Meat Substitutes Market by Product (Quorn, Seitan, Tempeh), Source (Mycoprotein, Pea protein, Soy protein), Type, Form, Category - Global Forecast 2024-2030

Meat Substitutes Market by Product (Quorn, Seitan, Tempeh), Source (Mycoprotein, Pea protein, Soy protein), Type, Form, Category - Global Forecast 2024-2030

The Meat Substitutes Market size was estimated at USD 2.98 billion in 2023 and expected to reach USD 3.35 billion in 2024, at a CAGR 12.71% to reach USD 6.91 billion by 2030.

A meat substitute, often referred to as a meat alternative, is a food item that may replace, partially or entirely, meat in a diet. Meat substitutes are typically composed of ingredients from plant-based sources but can also include insects, algae, or cultured animal cells. These alternatives are commonly consumed by individuals on vegetarian, vegan, or flexitarian diets and those seeking a more sustainable or health-conscious choice. Emerging concerns about the health implications of excessive meat consumption, such as heart disease, diabetes, and certain types of cancer, and the desire for a balanced diet rich in plant protein are steering people towards meat substitutes. However, the relatively high cost of meat substitutes compared to traditional meat products is a significant barrier. Nevertheless, innovative plant formulations, advanced food technology, and strategic branding geared towards mimicking the sensory experience of actual meat are anticipated to be potential market growth opportunities.

Regional Insights

The American market showcases a significant demand for meat substitutes primarily driven by escalating health consciousness among consumers, the growing vegan and vegetarian populations, and the presence of substantial producers in the industry. Consumers of the EMEA region, including the European Union countries, the Middle East, and Africa, prefer products with clear labeling regarding the origins and sustainability of ingredients, which has prompted companies to innovate with transparency in their supply chains and product offerings. On the other hand, in Middle Eastern countries, the burgeoning interest in meat substitutes among the younger demographic, health-conscious consumers, and innovation in alternative protein technology encourages the growth of the meat substitute market in this region. Asia-Pacific has a growing demand for meat substitute products due to their large populations and shifts in dietary patterns. In addition, concerns about meat supply chain fragility, highlighted by outbreaks of diseases such as African Swine Fever, have accelerated consumer and governmental interest in alternative protein sources.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Meat Substitutes Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Rising trend towards vegan foods worldwide
Potential demand attributed to higher fibers and lower saturated fat content
Growing intolerance against animal proteins

Market Restraints

Concern regarding gluten tolerance among the populations

Market Opportunities

Upsurging concerns against animal brutality coupled with animal consumptions
Increasing research and developments for novel substitutes formations
Potential demand associated with vast availability of meat substitutes

Market Challenges

High competition among emerging meat products and meat substitutes

Market Segmentation Analysis

Product: Burgeoning consumption of tofu as it is good source of protein, iron, and calcium
Source: Proliferating usage of soy protein due to its numerous health benefits
Type: Increasing preference for the isolates owing to their high nutritional profile
Category: Significant adoption of refrigerated meat substitutes as it providefresher and authentic tastes

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Meat Substitutes Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Meat Substitutes Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Nosh.bio Partners With Ginkgo Bioworks to Develop Animal-Free Meat Alternatives

Noshbio has entered into a strategic collaboration with Ginkgo Bioworks with the aim of advancing the development of animal-free meat alternatives. This partnership leverages biotechnology to create products that closely resemble the taste and texture of real meat, surpassing prior limitations faced by meat substitutes. By harnessing the capabilities of Ginkgo Bioworks' platform, Noshbio intends to make significant inroads in the alternative meat industry.

Nestlé's New Shelf-Stable Plant-Based Products Expand Access To Meat Alternatives

Nestle introduced a selection of vegan products to serve as meat substitutes, catering to the rising demand for plant-based alternatives. This range, which is a part of the MAGGI brand, consists of vegan fillets, vegan balls, and vegan strips. The primary objective is to provide healthier options that align with current dietary trends, all while ensuring that taste and convenience are not compromised.

Kerry Launches Taste Technology To Create Meat Alternatives

Kerry, announced the introduction of a pioneering taste technology designed to enhance the flavor profile of plant-based meat alternatives. Named ‘Radicle by Kerry', this innovative solution aims to address the taste and texture challenges that often accompany meat substitutes, thereby improving the overall sensory experience for consumers.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Meat Substitutes Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Meat Substitutes Market, highlighting leading vendors and their innovative profiles. These include AGT Food and Ingredients Inc., AMCO Proteins, Aminola B.V., Archer Daniels Midland Company, Atlantic Natural Foods LLC, Axiom Foods Inc., Batory Foods, Inc., Burcon NutraScience Corporation, Cargill, Incorporated, Cosucra Groupe Warcoing SA, DuPont de Nemours, Inc., Emsland Group, Garden Protein International, Inc. by Conagra Brands, Inc., Glanbia PLC, Ingredion Incorporated, Kerry Group PLC, Koninklijke DSM N.V., MGP Processing, Inc., NOW Health Group, Inc., Proeon, PURIS, Quorn Foods by Marlow Foods Limited, Roquette Freres SA, Sotexpro Protein Texturing Company, Tate & Lyle PLC, The Green Labs LLC, The Scoular Company, and Wilmar International Limited.

Market Segmentation & Coverage

This research report categorizes the Meat Substitutes Market to forecast the revenues and analyze trends in each of the following sub-markets:

Product
Quorn
Seitan
Tempeh
Tofu
TVP
Source
Mycoprotein
Pea protein
Soy protein
Wheat protein
Type
Concentrates
Isolates
Textured
Form
Liquid
Solid
Category
Frozen
Refrigerated
Shelf Stable
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year