During the forecast period, the meat substitutes industry is poised to record a healthy CAGR of 23.0%. In 2033, the market is expected to be worth approximately USD 8.5 billion. Global demand for meat substitutes is expected to rise at a yearly growth rate of 5.0% Y-o-Y to USD 67.9 billion in 2033.
The growth of the market is supported by the below-given factors:
According to the Good Food Institute, 11.9% of American families bought plant-based meat in 2019, up from 10.5% a year earlier. In December 2021, Next Meats, a Tokyo-based company partnered with Vegan Meat India to launch meat-free products in the country. A diverse range of products provides consumers with more options and innovative flavors, while also ensuring that their dietary needs are met.
Consumers who are also not vegetarians or vegans are exploring plant-based alternatives for a variety of reasons such as more nutrition, weight management, animal welfare, and long-term sustainability of the environment.
The production of plant-based food involves fewer chances for contamination or spoilage while cultured meat production assures laboratory-level control of the whole process. This has enabled the creation of a positive impact on the meat substitute market.
| Attributes | Details |
|---|---|
| Meat Substitutes Market CAGR (2023 to 2033) | 23% |
| Meat Substitutes Market Size (2023) | USD 8.5 billion |
| Meat Substitutes Market Size (2033) | USD 67.9 billion |
| Global Market Absolute Dollar Growth (USD million/billion) | USD 59.4 billion |
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FMI provides an evaluation and comparison of the market rates of growth and future development possibilities on a half-yearly basis for the global market. Product development inside the ambient, chilled, and frozen segments has been influenced by the rise in demand for different meat substitute products.
Consumers have a broader selection of goods and brands owing to innovation, which also helps meat substitutes get better shelf space and recognition. As a result of this market expansion, supermarkets are giving meat substitute items more shelf space.
The established market participants, particularly multinational food and beverage firms, are becoming more conscious of the small-scale start-up brands experimenting in the meat substitutes market arena. This market has undergone a number of recent improvements.
The global meat substitutes market is expected to rise by 5.5 % in the first half of 2021. However, the distribution of this increase is not equal across all geographical areas. The expected growth rate of the market is around 6.2%. Consequently, during H1 2022, there may be a -61.6 BPS point difference between expected and projected growth.
One of the main causes of this variation in growth rate is attributed to the market's slow or rapid uptake during the first half of the forecast period as a result of consumer awareness of the advantages of a vegan diet, which is one of the key factors driving global demand for products made from plants.
An important reason driving the expansion of these products in many locations is the health benefit associated with cholesterol-free protein. The meat substitutes market has experienced tremendous growth as a result of a combination of consumer concerns and manufacturers' ability to produce meat alternatives with superior flavor, texture, and mouthfeel qualities.
In the second half of the projected period, plant substitute segments are anticipated to experience strong growth potential.
One of the primary obstacles to the widespread use of meat substitutes is their high cost. When compared to real or farm meat, many consumers claim that many products are expensive. This high cost is a result of the rising research and development expenditures as well as the fluctuating cost and supply of raw materials.
Countries with higher daily meat consumption yet have significantly lower acceptance. This lack of flavor similarity to conventional meat products is the primary cause of this low acceptance.
The meat substitutes market is showing a strong growth rate in the forecast period due to a shift in the consumption pattern among consumers. Increasing awareness towards clean eating and growing inclination towards plant-based food items are contributing significantly to the growth of the meat substitute market.
According to Forbes, nearly 70% of the world’s population is cutting down on meat consumption. Researchers found high consumption of red meat causes colorectal cancer among consumers. Such findings have led to a shift in consumption patterns among consumers from meat to meat substitutes.
Manufacturers are focusing their attention on gym-goers, who swear by protein for maintaining their health. As a result, manufacturers of meat substitutes are adding more proteins and nutritional values to their products to attract the attention of health-conscious followers.
During the pandemic, several claims were made in regard to the spread of the virus from an animal, which decreased the demand for meat products. As a result, manufacturers of meat substitutes took the opportunity to capitalize on the fact that their products were safe for consumption.
On the flip side, several fitness forums offered opposing opinions that meat substitutes are disrupting the food chain. Such claims are anticipated to affect the growth of the meat substitute market during the forecast period.
Principal Consultant
The rising awareness regarding healthy and sustainable foods led to an increase in the demand for plant protein-based meat alternatives globally. The increasing number of vegans and flexitarians is expected to drive the market’s growth. A considerable portion of the population is focusing on limiting or reducing the intake of animal proteins, and 60% intend to make this a permanent change.
Research by DuPont established that the primary factor in meat alternatives is taste. The research also highlighted that about one-third of consumers want convenience, value, and variety, suggesting that the market is far from saturation and consumers have unmet needs.
Government bodies across various countries are promoting the consumption of plant-based substitutes due to the health benefits offered by these products. This change in 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.
Digitalization has revolutionized consumption patterns among consumers as it has led to elevated awareness regarding the environmental impact and animal cruelty associated with meat intake.
