Meat Substitutes Market

Meat Substitutes Market Overview:

The global meat substitutes market size reached USD 7.3 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 11.9 Billion by 2033, exhibiting a growth rate (CAGR) of 5.56% during 2025-2033. There are various factors that are driving the market, which include the rising awareness among individuals about health and nutrition, increasing focus on ethical considerations related to animal welfare, and sustainability and environmental concerns among individuals.

Meat Substitutes Market Analysis:

• Major Market Drivers: One of the key market drivers includes the wide availability of products via online and offline stores. Moreover, there is an increase in the focus on vegan dietary patterns, which is acting as another growth-inducing factor.
• Key Market Trends: The rising awareness among individuals about health and nutrition, coupled with the increasing focus on ethical considerations related to animal welfare, are main trends in the market.
• Geographical Trends: Europe exhibits a clear dominance, accounting for the biggest market share because of the presence of well-developed retail infrastructure.
• Competitive Landscape: Numerous market players in the meat substitutes industry are The Nisshin Oillio Group, Dupont, Archer Daniels Midland, Amy's Kitchen, Conagra Brands, Quorn Foods, Cauldron Foods, Campbell Soup Company, VBites, Blue Chip Group, Field Roast, Garden Protein International, LightLife, Sweet Earth Foods, MGP Ingredients, Tofurky, Meatless, Sonic Biochem Limited., among many others.
• Challenges and Opportunities: Various regulatory hurdles represent a key market challenge. Nonetheless, several collaborations with retailers assist in the development of private-label products, coupled with the rising focus on innovative packaging solutions among consumers, are projected to overcome these challenges and provide market opportunities.

Meat Substitutes Market Trends:

Heightened Health and Nutrition Awareness

The industry is expanding as people are becoming more aware about the advantages of eating a diet that is high in nutrients. People are recognizing the negative health consequences of consuming meat products such as higher cholesterol and cardiovascular diseases. In addition, meat alternatives usually have low cholesterol levels and saturated fats and offer vital vitamins, minerals, and amino acids. This heightened focus on well-being and preventative healthcare is supporting the market growth. The increasing health and nutrition awareness among individuals is catalyzing the meat substitutes demand. Furthermore, companies in the industry are launching goods that provide people with higher nutritional content. For example, the plant-based meat industry leader Beyond Meat announced the foodservice launch of Beyond Pepperoni and Beyond Chicken Fillet on April 4, 2023. With the added health and environmental advantages of plant-based meat, all products fulfill Beyond Meat's promise to provide plant-based proteins that taste exactly like animal meat.

Increase in Ethical Considerations

The growing focus on ethical considerations related to animal welfare among the masses is offering a favorable meat substitutes market outlook. People are purchasing cruelty-free alternatives to conventional animal products. Various documentaries assist in generating awareness among individuals about animal welfare. This shift is compelling market manufacturers to offer ethical options such as meat substitutes. Prominent companies are launching goods that support sustainability and come from ethical sources. For instance, under the name Continental Greenbird, CCL introduced a variety of plant-based meat substitutes such as including chicken-like nuggets, chicken-like seekh kebab, chicken-like sausages, and mutton-like keema on January 18, 2024. The company's mission is to provide healthier, cruelty-free, and sustainable substitutes. The goods are entirely vegetarian and manufactured from chickpeas and superior pea protein, which is a good source of protein.

Rise in Environmental Concerns

An increase in environmental concerns among individuals provides meat substitutes market insights. Traditional animal farming is linked to significant environmental issues including deforestation, greenhouse gas (GHG) emissions, and excessive water usage. On the other hand, plant-based alternatives have a considerably lower environmental impact. There is a rise in the need for sustainable food production among health and eco-conscious individuals. In response to this growing concern, major manufacturers are offering products that are eco-friendly. Additionally, companies are concentrating on increasing their manufacturing capacity as to meet the various needs and preferences of people. For example, Singaporean startup Jiro-Meat increased the production of its plant-based meat derived from recycled soy pulp on May 23, 2024, with the aim of commercialization within the next six months.

Meat Substitutes Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global and regional for 2025-2033. Our report has categorized the market based on type, source, category, and distribution channel.

Breakup by Type:

• Tofu & Tofu Ingredients 
• Tempeh
• Textured Vegetable Protein (TVP)
• Seitan
• Quorn
• Others
   

Tofu & tofu ingredients account for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the type. This includes tofu & tofu ingredients, tempeh, textured vegetable protein (TVP), seitan, Quorn, and others. According to the report, tofu & tofu ingredients represented the largest segment.

The rising consumption of tofu & tofu ingredients, as they provide essential amino acids, vitamins, and minerals, is impelling the market growth. This meets the health and wellness criteria that many consumers are seeking. Tofu & tofu ingredients have a lower fat and calorie content as compared to animal-based protein sources. They are widely available in grocery stores, specialty health food stores, and online platforms, which is projected to influence the meat substitutes market forecast.

Breakup by Source:

• Soy
• Wheat
• Mycoprotein
• Others
   

Soy holds the largest share of the industry

A detailed breakup and analysis of the market based on the source have also been provided in the report. This includes soy, wheat, mycoprotein, and others. According to the report, soy accounts for the largest market share.

