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 US$ 8.5 billion. Global demand for meat substitutes is expected to rise at a yearly growth rate of 5.0% Y-o-Y to US$ 67.9 billion in 2033
Market Dynamics:
Consumer food choices globally are undergoing a significant shift, with more emphasis on maintaining a healthy lifestyle and moderating protein intake. The rise in health consciousness has led consumers to adopt vegetarian or flexitarian diets, contributing to the growth of the meat substitutes market. Concerns about the environmental impact of animal farms are prompting people to seek sustainable and eco-friendly alternatives to meat, driving demand for meat substitutes.
Challenges Hindering Market Expansion:
Despite the increasing demand, the meat substitutes market faces challenges related to complex manufacturing processes and high product prices. Replicating the color and flavor of meat in plant-based substitutes is a complex task, affecting consumer preferences. The extensive processing involved in plant-based meat production, utilizing multiple ingredients and batch production processes, leads to higher overall production costs, inhibiting market growth.
Get Sample Copy@ https://www.futuremarketinsights.com/reports/sample/rep-gb-899
Asia Pacific Outlook:
The Asia Pacific region, driven by a growing middle-class population with increased disposable income, is witnessing a surge in demand for nutritious and protein-rich food items. As consumer eating habits evolve, more people in Asia Pacific are opting for meat substitutes. This region’s rising concerns about health and sustainability are expected to contribute to continuous growth in the meat substitutes market share.
- Health Consciousness Impact: Changing consumer preferences toward healthier lifestyles and increased protein moderation are driving the growth of the meat substitutes market.
- Environmental Concerns: Growing awareness of the environmental impact of animal farms is leading consumers to adopt vegetarian or flexitarian diets, boosting the demand for sustainable meat alternatives.
Talk to Our Analyst@ https://www.futuremarketinsights.com/ask-question/rep-gb-899
Key Takeaways
- During the projected period, the source category’s plant-based pork sector may record a CAGR of 24%.
- In the product type category, the patties section is expected to record a CAGR of 20.5% from 2023 to 2033.
- Over the projection period, the United States meat substitutes market is expected to record a CAGR of 22.3%, reaching US$ 16.6 billion in 2033.
- According to estimations, the meat substitutes market in South Korea is expected to record a CAGR of 21.1% during the projected period and reach US$ 477.7 million in 2033.
- Over the forecast period, the meat substitutes market in China is expected to register a CAGR of 26.1%, reaching US$ 3.8 billion in 2033.
- Over the projected period, it is predicted that the market in Japan is anticipated to record a CAGR of 25.6%, reaching US$ 2 billion in 2033
- The market in India is anticipated to expand gradually over the course of the projection period recording a CAGR of 25.9%, reaching US$ 2.5 billion in 2033.
Competitive Landscape
The global meat substitutes market is semi-consolidated, with several well-known firms and emerging meat substitutes’ manufacturers operating in various nations throughout the world. Beyond Meat, Impossible Foods, Kellogg’s, Tyson Foods, and JBS SA are some of the leading global market players.
Consumers are also eager to try new food products that are both healthful and environmentally sustainable. This resulted in higher sales as well as a chance for future expansion.
Recent Development
- Introduction – Impossible Foods Inc
Impossible Foods Inc. increased its foothold internationally in May 2021 by introducing its plant-based burger in New Zealand and Australia. This growth is a component of the company’s objective to provide delectable and environmentally friendly food options in many markets across various countries.
Get Full Access of this Report@
https://www.futuremarketinsights.com/checkout/899
Key Segments
By Source:
- Plant-based Chicken
- Plant-based Beef
- Plant-based Pork
- Plant-based Fish
By Product Type:
- Patties
- Crumbles & Grounds
- Hot Dogs
- Sausages
- Nuggets
- Meatballs
- Other Product Types
By Functionality:
- Weight Management
- Immunity Boosting Products
- Gut Health/Digestive Health
- Clinical Nutrition
- Others
By Product Format:
- Refrigerated
- Frozen
- Shelf-stable
By Region:
- North America
- Latin America
- Europe
- Asia
- Oceania
- Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Nandini Singh Sawlani
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
