The meat alternative market is expected to rise from US$ 18.8 billion in 2024 to US$ 299 billion by 2034. This period is marked by staggering growth of 28.8% CAGR, driven by robust FDIs by foreign companies in emerging countries with expansive availability of sources and raw materials to develop alternatives to meat.
Sales of meat mimicry products are ascending at a rapid speed, as consumers are becoming aware of the health risks posed by eating certain meats in excessive quantities. Along with this, people are becoming aware about the different healthy and sustainable foods that are available in the marketplace and can effectively replace meat in consistency, taste, and flavor. Thus, making this transition quite smooth.
The growing number of vegans and flexitarians is another vital factor that is predicted to fuel the market growth. Additionally, government bodies across numerous countries are endorsing the consumption of meat alternatives, owing to the health benefits offered by these products.
Market players are making their contribution by introducing new varieties of meat alternatives to meet the growing demand for healthy and tasty products that replace the role of meat in a dish and provide a similar high protein nutritional value.
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Key Takeaways from the Meat Alternative Market Study
- Increasing vegan population tracked in various countries, such as the United States and the United Kingdom, is driving the market for meat alternatives.
- The market in the United States is expected to grow at a CAGR of 10.3% over the forecast period.
- The market in the United Kingdom is anticipated to expand at a CAGR of 8.1% through 2034.
- Augmented demand for plant-based protein foods, predominantly in the United States, France, Germany, and the United Kingdom.
- Based on the Source, the tofu is expected to account for a market share of 14.2% in 2024.
“Key players are competing on price and eCommerce accessibility to increase their product sales. Additionally, to capture the hesitant consumers, players are experimenting to develop unique flavors influenced by local cuisines,” says Nandini Roy Choudhury (client Partner for Food and Beverages at Future Market Insights, Inc.)
Competitive Landscape
Several top market players are concentrating on providing meat alternatives at a competitive price by lowering their production costs. Prominent players of meat alternatives are investing in research and development activities to produce organic, non-GMO products from meat alternative. Various hotel chains and restaurants are also partnering directly with manufacturers or growers of meat alternatives for sourcing of high-quality products to be used in their dishes.
Meat alternative manufacturers such as Impossible Foods, Benson Hill, Meati, Beyond Meat, Good Catch, Motif FoodWorks, Good Dot, Nature’s Fynd, Evo Foods, Mister Veg, Greenest, Vezley, Wakao, and Imagine Meats, among others, are employing multiple marketing strategies such as geographical expansion, new product launches, partnerships and collaboration, and merger and acquisitions to identify the interest of potential buyers and create a larger customer base.
Key Companies in the Meat Alternative Market
- Beyond Meat
- Amy’s Kitchen
- MorningStar Farms
- Tofurky
- Field Roast
- VBites
- Maple Leaf Foods
- Kellogg
- Pinnacle Foods
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
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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