Global Meat Substitute Market Report and Forecast 2024-2032

Global Meat Substitute Market Outlook

The global meat substitute market attained USD 25.29 billion in 2023. The market is expected to grow at a CAGR of 16.2% in the forecast period of 2024-2032 to attain USD 97.68 billion by 2032.

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Health-Conscious Consumers to Aid the Market Growth of Meat Substitute

The meat substitute industry is being driven by health-conscious consumers across the globe. Europe and North America's population has been highly dependent on meat products for necessary protein requirements over the past decade. However, currently, they have shifted towards meat substitutes due to the awareness of meat-based proteins with cholesterol content, which is harmful to their health. Due to this shift, many developed countries, like Germany, the United States, France, and the United Kingdom, have started consuming meat substitutes. Thereby fuelling the market growth of meat substitute.

The companies of the meat substitute industry, with the use of modified technologies, are innovating new products with similar properties as real meat. These are made with a blend of soy, wheat, and pea protein to achieve the desired structure. In the Asia Pacific region, which is gradually adopting western cuisine, the demand for meat substitute is rising, consequently aiding the market growth of meat substitute.

Meat Substitute: Market Segmentation

Meat substitute refers to a meat-like substance, which is made from plants. Meat substitute is commonly known by terms like plant-based meat, vegan meat, imitation meat, vegetarian meat, mock meat, or meat alternative.

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On the basis of source, the market is divided into:

• Soy Based
• Wheat Based
• Pea Protein
• Others

Based on product, the industry can be segmented into:

• Tofu
• Tempeh
• Seitan
• Quorn
• Others

By type, the industry is categorised into:

• Concentrates
• Isolates
• Textured

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Animal Welfare Issues to Aid the Market Growth of Meat Substitute

The market growth of meat substitute is being driven by the shift in the consumption patterns towards meat alternatives, especially in the West. Further, rising millennial that takes into consideration various factors like animal welfare issues, and impact on the environment while making decisions as regards to purchasing, are boosting the market growth over the forecast period. Some factors fuelling the demand for meat substitutes include the surging cost of meat, health consciousness, and ethics related to safeguarding the environment, motivating consumers to seek alternative sources for meat. Moreover, developing regions like the Asia Pacific are embracing the vegan trend, thus projected to grow at the fastest rate over the forecast period.

Key Industry Players in the Global Meat Substitute Market

The report gives a detailed analysis of the following key players in the global meat substitute market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• DuPont de Nemours, Inc.
• Schouten Europe B.V.
• Ingredion Incorporated
• Conagra Brands, Inc.
• Kerry Inc.
• Ruitenberg Ingredients B.V. 
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report