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.
One of the major reasons anticipated to propel the growth of the meat alternative market during the forecast period is increased awareness of sustainable and healthy diets. The rise in veganism and flexitarianism is another aspect expected to fuel market expansion. Government officials are also encouraging the adoption of meat substitutes because of the health advantages they provide in a number of countries. With this change in eating habits, new products are being developed to meet the demand for wholesome, enticing foods that can take the place of meat in a dish while still offering a comparable amount of high-protein nourishment. These elements are anticipated to fuel market expansion.
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In view of growing knowledge of the negative effects that meat eating has on the environment, a growing vegan consumer base is primarily to blame for the expansion of the meat alternative market. Intensive animal husbandry has drawn criticism from some groups of society due to its detrimental effects on the environment and animal welfare. As a result, there has been a move towards diets that omit or restrict the consumption of animal products. Additionally, a decline in the consumption of animal products has been brought on by increased concern over catching zoonotic infections.
The market for plant-based meat alternatives is rising quickly as consumers become more aware of their health benefits, which include the reduction of obesity, gastrointestinal problems, and non-communicable diseases. Consumers are consequently altering their eating patterns and embracing a healthy diet, which is anticipated to increase the market for meat substitutes. Based on these tendencies, a rapid growth in the worldwide meat alternative market is anticipated over the duration of the study.
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.
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.
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.
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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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