According to a recent report by Future Market Insights, a market research and competitive intelligence provider, the meat substitute market is estimated to reach a value of USD 9.7 Bn by 2032, surging at 5.6% CAGR through the decade.
People’s growing health consciousness is a significant growth driver in the market, driving up demand for vegetarian foods. In addition, rising environmental awareness about the environmental impact of animal farming, as well as the emerging vegan trend, are driving demand for meat substitutes.
Plant-based protein-infused foods and ingredients are high in protein and have a meat-like texture. Furthermore, high-protein sources like soy and peas are used as a substitute for pork, beef, and chicken. The growing vegetarian population, combined with the growing health and fitness trend, would drive up the consumption of plant-based protein foods like meat substitutes.
Furthermore, pro-animal welfare campaigns to promote the consumption of all plant foods such as cereals, vegetables, seeds, fruits, pulses, spices, herbs, and nuts are on the rise. As a result, the global market for Meat Substitutes is expected to grow in the coming years.
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Key Takeaways from Market Study
- In China, the meat substitute industry benefits from a comparatively high rate of penetration, with an increased rate of 20%(y-o-y) in 2021.
- The meat substitute market in India is expected to grow at an 8% CAGR between 2022 and 2032.
- The meat substitute market in the United States is expected to grow at a CAGR of 6% between 2022 and 2032.
- Brazil remains one of the world’s most populous vegetarian countries, accounting for nearly 8% of the global population.
- As more people switch to vegetarian diets, the meat substitute market in Mexico is steadily expanding. As a result of their vegetarianism, 20% of Mexicans, primarily young consumers, have reduced their consumption of meat and animal-derived foods.
“The pandemic of coronavirus has accelerated the growth of the meat substitutes industry. This increase can be attributed to a shortage of fresh meat as a result of supply chain disruptions and a lack of workers in meat-processing plants,” says a lead analyst at Future Market Insights.
Who is winning?
Manufacturers are continuously focusing on developing unique meat substitutes that closely resemble not only the taste and texture of meat but also the savoury characteristics of meat in order to boost product sales and differentiate themselves from the fierce competition.
- Nestlé launched its meat substitute product line in the Philippines under the name Harvest Gourmet in November 2021, on World Vegan Day, with Chargrilled Pieces that remarkably replicate the look, flavour, and texture of chicken nuggets.
Some of the key market participants include DuPont (US), ADM (US), Kerry Group (Ireland), Ingredion Incorporated (US), Roquette Frères (France), PURIS (US), Cargill (US), Axiom Foods (US), MGP Ingredients (US), The Top Health Ingredients (Canada), Sonic Biochem Ltd (India), Crespel & Deiters (Germany), Wilmar International Limited (Singapore), Sotexpro S. (Canada).
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Future Market Insights, in its new offering, provides an unbiased analysis of the meat substitute market presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
By Source :
- Soy-based Meat Substitutes
- Wheat-based Meat Substitutes
- Mycoprotien-based Meat Substitutes
- Other sources of Meat Substitutes
By Product :
- Tofu
- Tempeh
- Seitan
- RTC/RTE
- Natto
- Other Products
By Sales Channel :
- Offline Sales Channel
- Supermarkets/Hypermarkets
- Departmental Stores
- Convenience Store
- Other Sales Channel
- Online Sales Channel
- Company Website
- E-commerce Platform
Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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