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.
Consumption Analysis of Meat Alternatives
- Rise in the number of global vegan/vegetarian population
- Surge in the demand for meat alternatives from the sports nutrition industry
- Rising concerns regarding the ever-growing obese population spur the demand for meat alternatives that are fewer in calories
- Substituting lupines with soybeans in tempeh production
- Aggressive marketing efforts to make plant-based foods mainstream
- Major food processing industries are investing in meat alternatives to capture the emerging segment of health-conscious and ethical consumers
- Going forward, plant-based meat sales are likely to account for a significant part of demand in the global market for meat alternatives
Increased awareness about healthy and sustainable diets is one of the key factors expected to drive the growth of the meat alternative market during the forecast period. Another factor projected to drive market growth is the growing number of vegans and flexitarians. Furthermore, government officials in a number of nations are promoting the use of meat substitutes due to the health benefits they give. This shift in eating patterns involves the creation of new products to suit the need for nutritious and appealing foods that can replace the role of meat in a dish while providing a similar high protein nutritional value. Such factors are expected to drive market growth.
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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 2024. 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 2024 to 2034, Meat Alternative sales are expected to flourish at a CAGR of 28.8%.
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
Market players are emphasizing the innovation of plant-based meat alternatives as they gain consumers’ perspectives on the constant need for change. To distinguish themselves from the crowd, top companies are narrowing down their focus on the taste, texture, and dietary requirements of customers, like providing gluten-free, low-fat, and allergen-free options.
Industry participants are further investing in marketing and brand building to increase their recognition power among potential customers. Adding onto this, brands are strengthening their ties with different distributors to ensure wide visibility on store shelves.
Key Companies in the Meat Alternative Market
- Beyond Meat
- Amy’s Kitchen
- MorningStar Farms
- Tofurky
- Field Roast
- VBites
- Maple Leaf Foods
- Kellogg
- Pinnacle Foods
Recent Developments in the Meat Alternative Market
- In August 2023, Shelf-stable plant-based products are introduced by Nestlé. The soy-based Maggi faux-meat items are “certified as vegan.” The line includes the first plant-based minced beef from the company that is shelf-stable. SKUs that blend vegan “mincemeat” with spice for tacos, empanadas, spaghetti bolognese, and lentil soup are among Nestlé’s new offerings.
- In September 2023, Vertera ProBite, a plant-based meat substitute, is released by Novozymes. Vertera ProBite is a new product from biosolutions business Novozymes designed for producers of meat substitutes. The product’s formulation was intended to improve plant-based goods’ texture. The liquid product Vertera ProBite is likely to have advantages like straightforward labelling and convenience of use.
- In November 2023, new mushroom-based meat substitutes are released by Meati. Meati, a company that makes meat substitutes using its mushroom component, has released four new goods. Italian-Seasoned Cutlet, Garlic & Black Pepper Steak, Crispy Bites, and Spicy Crispy Cutlet are the latest offerings.
- Kuleana, a San Francisco start-up, has combined plants and biotechnology to develop sushi-grade food. In 2021, TIME Magazine featured Kuleana’s plant-based Tuna as one of the best creations that are free from harmful substances found in fish.
- 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.
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Key Market Segmentation
By Type:
- Patties
- Hotdogs
- Sausages
- Meatballs
- Others
By Nature:
- Organic
- Conventional
By Source Type:
- 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
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