by Meat substitutes are plant-based food products that resemble real meat. These products are designed to mimic the appearance, texture, and flavor of different types of meat such as beef, pork, chicken, and fish. They provide an eco-friendly and healthy alternative to meat. Some of the popular meat substitutes include tofu, tempeh, and seitan.
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 5.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the meat substitute market is the growing focus on healthy eating. More consumers are reducing their meat intake and opting for meat substitutes as they are perceived to be healthier and environment-friendly alternatives. Vegetarianism and veganism have become very popular in recent years due to increasing health and sustainability concerns related to meat consumption. Meat substitutes are cholesterol-free and low in fat and calories. They also have several vitamins, minerals, and antioxidants. This growing preference for healthy diets free from meat is expected to boost the demand for meat substitutes over the forecast period.
SWOT Analysis
Strength: Meat substitutes offer several nutritional benefits compared to meat, including lower fat and cholesterol content. They are also seen as more sustainable and environmentally-friendly alternatives.
Weakness: Meat substitutes lack the texture and taste of real meat, which turns off some consumers. The market also faces challenges from meat lobby groups resistant to the growth of alternatives.
Opportunity: Growing consumer awareness about health, nutrition and sustainability is driving the demand for meat substitutes. Younger consumers in particular are more receptive to plant-based diets.
Threats: Incumbent meat producers are responding by launching their own meat substitute brands and products. The market also faces challenges from cheaper private label offerings and shifting customer preferences.
Key Takeaways
The Global Meat Substitute Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional Analysis: The Asia Pacific region currently dominates the market and is expected to grow at the fastest rate. Countries like China, Japan and India are driving the demand growth in the region owing to rising health awareness, expanding middle class and western influence.
Key players operating in the Meat Substitute Market are I-Minerals Inc., Quarzwerke GmbH, Eczacibasi Esan, Micronized Group, Imerys Minerals, Sibelco Nordic, The Quartz Corp., Adolf Gottfried Tonwerke GmbH, LB MINERALS, Ltd., and Sun Minerals. These companies are focusing on developing innovative protein sources and formulations to make substitutes more palatable for global customers. Partnerships across the value chain are also allowing players to improve distribution networks.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
