Global Meat Alternatives Market - 2023-2030

Global Meat Alternatives Market - 2023-2030

The Global Meat Alternatives Market US$ 9.6 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 20.8 billion by 2030. The market is growing at a CAGR of 10.2% during the forecast period 2023-2030.

Meat alternatives have gained popularity in recent years due to various factors, including health concerns, environmental awareness, and ethical considerations. They can be used to make plant-based versions of traditional meat dishes, such as vegan lasagna or shepherd's pie. Meat alternatives can be incorporated into a vegetarian or vegan diet or used to reduce meat consumption.

Meat alternatives are often lower in saturated fat and calories than traditional meat and can provide a source of protein, fiber, and other essential nutrients. The production of meat alternatives generally has a lower environmental impact than traditional meat production, as it requires less water and land and produces fewer greenhouse gas emissions. Meat alternatives can be a cruelty-free alternative to traditional meat, as they do not require the slaughter of animals.

Market Dynamics

Technological Advancements are Anticipated to Grow the Meat Alternatives Market’s Growth

Technological advancements have already been driving the growth of the meat alternatives market and are expected to continue doing so in the future. These advancements enable the production of more realistic and nutritious plant-based alternatives while also improving the efficiency and sustainability of the production process.

One example of technological advancements in the meat alternatives market is the development of 3D printing technology. This technology can be used to create plant-based alternatives that replicate the texture and appearance of meat, while also offering the potential for more customized and precise production.

An Increase in Collaboration With Traditional Meat Producers in the Meat Alternatives Market is Expected to Fuel the Meat Alternatives Market

Collaboration with traditional meat producers presents a significant opportunity for the meat alternatives market. By partnering with established meat producers, meat alternatives companies can leverage their expertise and infrastructure to scale up production, improve distribution, and reach a wider audience. Additionally, traditional meat producers can diversify their product lines and tap into the growing demand for plant-based alternatives.

Another example is the partnership between Impossible Foods and OSI Group, a global supplier of meat products. In 2020, OSI Group announced that it would be producing Impossible Burgers made from plant-based ingredients at one of its facilities.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

The Global Meat Alternatives Market is segmented based on type, source, distribution channel, and region.

By Source, the Soy Segment Leads the Meat Alternatives Market

The soy segment is currently the largest in the meat alternatives market, accounting for the majority of the market share. Soy-based products have been a popular meat alternative for many years and offer a variety of nutritional benefits, including being a source of protein, fiber, and vitamins.

According to Wikipedia, the total world production for soybeans in 2020 was 353,463,735 metric tonnes, up by 5.1% from 336,329,392 tonnes in 2019. These are the factors that support the soy segment to make exponential growth.

Geographical Analysis

Asia Pacific is the Fastest-Growing Market in the Meat Alternatives Industry

Asia Pacific is the fastest-growing market in the meat alternatives industry due to various factors, including the growing population, increasing health consciousness among consumers, and the rising demand for sustainable and plant-based food options. According to Statista, approximately 19.6 million tons of soybeans are being produced in China and approximately 150 tons of soybeans are being produced in Pakistan. This information shows how Asia Pacific is developing in the meat alternatives market.

Competitive Landscape

The major global players include the Meat Alternatives market are Garden Protein International, Vbites, MGP Ingredients, Monde Nissin Corporation, Premier Foods, ADM, DuPont, Meatless BV, Cauldron Foods, and AMY’s Kitchen Inc.

Why Purchase the Report?
• To visualize the global meat alternatives market segmentation based on type, source, distribution channel, and distribution channel to understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous meat alternatives market-level data points with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The Global Meat Alternatives Market Report Would Provide Approximately 61 Tables, 60 Figures And 200 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies