The global meat alternative market is estimated to reach a valuation of US$ 18.8 billion in 2024. The market is projected to reach a value of US$ 299 billion by 2034, expanding at a CAGR of 28.8% over the assessment period.
Over the forecast period, as more people become aware of healthy, sustainable diets, the market for meat alternatives is likely to rise. Another aspect likely to boost market expansion is the rise of veganism and flexitarianism. Furthermore, several governments promote the usage of meat alternatives due to their health benefits. To address the demand for clean and appealing meals that can replace meat while still providing a high protein nutritional value, new products are being developed in response to this shift in eating habits. These characteristics are projected to accelerate market growth.
Customers’ quest for sustainable protein sources and the expansion of plant-based diets are driving the rapid growth of the meat substitute market. Concerns about the environment and animal welfare have fueled the growth of meat substitutes. A larger clientele has been drawn to novel goods that mimic the flavour and texture of meat, propelling the firm ahead.
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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.
Key Takeaways:
- The global meat alternative market is set to achieve a staggering valuation of US$299 billion by 2034, exhibiting a remarkable CAGR of 28.8% from 2024.
- Rising health concerns, increasing vegan/vegetarian population, and a surge in demand from the sports nutrition industry are propelling the market forward.
- Technological advancements and innovative product developments are reshaping the landscape, offering investors promising avenues for growth and profitability.
- Key players are focusing on clean-label, sustainable, and gluten-free offerings to meet evolving consumer preferences, driving market expansion.
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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Key Companies Profiled
- Beyond Meat
- Impossible Foods
- Amy’s Kitchen
- MorningStar Farms
- Tofurky
- Field Roast
- VBites
- Maple Leaf Foods
- Kellogg
- Pinnacle Foods
- Others
Meat Alternative Market Outlook by Category
By Product Type:
- Patties
- Hotdogs
- Sausages
- Meatballs
- Nuggets
By Nature:
- Organic
- Conventional
By Category:
- 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
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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