Meat Substitutes Market Size to grow by USD 4.41 billion between 2024-2028
According to a research report “ Meat Substitutes Market” by Distribution Channel (Retail, Foodservice) Product Type (Soy-based, Wheat-based, Mycoprotein-based, Others) Geography (Europe, North America, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 4.41 billion, at a CAGR of 11.98% during the forecast period. The global meat substitutes market is experiencing a surge in demand due to consumers' heightened health awareness and environmental concerns. Animal meat production contributes substantially to greenhouse gas emissions, with each gram of beef production resulting in 221 grams of carbon dioxide emissions. To cater to this expanding market, vendors are introducing innovative meat substitute products. Successful product launches not only boost revenue streams but also enhance market presence. For instance, Delightful Gourmetet Pvt Ltd. launched a new meat substitute product in October 2022. Similarly, Beyond Meat and Impossible Foods have gained significant market traction with their plant-based meat alternatives. These strategic product introductions underscore the growing importance of meat substitutes in the global food industry..
Browse market data tables, figures, and in-depth TOC on “Meat Substitutes Market” by Distribution Channel (Retail, Foodservice) Product Type (Soy-based, Wheat-based, Mycoprotein-based, Others) Geography (Europe, North America, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Distribution Channel, the Retail segment is projected to dominate the market size in 2024
The retail segment is witnessing a notable trend towards meat substitutes, driven by shifting consumer preferences, health concerns, and environmental awareness. Traditional grocery stores and supermarkets are responding to this demand by broadening their selection of plant-based meat alternatives. As consumer interest in sustainable and healthier food options continues to escalate, retailers are expected to increase their offerings and explore innovative strategies to make these products more accessible to a wider customer base. Consumers are increasingly seeking meat substitutes due to growing awareness of the environmental impact and sustainability issues associated with traditional meat production, as well as concerns regarding personal health.
By Product Type, Soy-based segment is expected to hold the largest market size for the year 2024
The soy-based meat substitutes market is poised for significant growth due to the ability of soy to mimic meat's textural and sensory attributes. Soy, derived from soya beans, has gained increased recognition for its numerous health advantages. Through advanced processing techniques, soy proteins can be transformed to exhibit a fibrous texture akin to meat, enabling the production of meat substitutes with a comparable mouthfeel. Soy ingredients, such as protein isolates and concentrates, are versatile and can be utilized in various meat substitute products, including burgers, sausages, nuggets, and other dishes. These alternatives offer a flexible foundation for creating a diverse range of meat-free options that cater to health-conscious consumers and those seeking to reduce their meat intake.
Europe is forecasted to hold the largest market size by region in 2024
The Meat Substitutes Market represents a significant business opportunity for food industry players, as consumer preferences shift towards plant-based and sustainable food alternatives. This trend is driven by factors such as health consciousness, animal welfare concerns, and environmental sustainability. Key players in this market include Beyond Meat, Impossible Foods, and Quorn Foods, who leverage innovative technologies to produce realistic meat substitutes. The market is expected to grow at a robust rate, offering substantial revenue potential for businesses that can effectively cater to this expanding consumer base.
The Meat Substitutes Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Meat Substitutes Market is witnessing significant growth due to increasing health concerns and animal welfare issues associated with the consumption of animal products. The market includes a variety of plant-based alternatives such as crumbles and grounds, plant-based fish, pork, beef, and chicken. Companies like Novameat, Next Meats, and Vegan Meat India are leading this innovative space. Plant-based meat substitutes offer numerous health benefits, including lower risks of diabetes, heart disease, obesity, and digestive problems, which are all linked to non-communicable diseases. These substitutes are rich in essential nutrients like Calcium, Protein, Potassium, and Iron. For instance, cooked soybeans and iron-rich liquid from soybeans can be used to make plant-based meat substitutes. Soy milk, bean curd, and soybean curd are also popular choices. Plant-based patties and plant-based burgers made from these sources are increasingly popular as plant-based alternatives to animal products. The Good Food Institute, a non-profit organization, is promoting plant-based meat substitutes as a solution to the health and environmental concerns associated with animal products and intensive animal farming. Tofu, a versatile soybean product, is another popular plant-based meat substitute that is rich in protein and calcium.
Market Research Overview
The Meat Substitutes Market encompasses a wide range of plant-based alternatives to traditional animal products, including shelf-stable, frozen, and refrigerated options. These meat substitutes cater to various dietary needs, such as clinical nutrition, immunity-boosting products, and flexitarian, vegan, and vegetarian diets. Plant-based hot dogs, fish, pork, beef, and chicken are increasingly popular, with brands like Novameat, Vegan Meat India, and the Good Food Institute leading the way. Plant-protein menu innovations include superfoods like jackfruit, cottage cheese, mushrooms, soya chunks, Quorn, and mycoprotein. Essential amino acids, blood sugar, and blood cholesterol management are essential considerations in these nutritious products. Customization is key, with hotels, lounges, restaurants, foodservice, departmental stores, mini markets, and convenience stores offering a variety of plant-based protein products. Functional ingredients, formulations, and flavors cater to health-conscious buyers, with plant protein sources like hummus, snacks, and plant-based patties. Labeling standards, lab-grown meat, and traditional meat alternatives coexist in the market, addressing various health concerns and dietary preferences. Grains, whole veggies, and weight management are essential aspects of a healthier diet, with plant-based meat substitutes offering cholesterol-free protein and addressing non-communicable diseases like diabetes, heart disease, obesity, and digestive problems. Plant-based protein manufacturers use raw materials like vegetable protein, soybean legumes, protein isolates, canola, rice, pea, soy, and various plant-based sources to create high-protein, fiber, mineral, vitamin, and antioxidant-rich products. Fennel, paprika, soy sauce, garlic, and ginger add flavor to sausages, nuggets, and other meat substitutes. Low-fat diets and low-fat protein sources like wheat protein, cereal grains, and wheat gluten (Seitan) are also popular. The meat substitutes market continues to evolve, addressing various health, ethical, and environmental concerns.
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