The health issues such as cholesterol and obesity have significantly influenced consumer buying decision which has shifted towards a plant-based diet. As a result, there has been a sudden hike in demand for meat substitutes in the natural and organic product industry.
Meat substitutes account for 51% of the overall organic substrate market which was valued at USD 10.2 billion in 2021.
| Attributes | Details |
|---|---|
| Top Source | Plant-based Pork |
| CAGR % 2018 to 2022 | 19.6% |
| CAGR % 2023 to End of Forecast (2033) | 24.0% |
It is anticipated that rising consumer interest in plant-based diets and increased awareness of animal rights thanks to animal welfare organizations may drive the meat substitute market. Veganism is becoming more popular among consumers for ethical and health reasons, while vegetarianism is becoming more common among consumers who want to avoid animal cruelty and consume sustainable food and beverage options.
Over the forecast period, the exponential growth of chilled plant-based pork is likely to persist. It illustrates a change in marketing tactics as well as product innovation for the source category's plant-based pork segment.
| Attributes | Details |
|---|---|
| Top Product Type | Patties |
| CAGR % 2018 to 2022 | 19.3% |
| CAGR % 2023 to End of Forecast (2033) | 20.5% |
Between 2023 and 2033, the patties product category is expected to record a CAGR of 20.5%. From 2018 to 2022, the patties segment in the meat substitutes market had HCAGR of 19.3%.
During the projection period, the patties category is likely to grow at a considerable CAGR. The popularity and new product introductions in the market for patties, as well as their increasing availability in many restaurants, are primarily responsible for the segment's rapid rise.
The tofu category retained a sizable percentage of the market by product type due to its low cost, widespread availability, and accessibility in a variety of tofu forms and tastes.
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| Country | The United States |
|---|---|
| HCAGR | 18.8% |
| CAGR | 22.3% |
| Country | India |
|---|---|
| HCAGR | 20.5% |
| CAGR | 25.9% |
| Country | China |
|---|---|
| HCAGR | 24.5% |
| CAGR | 26.1% |
| Country | Japan |
|---|---|
| HCAGR | 20.3% |
| CAGR | 25.6% |
| Country | South Korea |
|---|---|
| HCAGR | 15.3% |
| CAGR | 21.1% |
| Attributes | Details |
|---|---|
| The United States Market Size (USD million/billion) by End of Forecast Period (2033) | USD 16.6 billion |
| The United States Market Absolute Dollar Growth (USD million/billion) | USD 14.4 billion |
In developed nations like the United States, where fast food consumption has increased, obesity rates are alarmingly high. One of the chronic diseases afflicting the nation's population is obesity. Since obesity is on the rise and affects the majority of Americans, from infants to adults, it is expected to become an epidemic and an enormous burden for the public health sector.
The number of obese Americans doubled from 2018 to 2020, as reported by the United States Centers for Disease Control and Prevention (CDC).
In order to improve the food sector, particularly with regard to the nutritional value of processed meat products, regulatory authorities like the Food and Drug Administration (FDA) are taking action.
The demand for superior dairy and meat replacements is currently picking up steam in the United States meat substitutes market. As a result, over the course of the projection period, many meat replacements are anticipated to be created in this nation.
| Attributes | Details |
|---|---|
| China Market Size (USD million/billion) by End of Forecast Period (2033) | USD 3.8 billion |
| China Market Absolute Dollar Growth (USD million/billion) | USD 3.4 billion |
Industrialization in the Asia Pacific has increased the region's middle-class population's discretionary income. This has increased consumer demand for nutritious, high-quality, and protein-rich food products. Consumer eating habits are evolving, and more people are eliminating meat from their diets.
Products like wheat, soy, and pea can be easily included in classic Chinese dishes like dumplings and rolls and are considerably less expensive. As a result, the demand for meat substitutes in the area has increased surging the meat substitute market trends.
| Attributes | Details |
|---|---|
| South Korea Market Size (USD million/billion) by End of Forecast Period (2033) | USD 477.7 million |
| South Korea Market Absolute Dollar Growth (USD million/billion) | USD 407.2 million |
| Attributes | Details |
|---|---|
| India Market Size (USD million/billion) by End of Forecast Period (2033) | USD 2.5 billion |
| India Market Absolute Dollar Growth (USD million/billion) | USD 2.2 billion |
The emergence of fast-food chains, lodging facilities, and restaurants that offer plant-based meat like burgers, nuggets, and other products has resulted in a positive rise in demand for meat substitutes across India and Japan. Burgers and hot dogs are growing in popularity as Western culture has a bigger influence over local society.
The demand for plant-based foods is therefore expected to increase the market share in India. A considerable and persistent increase in the market share of meat substitutes across India and Japan is made possible by the rise in consumer concerns over sustainability and health.
| Attributes | Details |
|---|---|
| Japan Market Size (USD million/billion) by End of Forecast Period (2033) | USD 2 billion |
| Japan Market Absolute Dollar Growth (USD million/billion) | USD 1.8 billion |
One of the world's top markets for substitute meat products is Europe. The region's rising need to switch to a more sustainable food system, which is crucial for meeting the objectives of the European Green Deal, is one of the main factors contributing to the growth of the market. As a result, plant-based products are a key factor in the growth of sales at grocery stores around the region.