Soy has all nine essential amino acids that are required by the human body. It is a suitable substitute for animal-based proteins because of its rich nutritional profile. It can be processed into a variety of forms including textured vegetable protein, tempeh, and tofu. Key companies are launching soy-based goods to draw in more consumer base and increase their meat substitutes market revenue. For instance, on December 19, 2023, Nestlé expanded the access to affordable, nutritious, and tasty plant-based meat alternatives with the launch of Maggi soya chunks. It allows consumers in Central and West Africa to add high-quality protein to their diet.

Breakup by Category:

• Frozen 
• Refrigerated
• Shelf-Stable
   

Frozen represents the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the category. This includes frozen, refrigerated, and shelf-stable. According to the report, frozen represents the largest segment.

Meal preparation made simple and quick for busy consumers with the help of frozen meat alternatives. Longer shelf-life of frozen products, along with advancements in freezing technology, provide meat substitutes market opportunities in the segment. Frozen food items, in contrast to their fresh counterparts, have a longer shelf life without sacrificing flavor or nutritional content. Because of its longevity, food waste is decreased. Furthermore, improvements in freezing technology are making it feasible to successfully maintain the flavor, texture, and nutritional value of meat alternatives. Frozen goods are also more accessible since they can be transported across large distances and are less susceptible to temperature changes. 

Breakup by Distribution Channel:

• Supermarkets and Hypermarkets 
• Health and Food Stores
• Convenience Stores
• Others
   

Supermarkets and hypermarkets exhibit a clear dominance in the market 

A detailed breakup and analysis of the market based on the distribution channel have also been provided in the report. This includes supermarkets and hypermarkets, health and food stores, convenience stores, and others. According to the report, supermarkets and hypermarkets account for the largest market share.

Supermarkets and hypermarkets provide a convenient one-stop shopping experience for consumers. The extensive reach of these stores ensures that a wide range of consumers can access meat substitutes. This easy accessibility is crucial for capturing both health and eco-conscious consumers seeking alternatives to traditional animal-based products. Additionally, supermarkets and hypermarkets offer a broad selection of meat substitute brands and types, catering to different dietary preferences and tastes. This variety further encourages experimentation and allows consumers to choose products that align with their individual needs and preferences.

Breakup by Region:

• Asia Pacific
• Europe
• North America
• Middle East and Africa
• Latin America
   

Europe leads the market, accounting for the largest meat substitutes market share

The report has also provided a comprehensive analysis of all the major regional markets, which include Asia Pacific, Europe, North America, the Middle East and Africa, and Latin America. According to the report, Europe represents the largest regional market for meat substitutes.

European consumers are increasingly adopting flexitarian, vegetarian, and vegan diets, driven by health concerns and a growing awareness of the environmental impact of traditional meat consumption. The rising focus on sustainability among individuals is supporting the market growth. In addition, the presence of well-developed retail infrastructure including supermarkets, specialty health food stores, and online platforms ensures easy accessibility to a wide array of products, thereby influencing meat substitutes market dynamics in the region. Apart from this, key players are focusing on expanding their product reach to attract a wider consumer base. For example, on 4 July 2023, Beyond Meat®, a leader in plant-based meat, expanded its range in Germany with two new plant-based chicken-style products ‘Beyond Nuggets and Beyond Tenders’. The product innovations will initially be available in 1,600 REWE stores and in the REWE online shops. The new products are designed to resemble their animal counterparts in taste and texture.

Competitive Landscape:

• The meat substitutes market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the meat substitutes industry include The Nisshin Oillio Group, Dupont, Archer Daniels Midland, Amy's Kitchen, Conagra Brands, Quorn Foods, Cauldron Foods, Campbell Soup Company, VBites, Blue Chip Group, Field Roast, Garden Protein International, LightLife, Sweet Earth Foods, MGP Ingredients, Tofurky, Meatless, and Sonic Biochem Limited.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• Top players in the market are focusing on expanding their product portfolios to include a wider range of options, catering to diverse consumer preferences and dietary needs. Additionally, strategic collaborations with retailers, restaurants, and food service providers are propelling the market growth. Furthermore, the leading manufacturers are investing in advanced technologies to enhance the texture, taste, and nutritional profiles of their products. For instance, on 28 September 2023, Novozymes launched a new biosolution to redefine the plant-based meat experience by enhancing texture and encouraging more consumers to choose plant-based alternatives.

Meat Substitutes Market News:

• 5 July 2024: Nestlé developed ‘Maggi Rindecarne’ that is a tasty plant-based meat alternative. The product is currently available in Chile.
• November 2023: Meati, the brand creating alternative-meat products based on its MushroomRoot ingredient, introduced four new products. The new products are spicy crispy cutlet, crispy bites, garlic and black pepper steak, and Italian-seasoned cutlet.
• February 2023: Tofurky, a leading manufacturer of plant-based meat in the U.S., announced that Morinaga Nutritional Foods acquired the company and its sister brand, Moocho. The acquisition of Tofurky and Moocho aims to strengthen the integrated supply chain and future category growth for the brands.

Meat Substitutes Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the meat substitutes industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.