Meat Alternatives Market Size
The Global Meat Alternatives Market USD 9.6 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 20.8 billion by 2031. The market is growing at a CAGR of 10.2% during the forecast period 2024-2031. Meat alternatives are prepared from various plant-based sources. They are majorly consumed by vegan individuals and consumers concerned about health benefits owing to meat-based cholesterol.
They are extracted from plant sources like soy, wheat, rice, and others. Meat alternatives are associated with numerous health benefits, such as rich protein, vitamins, and high energy levels.
The popularity of meat alternatives has led to the emergence of new companies and products in the market, such as Beyond Meat, Impossible Foods, and Quorn. The market is also seeing increased interest from traditional meat producers, who are investing in or launching their meat alternative products. Meat alternatives can be also used as a substitute for traditional meat in a variety of dishes, such as burgers, sausages, and meatballs.
Market Summary
| Metrics | Details |
| CAGR | 10.2% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (USD ) |
| Segments Covered | Type, Source, Distribution Channel and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Fastest Growing Region | Asia Pacific |
| Largest Region | Europe |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
Health and Wellness Concerns of the Consumers are Driving the Meat Alternatives Market
There is growing evidence that links meat consumption with an increased risk of several chronic diseases, such as heart disease, type 2 diabetes, and certain types of cancer. As a result, an increasing number of consumers are seeking healthier and more sustainable food options, including meat alternatives.
According to a study published in the Journal of the American Heart Association, replacing red and processed meat with plant-based protein sources, such as legumes, nuts, and soy products, can lower the risk of heart disease by up to 24%. Another study published in The Lancet found that a plant-based diet can reduce the risk of type 2 diabetes by 23%. These data define how health and wellness concerns are driving the meat alternatives market.
Stringent Regulatory Challenges are Holding Back the Meat Alternatives Market Growth
Regulatory challenges can present significant obstacles for companies in the meat alternatives market. One key challenge is labeling regulations, which can impact consumer perceptions and purchasing decisions. Under these regulations, meat alternatives must be labeled as "imitation" or "substitute" products, which can be perceived as less desirable by some consumers.
Furthermore, in several states in the US, laws have been enacted that restrict the use of terms like "meat" and "beef" on plant-based products. According to the Plant-Based Foods Association, as of 2021, 22 states had introduced such laws, with several facing legal challenges.
Market Segment Analysis
The Global Meat Alternatives Market is segmented based on type, source, distribution channel, and region.
Tofu Accounted for the Highest Share of the Global Meat Alternatives Market in 2022
Tofu has been a popular meat alternative for centuries and continues to hold a significant market share in the meat alternatives market today. Tofu is a good source of protein, iron, calcium, and other essential nutrients, making it a popular choice among health-conscious consumers.
In addition to its popularity in Asian cuisines, tofu has also become increasingly popular in Western markets. For example, in the US, the consumption of tofu has grown by over 60% in the past decade, according to data from the USDA.
Market Geographical Share
Europe is Dominating the Global Meat Alternatives Market During the Forecast Period
Europe is one of the leading regions in the global meat alternatives market, with a growing number of consumers embracing plant-based diets and seeking healthier and more sustainable food options.
According to a survey conducted by YouGov, over half of European consumers (52%) are concerned about the environmental impact of meat production, while 47% are concerned about the health impact of consuming meat. Moreover, several European governments have introduced initiatives to promote plant-based diets and reduce meat consumption.
Market Players
The major global players include the Meat Alternatives market are Garden Protein International, Vbites, MGP Ingredients, Monde Nissin Corporation, Premier Foods, ADM, DuPont, Meatless BV, Cauldron Foods, and AMY’s Kitchen Inc.
COVID-19 Impact on Market
The COVID-19 pandemic has had a significant impact on the global food industry, including the meat alternatives market. The pandemic has disrupted supply chains and caused delays in the production and distribution of meat alternatives, as well as other food products. This has resulted in shortages and price increases in some markets.
The pandemic has led to changes in consumer behavior, including an increased focus on health and wellness and a growing interest in plant-based diets. According to a survey by The Good Food Institute, 27% of consumers in the US have reported eating more plant-based foods during the pandemic.
Key Developments
- In January 2021, PepsiCo collaborated with Beyond Meat to take advantage of the booming meat alternatives market and develop a host of new plant-based snacks and drinks.
- In October 2022, Beyond Meat, a plant-based meat brand, partners with Allana Consumer Products to enter India’s untapped meat alternatives market.
- In May 2021, Unilever, an FMCG company, collaborates with European food tech company “Enough” to supply ingredients for new plant-based products.
Why Purchase the Report?
- To visualize the global meat alternatives market segmentation based on type, source, and distribution channel to understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous meat alternatives market-level data points, all for segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The Global Meat Alternatives Market Report Would Provide Approximately 61 Tables, 60 Figures And 102 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