France, the United Kingdom., and Germany are a few of the significant buyers of these products in Europe. The socioeconomic and demographic changes have had a significant impact on France's food trends.
The younger generation enjoys experimenting with novel and inventive plant-based meat alternatives, and they are willing to pay a premium for goods with appealing flavors, and aesthetics. Consumer concerns related to hygienic conditions and safety have increased as a result of previous food safety alerts in France.
These worries have increased consumer demand for natural and organic food items. Vegan diets, gluten-free products, and nutritional supplements are in significant demand.
Important players release cutting-edge meat substitute products to increase market share
With multiple well-known firms and emerging producers of alternative meat operating in several nations, the global industry is a semi-consolidated market. Beyond Meat, Impossible Foods, Kellogg's, Tyson Foods, and JBS SA are a few of the top companies operating in the international market.
Due to supply chain and production process disruptions caused by the epidemic, the meat industry suffered. Due to the market's considerable amount of imbalance between supply and demand for meat products at this time due to the shutdown of factories to prevent the disease from spreading.
This gave makers of plant-based meat the chance to assess the demands of the meat substitute market. By expanding their market through the introduction of new meat substitutes or by entering new markets. The public is also open to trying out novel, environmentally friendly, and nutritious food products. Sales went up as a result, and a chance for growth was also established.
Recent Development:
| Date | November 2021 |
|---|---|
| Company | Raised & Rooted |
| Details | Raised & Rooted, a brand of plant-based protein is to go on sale in Europe in November 2021, according to Tyson Foods Inc. |
| Date | April 2019 |
|---|---|
| Company | Nestlé |
| Details | Nestlé introduced a new "cook from raw" plant-based burger in Europe in April 2019, marking the company's foray into the meat-free market. Due to this, tasty, real-deal plant-based cuisine, has received more attention. |
| Date | April 2022 |
|---|---|
| Company | Kellogg's and Benson Hill |
| Details | In order to provide the raw materials needed to produce substitute meat products, Kellogg's and Benson Hill joined in April 2022. It collaborated with Kellogg's Morningstar Farms to provide the soy ingredients needed to make replacement meat products. |
| Date | February 2022 |
|---|---|
| Company | McDonald's Corporation and Beyond Meat, Inc. |
| Details | A three-year global strategic partnership between McDonald's Corporation and Beyond Meat, Inc. was announced in February 2022. A new plant-based burger patty for the plant-based McPlant burger was made available by Beyond Meat, Inc. as a result of this collaboration. |
| Date | July 2019 |
|---|---|
| Company | Gardein |
| Details | In July 2019, Gardein, a Conagra Brand that produces plant-based meat, extensively invested in increasing its production capacity. Two new production lines were developed by the corporation with an investment of USD 16.1 million. |
The market is valued at US$ 8.5 billion in 2023.
The meat substitute market will hold US$ 67.9 billion.
Ingredients derived from plants will contribute to key market trends.
The market is estimated to reach US$ 16.6 billion by 2033.
Patties is expected to hold a 20.5% CAGR through 2033.
1. Executive Summary | Meat Substitutes Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Source 5.1. Plant-based Chicken 5.2. Plant-based Beef 5.3. Plant-based Pork 5.4. Plant-based Fish 6. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Product Type 6.1. Patties 6.2. Crumbles & Grounds 6.3. Hot Dogs 6.4. Sausages 6.5. Nuggets 6.6. Meatballs 6.7. Other Product Types 7. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Functionality 7.1. Weight Management 7.2. Immunity Boosting Products 7.3. Gut Health/Digestive Health 7.4. Clinical Nutrition 7.5. Others 8. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Product Format 8.1. Refrigerated 8.2. Frozen 8.3. Shelf-stable 9. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia 9.5. Oceania 9.6. Middle East & Africa (MEA) 10. North America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 13. Asia Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 14. Oceania Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Amy's Kitchen, Inc 18.2. Pinnacle Foods, Inc 18.3. Atlantic Natural Foods, LLC 18.4. Impossible Foods Inc. 18.5. Hain Celestial Group, Inc. 18.6. Beyond Meat Inc. 18.7. Pacific Foods of Oregon, Inc. 18.8. Kellogg Company 18.9. Fry Group Foods (Pty) Ltd. 18.10. Nutrisoy Pty Ltd 18.11. Nasoya Foods, Inc. 18.12. Hügli Holding AG 18.13. Sweet Earth, Inc. 18.14. VBites Food Ltd. 18.15. The Kraft Heinz Company 18.16. Schouten Europe B.V. 18.17. Lightlife Foods Inc. 18.18. Taifun-Tofu GmbH 19. Assumptions & Acronyms Used 20. Research Methodology
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