Meat Substitutes Market Is Expected To Reach a Revenue Of USD 751.4 Bn By 2033, At 43.9 % CAGR | Dimension Market Research

Advancements and Projections in the Meat Substitutes Market: Insights, Trends, Opportunities, and Recent Developments

New York, June 12, 2024 (GLOBE NEWSWIRE) — Market Overview

The Global Meat Substitutes Market size is expected to reach USD 28.5 billion by 2024 and is further anticipated to reach USD 751.4 billion by 2033 at a CAGR of 43.9% according to Dimension Market Research.

Meat substitutes aim to imitate the flavor of meat which are often plant-made or lab-grown products. They provide more ethical & sustainable options made with the help of many nonvegetarian resources and technological advancements.

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The market is expanding with the increasing number of animal husbandry facing backlash among different sections of society due to its detrimental effect on the environment.

Important Insights

  • The global meat substitutes market is expected to grow by USD 751.4 billion by 2033 from 2025 with a CAGR of 43.9% during the same forecasted period i.e. 2025 to 2033.
  • Based on source, plant-based proteins are anticipated to lead the market due to the limited availability of meat, demand for nutritional food, & increasing environmental concern. Mycoproteins are another source of meat substitutes that contain high fiber and mineral values which are helpful to control blood cholesterol and sugar levels.
  • Tofu as a product type is expected to dominate the meat substitute market in 2024 due to its mild flavor and adjustable texture which is suitable for many food applications.
  • Retail is expected to lead the meat substitutes market based on the distribution channel with the largest revenue share in 2024 as it includes hypermarkets, supermarkets, convenience stores, mini markets, & department stores.
  • Europe is expected to dominate the meat substitutes market with a 41.3% share in 2024, driven by growing demand from both young and older consumers, especially due to the rising number of vegans and increased awareness about animal welfare

Trends

  • Consumers are searching for plant-based options to maintain lower saturated fat and cholesterol content as excessive meat consumption leads to many health diseases like cardiovascular and obesity.
  • Plant proteins like soy, pea, and mycoprotein expanded the range of options available to consumers due to continuous innovation in the development of meat substitutes and food technology.
  • The popularity of veganism and vegetarianism significantly contributed to the demand for meat substitutes as they are searching for protein sources that align with their dietary preferences and values.

Some of the prominent market players:

  • Amy’s Kitchen, Inc.
  • Beyond Meat
  • Impossible Foods Inc.
  • Quorn Foods
  • Kellogg Co.
  • Unilever
  • Meatless B.V.
  • VBites Foods Ltd.
  • SunFed
  • Tyson Foods, Inc.
  • Other Key Players

Competitive Landscape

  • The meat substitute market is fragmented due to many participants, and it is anticipated that there will be moderate to intense competition among the companies.
  • The market is dominated by companies specializing in plant-based meat products, which is still in its developmental stages with continual new experiments.
  • The major players included in the market are Beyond Meat, AMY’s Kitchen Inc., Garden Protein International Inc., and Quorn Foods Inc.

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Global Meat Substitutes Market Scope

Report Highlights Details
Market Size (2024) USD 28.5 Bn
Forecast Value (2033) USD 751.4 Bn
CAGR (2024-2033) 43.9%
Leading Region in terms of Revenue  Share Europe
Percentage of Revenue Share by Leading Region 41.3%
Historical Data 2018 – 2023
Forecast Data 2025 – 2033
Base Year 2023
Estimate Year 2024
Segments Covered By Source, By Product Type, By Category, By Functionality, By Distribution
Regional Coverage North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Drivers

  • The meat substitute industry is expanding due to rising concerns about diseases transmitted through animals, leading to decreased consumption of animal products.
  • Changing dietary habits, driven by health concerns like obesity, heart disease, and diabetes, are boosting demand for meat substitutes.
  • Growing numbers of vegan consumers, seeking healthier options, are a significant driver for plant-based meat substitutes.

Restraints

  • Meat substitutes made from plants, require fewer resources and generate less emissions compared to animal farming, encouraging consumers to explore sustainable alternatives.
  • Some of the factors obstructing the growth of this market are limited shelf life, potential changes in taste over time, and Higher production costs compared to traditional meat products.

Growth Opportunities

  • Meat substitutes made from plants, require fewer resources and generate fewer emissions compared to animal farming, encouraging consumers to explore sustainable alternatives that explore different opportunities.
  • Advocacy from celebrities, influencers, and health experts raise awareness for plant-based proteins and drive the adoption of meat substitutes.

Market Analysis

Retail as a distribution channel is anticipated to lead the meat substitutes market with a high revenue share as it includes hypermarkets, supermarkets, convenience stores, mini-markets, & department stores. They offer discounts and promotions that attract consumers, fueling segment growth of the market. The food service is anticipated to grow the market as it includes restaurants, lounges, and hotels.

These services cater to consumer preferences for personalized and innovative food options, contributing to segment expansion. Consumers seek varied meal options to accommodate dietary and budgetary constraints, which are provided by these food services.

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Global Meat Substitutes Market Segmentation

By Source

  • Plant-based Protein
  • Mycoprotein
  • Soy-based
  • Others

 By Product type

  • Tofu
  • Tempeh
  • Seitan
  • RTC/RTE
  • Natto
  • Others

By Category

  • Refrigerated
  • Frozen

By Functionality

  • Weight Management
  • Immunity Boosting Products
  • Gut Health/Digestive Health
  • Clinical Nutrition
  • Others

By Distribution Channel

  • Food Services
  • Retail

Regional Analysis

Europe is expected to dominate the meat substitutes market with a substantial 41.3% share in 2024, driven by growing demand from all-age consumers turning vegan and becoming more aware of animal welfare. Germany is the major contributor to the market with the introduction of plant-based options by known processed food companies.

Also, the North American region is anticipated to emerge as the second fastest-growing sector, driven by increasing awareness of plant-based protein, and adoption of vegan lifestyles for health & environmental reasons, particularly among the growing middle-class population with higher disposable income.

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By Region

North America

  • The U.S.
  • Canada

Europe

  • Germany
  • The U.K.
  • France
  • Italy
  • Russia
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe

Asia-Pacific

  • China
  • Japan
  • South Korea
  • India
  • ANZ
  • ASEAN
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Rest of Latin America

Middle East & Africa

  • Saudi Arabia
  • UAE
  • South Africa
  • Israel
  • Egypt
  • Rest of MEA

Recent Developments in the Global Meat Substitutes Market

  • March 2024: Bezos Earth Fund, is investing USD 60.0 million to improve and scale meat alternatives, to help slow down the rate of climate change, deforestation, and biodiversity loss.
  • March 2024: Schouten Europe, a leading producer of plant-based protein products, announced the addition of mycoprotein products to its range with its vision to develop tasty, minimally processed, and nutritionally complete products based on plant-based proteins with a low footprint.
  • August 2023: Nestlé broadened its selection of plant-based offerings, providing consumers with a greater variety of meat substitute options and revealing products such as plant-based minced meat and lentil and vegetable soup.
  • January 2022: KFC launched Beyond Fried Chicken made up of plant-based meats at different locations globally.

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