The global meat alternative market size is expected to be valued at US$ 13.9 billion in 2023. With the increasing sale of innovative goods and appealing marketing, coupled with the health benefits associated with meat alternatives, the overall demand for meat alternatives is projected to grow at a CAGR of 28.8% between 2023 and 2033, totaling around US$ 230 Billion by 2033.
The rising awareness regarding healthy and sustainable foods is one of the major factors that is expected to boost the growth of the meat alternative market during the forecast period. The increasing number of vegans and flexitarians is another factor that is anticipated to fuel the market’s growth. Moreover, government bodies across various countries are promoting the consumption of meat alternatives, owing to the health benefits offered by these products. This change in the eating patterns requires new products that cater to the demand for healthy and tasty products, which can replace the function of meat in a dish and contribute a similar high protein nutritional value. Such factors are expected to drive the market’s growth.
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The growth of the meat alternative market is primarily attributed to a widening vegan customer base, in the light of rising awareness about the adverse impact resulting from meat consumption on the environment. Because of its negative effects on the environment and animal welfare, the intensive animal husbandry has been criticized by some sections of society. This in turn has led to a shift towards diets which exclude or limit the use of animal products. In addition, growing apprehension about contracting zoonotic diseases has further led to a reduction in consuming meat products.
Consumer awareness of plant-based meat substitutes is rapidly growing, with more people demanding these because of their stated health benefits, such as the prevention of non-communicable disorders, digestive issues, and obesity. As a result, consumers are changing their eating habits and incorporating a healthy diet, which is expected to boost the demand for meat alternatives. Based on all these trends, the global meat alternative market is expected to surge at a high pace during the analysis period.
The Meat Alternative Market in North America is expected to accumulate the highest market share of 56% in 2022. The growth in North America is attributed to the growing millennial population, where the demographic considers the food source, animal welfare issues, and impact on the environment while making decisions related to purchasing. The US market is one of the frontrunners in scaling the demand for meat alternatives, where consumers eat approximately more than 5 billion meat-free dinners, according to a survey by a supermarket.
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Key Takeaways from the Market Study
- From 2017 to 2021, the market demand expanded at a CAGR of 14.2%
- By Product Type, the Tofu segment of the market constitutes the bulk of the market with a market share of 60%
- By Source, the Plant-based Protein segment dominates the market with a share of 34%
- From 2022 to 2032, Meat Alternative sales are expected to flourish at a CAGR of 33.6%.
Due to growing global population as well as increasing interest in both vegetarian and vegan diet, companies in the meat alternative market are increasing the availability of substitutes to animal protein, remarks an FMI analyst.
Competitive Landscape
Players in the global Meat Alternative Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In March 2022, Impossible Foods Inc. introduced its flagship Impossible Beef Made from Plants in supermarkets throughout Australia and Aotearoa New Zealand. This marks the first time Impossible Beef can be purchased in supermarkets in both regions- a mere four months since the company initially landed in restaurants across ANZ.
- In January 2022, Beyond Meat Inc. and Pizza Hut announced the launch of plant-based Beyond Italian Sausage Crumbles as a permanent offering at Pizza Hut Canada locations nationwide. These crumbles are designed to offer the meaty texture and savory taste associated with Pizza Hut’s traditional Italian pork sausage, but sourced from plant-based ingredients.
- In May 2021, Unilever partnered with the food tech company ENOUGH to develop new plant-based meat products, starting in the United Kingdom. The technology involves a unique zero-waste fermentation process to grow a high-quality protein. The raw materials include wheat and corn, which eventually produce mycoprotein, a complete food ingredient containing all essential amino acids.
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Know More About What the Meat Alternative Market Repost Covers
Future Market Insights offers an unbiased analysis of the global Meat Alternative Market, providing historical data for 2017-2021 and forecast statistics from 2023-2033.
To understand opportunities in the Meat Alternative Market, the market is segmented on the basis of product type, nature, source, storage, and distribution channel across six major regions.
About Food & Beverage at Future Market Insights
The food & beverage team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
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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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