The meat substitute market comprises products made from plant-based ingredients like soy, wheat and pea protein that mimic the texture and flavor of meat. These meat alternatives are designed to offer similar taste and eating experience as compared to animal-based meat products. They are increasingly being adopted by flexitarians and vegetarians given their low cholesterol and saturated fat content. Growing health consciousness and concerns regarding animal welfare have boosted the demand for meat substitutes in recent years.
The Meat Substitute Market is estimated to be valued at US$ 2.15 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising consumer awareness regarding benefits of plant-based and vegan diets is a key driver propelling the meat substitute market growth. Health-conscious consumers are switching to meat alternatives given their better nutritional profile – low in fat and cholesterol but high in proteins, vitamins and minerals. Additionally, growing environmental consciousness is also fueling the market. Meat alternatives have lower carbon footprint as compared to industrial animal meat production which is a major contributor to greenhouse gas emissions. Production of 1kg of beef requires 24kg of grain, while meat substitutes require only 2-4kg of grain to produce equivalent protein. Further, with technological advancements, taste and texture of plant-based meat substitutes are improving at par with animal meat which is positively impacting their adoption rate. Major players are launching varied product ranges in different forms like patties, nuggets, sausages etc to appeal to more customers.
Segment Analysis
The global meat substitute market is dominated by the soy segment. Soy meat substitutes held a revenue share of over 45% in the market in 2023. Soy is widely used as a meat substitute due to its high protein content and meat-like texture when cooked. Soy meat substitutes can mimic the taste and texture of beef and poultry. Their nutritional profile helps reduce cholesterol levels and supports heart health. This has made soy meat substitutes very popular with health-conscious consumers.
PEST Analysis
Political: rules and regulations promoting sustainable food production are driving the demand for meat substitutes. Some countries have banned meat on certain days to promote adoptption of alternatives.
Economic: the high cost of meat has motivated consumers to opt for cheaper meat substitutes. Rising incomes in developing nations are also supporting market growth.
Social: greater awareness about health and environmental benefits of reducing meat consumption is a major factor. Younger consumers particularly are actively adopting vegan/vegetarian diets.
Technological: advancements in food science have improved texture and flavor of meat substitutes. New production methods closely mimic meat fibers resulting in improved taste and nutrition.
Key Takeaways
The Global Meat Substitute Market Growth is expected to witness high, exhibiting CAGR of 13% over the forecast period, due to increasing health concerns over red meat consumption. The market size for 2023 is US$ 2.15 Bn.
North America captured over 35% of the global market revenue in 2023 led by policy support and dietary shifts in the US and Canada. Europe was the second largest regional market driven by stringent regulations on animal welfare and carbon emissions from livestock farms. The Asia Pacific region is expected to be the fastest growing market for meat substitutes due to growing health awareness in China, India and Japan.
Key players operating in the meat substitute market are ADM (US), Ingredion Incorporated (US), DuPont (US), Kerry Group (Ireland), and Roquette Frères (France). ADM leads with wide range of soy, wheat and pea protein options offering meat-like eating experience. Ingredion has strong presence in developing customized plant-based blends for burger patties and nuggets. Roquette offers unique pea protein isolates and concentrates for structured vegan meat products.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it