The global meat alternative market is estimated to reach a valuation of US$ 18.8 billion in 2024. The market is projected to reach a value of US$ 299 billion by 2034, expanding at a CAGR of 28.8% over the assessment period.
Consumption Analysis of Meat Alternatives
- Rise in the number of global vegan/vegetarian population
- Surge in the demand for meat alternatives from the sports nutrition industry
- Rising concerns regarding the ever-growing obese population spur the demand for meat alternatives that are fewer in calories
- Substituting lupines with soybeans in tempeh production
- Aggressive marketing efforts to make plant-based foods mainstream
- Major food processing industries are investing in meat alternatives to capture the emerging segment of health-conscious and ethical consumers
- Going forward, plant-based meat sales are likely to account for a significant part of demand in the global market for meat alternatives
This period is marked by staggering growth of 28.8% CAGR, driven by robust FDIs by foreign companies in emerging countries with expansive availability of sources and raw materials to develop alternatives to meat.
Sales of meat mimicry products are ascending at a rapid speed, as consumers are becoming aware of the health risks posed by eating certain meats in excessive quantities. Along with this, people are becoming aware about the different healthy and sustainable foods that are available in the marketplace and can effectively replace meat in consistency, taste, and flavor. Thus, making this transition quite smooth.
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The growing number of vegans and flexitarians is another vital factor that is predicted to fuel the market growth. Additionally, government bodies across numerous countries are endorsing the consumption of meat alternatives, owing to the health benefits offered by these products.
Market players are making their contribution by introducing new varieties of meat alternatives to meet the growing demand for healthy and tasty products that replace the role of meat in a dish and provide a similar high protein nutritional value.
“Key players are competing on price and eCommerce accessibility to increase their product sales. Additionally, to capture the hesitant consumers, players are experimenting to develop unique flavors influenced by local cuisines,” says Nandini Roy Choudhury (client Partner for Food and Beverages at Future Market Insights, Inc.)
Key Takeaways from the Meat Alternative Market Study
- Increasing vegan population tracked in various countries, such as the United States and the United Kingdom, is driving the market for meat alternatives.
- The market in the United States is expected to grow at a CAGR of 10.3% over the forecast period.
- The market in the United Kingdom is anticipated to expand at a CAGR of 8.1% through 2034.
- Augmented demand for plant-based protein foods, predominantly in the United States, France, Germany, and the United Kingdom.
- Based on the Source, the tofu is expected to account for a market share of 14.2% in 2024.
Competitive Landscape
Several top market players are concentrating on providing meat alternatives at a competitive price by lowering their production costs. Prominent players of meat alternatives are investing in research and development activities to produce organic, non-GMO products from meat alternative. Various hotel chains and restaurants are also partnering directly with manufacturers or growers of meat alternatives for sourcing of high-quality products to be used in their dishes.
Meat alternative manufacturers such as Impossible Foods, Benson Hill, Meati, Beyond Meat, Good Catch, Motif FoodWorks, Good Dot, Nature’s Fynd, Evo Foods, Mister Veg, Greenest, Vezley, Wakao, and Imagine Meats, among others, are employing multiple marketing strategies such as geographical expansion, new product launches, partnerships and collaboration, and merger and acquisitions to identify the interest of potential buyers and create a larger customer base.
Key Companies in the Meat Alternative Market
- Beyond Meat
- Amy’s Kitchen
- MorningStar Farms
- Tofurky
- Field Roast
- VBites
- Maple Leaf Foods
- Kellogg
- Pinnacle Foods
Recent Developments in the Meat Alternative Market
- In August 2023, Shelf-stable plant-based products are introduced by Nestlé. The soy-based Maggi faux-meat items are “certified as vegan.” The line includes the first plant-based minced beef from the company that is shelf-stable. SKUs that blend vegan “mincemeat” with spice for tacos, empanadas, spaghetti bolognese, and lentil soup are among Nestlé’s new offerings.
- In September 2023, Vertera ProBite, a plant-based meat substitute, is released by Novozymes. Vertera ProBite is a new product from biosolutions business Novozymes designed for producers of meat substitutes. The product’s formulation was intended to improve plant-based goods’ texture. The liquid product Vertera ProBite is likely to have advantages like straightforward labelling and convenience of use.
- In November 2023, new mushroom-based meat substitutes are released by Meati. Meati, a company that makes meat substitutes using its mushroom component, has released four new goods. Italian-Seasoned Cutlet, Garlic & Black Pepper Steak, Crispy Bites, and Spicy Crispy Cutlet are the latest offerings.
- Kuleana, a San Francisco start-up, has combined plants and biotechnology to develop sushi-grade food. In 2021, TIME Magazine featured Kuleana’s plant-based Tuna as one of the best creations that are free from harmful substances found in fish.
- 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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Key Market Segmentation
By Type:
- Patties
- Hotdogs
- Sausages
- Meatballs
- Others
By Nature:
- Organic
- Conventional
By Source Type:
- 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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