Meat substitutes are plant-based food items that mimic the texture, flavor, and appearance of meat. They are typically made from ingredients like soy, wheat, and pea protein and are high in proteins, fibers, and vitamins while being low in cholesterol and saturated fat. With growing consumer awareness about health issues related to excessive meat consumption and animal welfare, demand for meat substitutes is increasing.
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 key trends:
Rising health consciousness among consumers regarding issues like obesity, heart diseases and diabetes associated with meat consumption is fueling the demand for meat substitutes. The growing “flexitarian” or “reducatarian” trend wherein individuals are reducing but not completely eliminating meat from their diets has led many consumers to opt for plant-based meat substitutes. Additionally, concerns regarding sustainability and environmental impact of intensive animal agriculture is also propelling more people towards adopting meat substitutes as an alternative protein source.
SWOT Analysis
Strength: Meat substitutes offer vegetarian and vegan alternatives to meat products. They are a healthier option compared to regular meat as they are low in fat and cholesterol.
Weakness: Meat substitutes lack certain nutrients present in meat like iron and vitamin B12. Their taste and texture is also not at par with real meat which limits their acceptance among meat lovers.
Opportunity: Growing health and environment consciousness is driving the demand for meat alternatives. Younger generation is more receptive towards vegan and vegetarian diets. The market has potential to grow in developing countries.
Threats: Meat industry lobby and cultural mindsets favoring meat pose challenges. Fluctuating prices of raw materials needed for substitutes can impact the costs. Established players in the meat industry can enter the substitutes segment.
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.
Asia Pacific region currently dominates the market and is expected to continue its dominance. Rising health awareness and growth of vegan and flexitarian diets are driving trial and acceptance of meat substitutes in the region. Emerging economies like China, India are primary revenue generators.
Key players operating in the meat substitute market are Sanofi, Teva Pharmaceutical Industries, Taro Pharmaceuticals, Mylan N.V. Sanofi dominates the market with its wide range of generic products to treat allergies, pain, diabetes and central nervous system disorders. The company focuses on expanding in high growth emerging markets through new product launches.
Teva Pharmaceutical Industries is another major player focusing on generics, specialty medicines and biopharmaceuticals. It has significant market share in therapies for central nervous system disorders. Taro Pharmaceuticals specializes in products for paediatric health and dermatology with a emphasis on generics for the US market. Mylan N.V. has a broad product portfolio and is engaged in manufacturing and marketing generics and specialty pharmaceuticals globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
