Meat Substitutes Market Forecast: Trends, Size, and Growth Insights, 2032
Market Overview
The global meat
substitutes market was valued at USD
7.24 billion in 2024. It is expected to grow from USD 7.87 billion in 2025 to USD 16.13 billion by 2032, reflecting a
CAGR of 10.78% over the forecast
period. Europe led the market, accounting for 42.27% of the total share in 2024.
According to the study, plant-based products have become
sought-after in minimizing the issues of dependence on livestock production for
meat products. Clean meat substitutes will gain further traction with the
rising trend of vegan and vegetarian diets. Environment-friendly food products
will continue to be sought globally.
Major Players Profiled in the Report:
- Beyond
Meat (U.S.)
- Impossible
Foods (U.S.)
- Kellogg
Company (U.S.)
- Tyson
Foods (U.S.)
- JBS
SA (Brazil)
- Conagra
Brands, Inc. (U.S.)
- Hain
Celestial Group (U.S.)
- Unilever
Group (U.K.)
- Nestle
S.A. (Switzerland)
- Sunfed
(New Zealand)
Source: https://www.fortunebusinessinsights.com/industry-reports/meat-substitutes-market-100239
Segments
Soy-based Ingredients to Remain Dominant with Growing
Demand from Vegan Population
Based on the source, the market is categorized into
wheat-based ingredients, soy-based ingredients, other grain-based ingredients,
and textured vegetable proteins. The soy-based ingredients segment is expected
to maintain its dominance, driven by increasing demand among vegan and
vegetarian consumers. Additionally, the rising popularity of soy products like
tofu and tempeh in North America and Europe is further fueling the adoption of
these ingredients.
Mass Merchandiser to Grow with Easy Product Availability
With respect to distribution channel, the market is
segmented into other retail channels, mass merchandisers, online retail,
specialty stores, and food service. The mass merchandisers segment will exhibit
notable growth due to easy availability and prevalence of discounts.
Report Coverage
The report offers a comprehensive analysis of market size,
share, revenue, and volume, incorporating both qualitative and quantitative
assessments. It includes an in-depth SWOT analysis and examines the market from
a holistic perspective. Primary interviews validate key assumptions, findings,
and current business scenarios, while secondary sources such as annual reports,
press releases, white papers, and journals provide additional insights.
Additionally, the report explores pre- and post-COVID-19 impacts for a
well-rounded market outlook.
Drivers and Restraints
Advanced Form of Packaging Design to Reinforce Growth
Potentials
Both developed and developing countries are showing a
growing preference for clean-label products with carbon footprint labeling. In
particular, Millennials and Gen Z are driving demand for innovative,
eco-friendly packaging solutions. The rising health consciousness among
consumers is expected to boost the market for meat substitutes over the
forecast period. Additionally, increasing awareness about the health risks
associated with red meat—such as cardiovascular disease, diabetes, and
cancer—is further encouraging the shift toward plant-based protein options.
However, challenges in replicating the color and flavor of meat remain key
obstacles that could hinder market growth.
Regional Insights
Europe to Gain Prominence from Soy-based Ingredients
Stakeholders anticipate Europe to witness investments abound
with the rising trend for soy-based ingredients and wheat-based ingredients.
With a notable shift toward a sustainable trend, plant-based products will be
sought across the U.K., France, Germany, and Italy. The growing trend for
gluten-free and vegan diets will bode well for regional growth.
The Asia Pacific meat substitutes market growth will be
pronounced with rising emphasis on the vegan population. Moreover, consumers
have spurred investments in high-quality, nutritious, and protein-rich food
products. With the growing focus on sustainability, hotels and restaurants
could invest in plant-based products.
North America could contribute notably toward the global
market share due to the soaring popularity of vegan meat burgers and sausage.
Manufacturers of meat substitutes are likely to inject funds into nutritious,
tastier, and high-quality plant-based products. Clean products are expected to
gain ground across online channels and will continue to be sought across retail
food chains.
Competitive Landscape
Stakeholders Invest in Mergers & Acquisitions to
Boost Portfolios
Major companies could invest in product launches, mergers
& acquisitions, and technological advancements to bolster footprint.
Besides, an influx of funds into R&D activities will encourage
well-established players and new entrants to propel their portfolios.
KEY INDUSTRY DEVELOPMENTS:
April 2024: Nasoya,
a pioneer in the plant-based foods revolution, expanded into the new
plant-based meat category with the launch of Plantspired Plant-Based Chick'n.
The new product is available in two flavors: Bee-Free Honey and Kung-Pao.
February 2024: Beyond Meat announced plans to
launch a newer version of plant-based meat alterative-based burger in retail
grocery stores in the U.S.
Comments
Post a Comment