The global Meat Substitute Market comprises products such as tofu, tempeh, and textured vegetable protein, which act as alternatives to meat. These products are derived from plant-based sources like soy and wheat, and provide similar nutritional benefits as compared to meat. They help address growing health concerns linked with excessive meat consumption and are eco-friendly.
The global Meat Substitute Market is estimated to be valued at US$ 7.42 billion in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising health consciousness has spurred demand for meat alternatives and this trend is expected to accelerate over the coming period. By reducing meat intake and replacing meat with vegan options like soy, wheat or pea protein-based meat substitutes, consumers can manage their weight and lower risk of chronic diseases like heart disease and diabetes. As people become more aware about health impacts of industrial animal farming and meat processing, there is increasing preference for plant-based meat substitutes that are not only environmentally sustainable but free from antibiotics, hormones and cholesterol as well. This growing demand for plant-based meat alternatives due to health and environmental concerns will be a key factor driving growth of the global meat substitute market.
SWOT Analysis
Strength: Meat substitutes market products are increasingly in demand by health and environmentally conscious consumers. They provide an alternative source of protein for vegetarians and vegans.
Weakness: Limited choices and variability in taste and texture compared to traditional meat. Higher prices compared to conventional meat may deter some consumers.
Opportunity: Growing concerns over environmental sustainability, animal welfare and health benefits are driving demand for meat substitutes. Product innovation in terms of new varieties, flavors and textures is expanding opportunities.
Threats: Traditional meat producers may launch competing plant-based meat products threatening market share of existing players. Stringent regulations pertaining to product labelling and marketing could impact sales.
Key Takeaways
Global Meat Substitute Market Size is expected to witness high growth.
Regional analysis: The Asia Pacific region dominates the global meat substitutes market currently. Burgeoning population, rising health awareness and shifts towards veganism are fueling demand in the region. The growing middle class is increasing the demand for convenient, affordable and healthy meat alternatives. China represents the largest market owing to changing consumer preferences and government support for environmental causes.
North America follows Asia Pacific in terms of market share, driven by high health consciousness, presence of leading innovators and start-ups in the region. Europe is another major regional market benefiting from regulations banning growth promoters and mass medication of livestock.
Key players operating in the meat substitute market are Beyond Meat, Impossible Foods, Maple Leaf Foods (Lightlife), Quorn Foods, Amy’s Kitchen,Tofurky, gardein, Boca, Yves and Field Roast. These major players are investing in R&D and pursuing rapid product innovations like plant-based burger patties that closely resemble ground beef in texture and taste. Partnerships with restaurants and retail chains is another key focus area.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
