The global meat substitute market size was US$ 5,777.7 million in 2021. The global meat substitute market is forecast to grow to US$ 9,823.6 million by 2030 by registering a compound annual growth rate (CAGR) of 7.9% during the forecast period from 2022 to 2030.
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Meat contains a high amount of protein, cholesterol, and saturated fats. Thus, the high consumption of meat may result in health problems, such as obesity and atherosclerosis. Meat substitutes, on the other hand, taste similar to meat but are a healthier option than conventional meat. Tofu is a widely used meat substitute.
Factors Influencing the Market
The growing rate of obesity cases and associated health problems, such as diabetes, asthma, high blood pressure, heart diseases, etc., will drive the global meat substitute market forward. Furthermore, rising demand for food with high nutritional content and good taste will contribute to the growth of the meat substitute market.
Growing disposable income and the rising health and fitness industry will also boost the growth of the meat substitute market.
The increasing number of launches focusing on plant-based meat, seafood, and dairy substitutes, will fuel the growth of the market.
COVID-19 Impact Analysis
The food & beverages industry witnessed substantial opportunities to boost its revenue during the COVID-19 pandemic. The market observed a surge in the demand for healthy food options. Online food delivery platforms recorded a substantial hike, which has been beneficial for the meat substitute market.
Furthermore, lockdown restrictions forced people to shop online. The availability of a large variety of meat substitutes online has boosted the growth of the meat substitute market. Furthermore, the pandemic highlighted the demand to look over health and hygiene, which ultimately propelled the meat substitute market forward.
Regional Analysis
The Asia-Pacific market for meat substitutes is forecast to grow at a significant growth rate. Tofu and tempeh are considered among the popular traditional foods in China, Japan, and Indonesia. It is one of the crucial ingredients used in the making of Kicap, Bakso Martabak, and other popular foods. As a result, it will boost the growth of the meat substitute market.
Furthermore, the growing inclination of users towards plant-based food will benefit this regional market. The market may also witness lucrative opportunities due to the growing rate of obesity in the region. Furthermore, changing living standards and the rising focus of citizens on health and hygiene will contribute to the growth of the meat substitute market during the forecast period.
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Competitors in the Market
Cauldron Foods
Garden Protein International, Inc.
Amy’s Kitchen
BeyondMeat
Meatless B.V.
VBites Foods Ltd.
Kellogg Company
Sonic Biochem Extractions Limited
Archer-Daniels-Midland Company
MGP Ingredients
Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Meat Substitute industry experienced notable growth in its workforce. Starting in January, employment within the Meat Substitute sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Meat Substitute output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Meat Substitute output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Meat Substitute market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Meat Substitute market.
Market Segmentation
The global meat substitute market segmentation focuses on Product, Source, Category, and Region.
By Product Type Outlook
Tofu-based
Tempeh-based
TVP-based
Seitan-based
Quorn-based
Others
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By Source Outlook
Soy-based
Wheat-based
Mycoprotein
Others
By Category Outlook
Frozen
Refrigerated
Shelf Stable
By Regional Outlook
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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Table of Contents:
Chapter 1: Introduction to the Global Meat Substitute Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global Meat Substitute Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global Meat Substitute Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global Meat Substitute Market Size
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Meat Substitute market revenues, extending projections until 2030. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Meat Substitute market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Meat Substitute business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
* Assisting businesses in gauging the viability of new or existing products or services.
* Facilitating business enterprises in the identification and cultivation of novel market segments.
* Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
* Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
* Analyzing market trends to aid businesses in devising adaptive strategies.
* Guiding businesses in the optimal placement of their products.
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