Meat Alternative Market

Meat Alternative Market Outlook from 2024 to 2034

The global meat alternative market is estimated to reach a valuation of USD 18.8 billion in 2024. The market is projected to reach a value of USD 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

Attributes	Key Insights
Meat Alternative Market Size (2024E)	USD 18.8 billion
Projected Market Value (2034F)	USD 299 billion
Value-based CAGR (2024 to 2034)	28.8%
Collective Value Share: Top 3 Countries	38%

Key Trends Boosting the Meat Alternative Market

• The rising trend of following a vegan lifestyle is fueling the demand for meat alternatives.
• The growing trend toward clean eating, wherein customers seek to comprehend and understand what they are actually eating, is gaining significant ground. More consumers are purchasing products with clear labels and distinguishable ingredients. Producers are thus exploiting this situation by choosing basic ingredients extracted from minimally processed foods to increase the application and performance of product ingredients.
• Similar to plant-based proteins, plant-based meat replacements also contain fibers, starches, gums, and other stabilizers. They are not only natural but also multi-functional. Hence, their demand is rising as people continue to shop for natural and clean-label products.
• Rising product developments in the chilled, diffused, and frozen categories, sparked by increasing demand for novel items. Consumers thus have a broad selection of goods and brands thanks to innovation. A wide variety of meat analogs with a prolonged shelf life is projected to be met by consumer recognition.

Emerging Opportunities in the Meat Alternative Market

Reshaping Meat Industries with Innovative Meat Alternative Proteins

Technological advancements are expected to be a game-changer for meat alternative producers. A lot has been achieved in the past couple of years, with the development of mock meat, mycoprotein, and impossible burgers, which has paved a path for plant-based meat out of the trough.

Previously available meat alternatives did not taste or look like meat, despite their name. However, with an increase in research and development in the meat alternative market several new and unique products have been introduced. The availability of clean-label and plant-based products in the market such as tofu, tempeh, TVP, seitan, Quorn, soy, and wheat are the best meat alternatives.

Making Gluten-free, Sustainable Lifestyle a Reality

A growing number of vegans and flexitarians is projected to drive the market’s growth. A substantial portion of the population is focused on restraining animal protein consumption and more than 50% aim to make this a lasting change. The consumption of vegan food is ubiquitous like in restaurants, grocery stores, bakeries, and vegan lunches at school and home. The rise in the use of meat alternatives to support the trend of a gluten-free, sustainable lifestyle is inevitable.

Country-wise Insights

The table below sheds a light on the growth opportunities in the selected countries.

Countries	CAGR
United States	10.3%
United Kingdom	8.1%
China	6.2%
India	3%
Japan	2.4%

Rise in Meat Alternatives in the Indian Market

India has exhibited positive trends in the expansion of the manufacturing base of meat alternatives due to the 100% FDI opportunity in the food processing industry, while the consumer market is largely driven by rising health concerns and veganism vogue.

Indian diet is deficient in protein despite producing protein-rich foods like legumes, soybeans, beans, dairy, meat, fish, and poultry. Plant-based protein sources can play a vital role in the treatment of deficiency because they are not only diverse but also easy to use.

India has a sizeable consumer base and a significant market share. This country is also expected to have fast growth during the forecast period, owing to an increase in demand for vegan products. The government has taken major steps to increase the market share of meat alternatives. In the future, plant-based meat analogs and cultured meat are expected to emerge as promising protein sources to develop meat alternatives.

Continuous Innovative Flavors and Varieties Boosting Sales of Alternative Meat in the United States

Meat and dairy products are staples of the Western diet, but there has been a shift from an animal meat-based diet to a plant-based one due to rising health concerns like obesity, high cholesterol levels, heart risk, and even cancer. Seeking a healthy alternative to meat, and veganism are drivers for the meat alternative market in the United States in recent years.

Various big companies and start-ups have taken steps to drive the market towards meat alternative products. For example, KFC introduced Beyond Fried Chicken, a line of plant-based meats, in several locations across the world. The data shows a surety of the rising meat alternative market in the United States.

Availability of Products at Competitive Prices Elevating Meat Alternative Sales in China

Industrialization in China has increased discretionary income for the region's middle classes. This has increased consumer demand for nutritious, high-quality, high-protein food products. Consumer eating habits are changing, and more people are removing meat from their diets.

Food products like wheat, soybeans, and peas can easily be incorporated into classic Chinese dishes like dumplings and rolls and are significantly cheaper. As a result, the increased demand for meat alternatives in the region has driven the meat Alternative market trend.

Pre-prepared Plant-based Meat Alternatives Gaining Consumers in the United Kingdom

A busy lifestyle drives the popularity of meat alternatives for its convenience, especially with the rise in global culinary trends. The foodservice industry benefits from the efficiency of using pre-prepared meat alternatives. Increased accessibility through supermarkets and online platforms contributes to the growth in sales revenue.

Local Customization of Meat Alternatives to Support the Market in Japan

In Japan, manufacturers are focusing on innovation and marketing efforts to meet consumer preferences, while e-commerce facilitates easy access. The acceptance of meat alternatives in Japan is influenced by culinary trends, convenience, and competitive pricing, supported by favorable trade policies, local customization, and adherence to culinary traditions.

Category-wise Insights

Tofu is the Preferential Source of the Meat Alternative

Top Source Type	Tofu
Market Share in 2024	14.2%

The tofu segment is estimated to garner a market share of 14.2% in 2024. Tofu is the first choice of consumers seeking cheaper plant-based meat alternatives. Increasing demand for classic vegetarian staples such as tofu is anticipated to compel manufacturers to come up with their frozen variants.

Online Channels Facilitate Higher Sales of Meat Alternatives

Top Distribution Channel	Online Sales Channel
Market Share in 2024	17.3%

The online sales channel is projected to account for a 17.3% market share in 2024. People are increasingly opting for online channels to make their food-related purchases due to access to a wider product range from different brands on a fingertip.

Home delivery convenience offered by online platforms is particularly appealing factor for busy people. Thus, the target segment is poised to witness significant growth through 2034.

Competitive Landscape

Market players are emphasizing the innovation of plant-based meat alternatives as they gain consumers’ perspectives on the constant need for change. To distinguish themselves from the crowd, top companies are narrowing down their focus on the taste, texture, and dietary requirements of customers, like providing gluten-free, low-fat, and allergen-free options.

Industry participants are further investing in marketing and brand building to increase their recognition power among potential customers. Adding onto this, brands are strengthening their ties with different distributors to ensure wide visibility on store shelves.

To make the shift towards meat alternatives easy, market players are competitively pricing their offerings so that price doesn’t remain the issue while choosing vegetarian substitutes for meat.

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.

Key Companies in the Meat Alternative Market

• Beyond Meat
• Amy’s Kitchen
• MorningStar Farms
• Tofurky
• Field Roast
• VBites
• Maple Leaf Foods
• Kellogg
• Pinnacle Foods

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

Frequently Asked Questions

At What Rate is the Meat Alternative Market Expected to Grow?

the meat alternative market is expected to grow at a CAGR of 28.8% through 2034.

What is the Expected Valuation of the Meat Alternative Market by 2034?

By 2034, the meat alternative market is expected to be worth USD 299 billion.

What are the Key Factors Driving the Meat Alternative Market?

Shift in people’s lifestyle to a vegan and/or vegetarian diet with low-fat and protein-rich ingredients.

Which Regions Dominates the Meat Alternative Market?

North America and Europe have lucrative growth opportunities, holding notable market shares.

Which Product Type is Likely to Contribute to the Market’s Growth?

The patties segment is predicted to dominate the market by product type.