The global meatalternative 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 course of the projection period, it is anticipated that the market for meat alternatives would expand as more people become aware of healthy, sustainable diets. The rising popularity of veganism and flexitarianism is another factor that is projected to boost market expansion. Additionally, because meat substitutes have positive health effects, many nations promote their use. New products are being developed in response to this change in eating habits to meet the demand for healthy and enticing meals that can replace meat in a dish while still having a high protein nutritional value. These elements are predicted to promote market expansion.
Due to consumer demand for sustainable protein sources and the adoption of plant-based diets, the market for meat alternatives is expanding significantly. Meat alternatives have grown in popularity as a result of worries about the environment and animal welfare. A wider customer base has been drawn to new products that replicate the flavour and feel of meat, driving the market’s expansion.
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The growth of the meat alternative market is primarily attributed to a widening vegan customer base, in the light of rising awareness about the adverse impact resulting from meat consumption on the environment. Because of its negative effects on the environment and animal welfare, intensive animal husbandry has been criticized by some sections of society. This in turn has led to a shift towards diets that exclude or limit the use of animal products. In addition, growing apprehension about contracting zoonotic diseases has further led to a reduction in consuming meat products.
Consumer awareness of plant-based meat substitutes is rapidly growing, with more people demanding these because of their stated health benefits, such as the prevention of non-communicable disorders, digestive issues, and obesity. As a result, consumers are changing their eating habits and incorporating a healthy diet, which is expected to boost the demand for meat alternatives. Based on all these trends, the global meat alternative market is expected to surge at a high pace during the analysis 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.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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