The global meat substitute market was valued at $6.6 billion in 2023, and is projected to reach $18.0 billion by 2035, growing at a CAGR of 8.9% from 2024 to 2035.
Meat substitutes are less likely to be contaminated or cause food poisoning as compared to meat products. Livestock production is often seen as a complicated industry that involves managing animal waste and the slaughtering process. Additionally, the risk of food contamination is high throughout the supply chain, particularly when dealing with expensive refrigeration and unreliable power supplies. The market for meat substitutes is growing rapidly due to the changing preferences of consumers who are looking for healthier and more sustainable food options. This trend is being driven by rise in awareness of environmental issues and concerns about the ethical treatment of animals. Leading players in the industry are responding to these demands by expanding their product lines and innovating to offer a wide range of plant-based alternatives to traditional meat products. The market is also seeing significant investments in R&D to improve the taste, texture, and nutritional value of meat substitutes, which is attracting a broader consumer base. One of the primary drivers for the growth of the meat substitute market is rise in adoption of vegetarian, vegan, and flexitarian diets globally. As more consumers prioritize health and environmental sustainability, they are actively seeking plant-based alternatives to meat. This has led to expansion of the market, with meat substitutes becoming more mainstream and accessible across various retail channels. However, the industry is facing several challenges, including the difficulty of accurately replicating the taste and texture of meat. Despite advancements in food technology, achieving the same sensory experience as real meat remains a significant hurdle for manufacturers. Also, competition from traditional meat products and other protein sources presents a challenge to the widespread adoption of meat substitutes. Nevertheless, the meat substitute market presents numerous business opportunities for companies willing to innovate and adapt to changing consumer preferences. Strategies such as collaborating with fast-food chains to offer plant-based menu options, expanding into emerging markets with growing vegetarian populations, and investing in novel ingredients and processing techniques can drive the growth of the industry. The meat substitute market is poised for continued expansion as consumers increasingly seek healthier, more sustainable, and ethically produced food options. While challenges such as taste replication and competition persist, the industry's potential for growth and innovation remains substantial, offering ample opportunities for companies to capitalize on the growing demand for plant-based meat alternatives. The meat substitute industry is segmented on the basis of product type, source, category, and region. By product type, it is classified into tofu-based, tempeh-based, TVP-based, seitan-based, Quorn-based, and others. By source, it is divided into soy-based, wheat-based, mycoprotein, pea-based, and others. By category, it is categorized into frozen, refrigerated, and shelf stable. By region, it is studied across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Major players such as Amy’s Kitchen, BeyondMeat, Cauldron Foods, and Garden Protein International, Inc. have adopted product approval, partnership, agreement, and acquisition as key developmental strategies to improve the product portfolio of the meat substitute market.
Meat substitutes are less likely to be contaminated or cause food poisoning as compared to meat products. Livestock production is often seen as a complicated industry that involves managing animal waste and the slaughtering process. Additionally, the risk of food contamination is high throughout the supply chain, particularly when dealing with expensive refrigeration and unreliable power supplies. The market for meat substitutes is growing rapidly due to the changing preferences of consumers who are looking for healthier and more sustainable food options. This trend is being driven by rise in awareness of environmental issues and concerns about the ethical treatment of animals. Leading players in the industry are responding to these demands by expanding their product lines and innovating to offer a wide range of plant-based alternatives to traditional meat products. The market is also seeing significant investments in R&D to improve the taste, texture, and nutritional value of meat substitutes, which is attracting a broader consumer base. One of the primary drivers for the growth of the meat substitute market is rise in adoption of vegetarian, vegan, and flexitarian diets globally. As more consumers prioritize health and environmental sustainability, they are actively seeking plant-based alternatives to meat. This has led to expansion of the market, with meat substitutes becoming more mainstream and accessible across various retail channels. However, the industry is facing several