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.
Over the forecast period, the market for meat alternatives is predicted to rise as more people become aware of the benefits of eating a healthy, sustainable diet. The development of veganism and flexitarianism is another aspect likely to boost market expansion. Furthermore, because meat replacements have health benefits, many governments are promoting their use. New products are being created in response to this shift in eating patterns to suit the desire for clean and appealing meals that can substitute meat in a dish while still providing a high protein nutritional value. These factors are projected to drive market growth.
As a result of consumer demand for sustainable protein sources and the rise of plant-based diets, the market for meat substitutes is rapidly expanding. Environmental and animal welfare concerns have enhanced the attractiveness of meat substitutes. A bigger customer base has been drawn to new products that replicate the taste and texture of meat, boosting the market’s expansion.
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The expansion of the meat alternative market is mostly attributable to a growing vegan client base, as people become more aware of the negative environmental impact of meat eating. Some members of society have criticised intensive animal husbandry because of its harmful consequences on the environment and animal welfare. As a result, there has been a shift towards diets that exclude or limit the use of animal products. Furthermore, rising concern about catching zoonotic infections has contributed to a decrease in meat consumption.
Consumer awareness of plant-based meat alternatives is quickly increasing, with more consumers requesting them due to their alleged health benefits, such as the prevention of noncommunicable diseases, digestive difficulties, and obesity. As a result, consumers’ eating habits are changing and they are embracing a healthier diet, which is predicted to increase demand for meat alternatives. Based on these trends, the worldwide meat alternative market is predicted to expand rapidly throughout the study 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.
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.
-Key Companies Profiled
- Beyond Meat
- Impossible Foods
- Amy’s Kitchen
- MorningStar Farms
- Tofurky
- Field Roast
- VBites
- Maple Leaf Foods
- Kellogg
- Pinnacle Foods
- Others
-Meat Alternative Market Outlook by Category
By Product Type:
- Patties
- Hotdogs
- Sausages
- Meatballs
- Nuggets
By Nature:
- Organic
- Conventional
By Category:
- Seitan or Wheat Gluten
- Tofu
- Quorn
- Risofu
- Tempeh
- Algae/ Mycoprotein
- Insects
- Textured Vegetable Protein
- Fermented Proteins
- Fish Protein
- Cultured or Clean Meat
- Others (Yaso, Nato, and Miso)
By Application:
- Frozen Food
- Bakeries
- Pet Food
- Supplements
- Others
By Distribution Channel:
- Supermarkets
- Departmental Store
- Modern Trade
- Food Chain Services
- Online Stores
- Others
By Region:
- North America
- Latin America
- Europe
- Middle east and Africa
- East Asia
- South Asia
- Oceania
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