during 2023-2030. This is attributed to growing vegan trend propelled by ethical concerns and health awareness. Countries like Germany, UK, France, and Italy represent major markets within Europe.
Key players
Key players operating in the Meat Substitute market are DowDuPont Inc., Archer Daniels Midland Company, Amy’s Kitchen Inc., MGP Ingredients, Inc., Beyond Meat Inc., Sonic Biochem Extractions Ltd., VBites Foods Limited, The Nisshin OilliO Group, Ltd. Garden Protein International, MorningStar Farms, and Meatless BV.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.