challenges, including the difficulty of accurately replicating the taste and texture of meat. Despite advancements in food technology, achieving the same sensory experience as real meat remains a significant hurdle for manufacturers. Also, competition from traditional meat products and other protein sources presents a challenge to the widespread adoption of meat substitutes. Nevertheless, the meat substitute market presents numerous business opportunities for companies willing to innovate and adapt to changing consumer preferences. Strategies such as collaborating with fast-food chains to offer plant-based menu options, expanding into emerging markets with growing vegetarian populations, and investing in novel ingredients and processing techniques can drive the growth of the industry. The meat substitute market is poised for continued expansion as consumers increasingly seek healthier, more sustainable, and ethically produced food options. While challenges such as taste replication and competition persist, the industry's potential for growth and innovation remains substantial, offering ample opportunities for companies to capitalize on the growing demand for plant-based meat alternatives. The meat substitute industry is segmented on the basis of product type, source, category, and region. By product type, it is classified into tofu-based, tempeh-based, TVP-based, seitan-based, Quorn-based, and others. By source, it is divided into soy-based, wheat-based, mycoprotein, pea-based, and others. By category, it is categorized into frozen, refrigerated, and shelf stable. By region, it is studied across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Major players such as Amy’s Kitchen, BeyondMeat, Cauldron Foods, and Garden Protein International, Inc. have adopted product approval, partnership, agreement, and acquisition as key developmental strategies to improve the product portfolio of the meat substitute market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the meat substitute market analysis from 2023 to 2035 to identify the prevailing meat substitute market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the meat substitute market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global meat substitute market trends, key players, market segments, application areas, and market growth strategies.Additional benefits you will get with this purchase are:
- Quarterly Update and* (only available with a corporate license, on listed price)
- 5 additional Company Profile of client Choice pre- or Post-purchase, as a free update.
- Free Upcoming Version on the Purchase of Five and Enterprise User License.
- 16 analyst hours of support* (post-purchase, if you find additional data requirements upon review of the report, you may receive support amounting to 16 analyst hours to solve questions, and post-sale queries)
- 15% Free Customization* (in case the scope or segment of the report does not match your requirements, 15% is equivalent to 3 working days of free work, applicable once)
- Free data Pack on the Five and Enterprise User License. (Excel version of the report)
- Free Updated report if the report is 6-12 months old or older.
- 24-hour priority response*
- Free Industry updates and white papers.Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)
- Product Life Cycle
- Average Selling Price Analysis / Price Point Analysis
- Brands Share Analysis
- Expanded list for Company Profiles
- Key player details (including location, contact details, supplier/vendor network etc. in excel format)
Key Market Segments
By Category
- Refrigerated
- Shelf Stable
- Frozen
By Product Type
- Tofu-based
- Tempeh-based
- TVP-based
- Seitan-based
- Quorn-based
- Others
By Source
- Soy-based
- Wheat-based
- Mycoprotein
- Pea-based
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- UK
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Asean
- Rest of Asia-Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East and Africa
- UAE
- South Africa
- Rest Of MEA
- AMY’S KITCHEN, INC.
- Archer Daniels Midland Company
- Beyond Meat, Inc.
- CAULDRON FOODS
- GARDEN PROTEIN INTERNATIONAL, INC.
- Kellogg Company
- MEATLESS B.V.
- MGP Ingredients, Inc.
- SONIC BIOCHEM EXTRACTIONS LTD.
- IMPOSSIBLE FOODS INC.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: MEAT SUBSTITUTE MARKET, BY CATEGORY
CHAPTER 5: MEAT SUBSTITUTE MARKET, BY PRODUCT TYPE
CHAPTER 6: MEAT SUBSTITUTE MARKET, BY SOURCE
CHAPTER 7: MEAT SUBSTITUTE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
Key Market Players in the Meat Substitute Market include:- AMY’S KITCHEN Inc.
- Archer Daniels Midland Company
- Beyond Meat Inc.
- CAULDRON FOODS
- GARDEN PROTEIN INTERNATIONAL Inc.
- Kellogg Company
- MEATLESS B.V.
- MGP Ingredients Inc.
- SONIC BIOCHEM EXTRACTIONS LTD.
- IMPOSSIBLE FOODS INC.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 444 |
| Published | April 2024 |
| Forecast Period | 2023 - 2035 |
| Estimated Market Value ( USD | $ 6.6 billion |
| Forecasted Market Value ( USD | $ 18 billion |
| Compound Annual Growth Rate | 8.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
