by Meat substitutes are products designed to mimic the appearance, texture and flavor of meat derived from animal sources, while delivering the health and environmental benefits. They provide additional protein and vitamins to vegetarians and flexitarians.
The global Meat Substitute Market is estimated to be valued at US$ 2.15 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the meat substitute market is rising adoption of vegetarianism and veganism. According to estimates, around 36 million Americans identify themselves as either vegan or vegetarian. The growing awareness about animal welfare and environmental impact of animal agriculture is propelling the shift towards plant-based diets. Moreover, millennial generation is increasingly incorporating more vegetarian and vegan options in their diets due to health and sustainability reasons. This growing trend is expected to significantly drive the demand for meat substitutes over the forecast period.
SWOT Analysis
Strength: The meat substitute market offers various meat alternative products such as tofu, tempeh, seitan, and textured vegetable protein which provides protein and essential nutrients. These products are healthier and more sustainable options compared to beef and pork.
Weakness: Meat substitute products often require specialized cooking skills and knowledge. The taste and texture of these products still cannot match animal meat. Some people are also not willing to change their eating habits.
Opportunity: Growing health and environmental concerns are driving the demand for plant-based and sustainable food options. The market has opportunity to educate consumers about nutrition and benefits of meat substitutes through awareness campaigns.
Threats: Intense competition from established meat companies that are coming up with their own plant-based meat brands. Dependence on agricultural commodity prices and availability of raw materials poses supply risks.
Key Takeaways
The Global Meat Substitute Market Size is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing awareness about health and environmental benefits of plant-based diet.
Regional analysis:
North America dominates the global market currently due to rising vegan population and launching of various innovative meat alternatives in the region. The region is expected to grow at a CAGR of 15% during forecast period. Asia Pacific is projected to be the fastest growing market during the analysis period owing to changing lifestyle and diet pattern in developing countries such as China and India. Europe is also considered as one of the lucrative market for meat substitutes owing to stringent regulations regarding animal welfare and carbon emission from livestock industry in the region. Countries like Germany, UK, France are major consumers of meat alternatives in Europe.
Key players operating in the Meat Substitute Market are ADM (US), Ingredion Incorporated (US), DuPont (US), Kerry Group (Ireland), and Roquette Frères (France). These players are focusing on new product innovation and development to cater to dynamic consumer preference. Acquisitions and partnerships with food startups are other key strategies adopted by major companies to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
