Global Meat Alternative Market Size, Share & Trends Analysis Report, By Source, By Distribution Channel, By Region Forecasts, 2024-2032

Global Meat Alternative Market Size, Share & Trends Analysis Report, By Source, By Distribution Channel, By Region Forecasts, 2024-2032

Global Meat Alternative Market was valued at US $ 5,477.7 million in 2023 and is expected to reach US $ 11,230.1 million by 2032 growing at a CAGR of 7.6 % during the forecast period 2024 – 2032.

A major factor driving the global market for plant-based products is rising public knowledge of the benefits of vegetarianism. Furthermore, the addition of cholesterol-free proteins offers further backing for their growth into new areas. Due in large part to customers' reluctance and producers' ability to make goods with improved texture, flavour, and aroma, the market for meat substitutes has grown rapidly. Millennials and Gen Z are driving new demands on the sector, in addition to the typical worries about animal welfare, health, and climate impact.

A lot of manufacturing firms have collaborated with brands in order to provide goods in this category. A collaboration between Next Meats, a Tokyo-based company, and Vegan Meat India to produce meatless food in the nation, was demonstrated at the end of December 2021. The company produces a range of goods to satisfy consumers with specific diets and those who seek out new flavours. Even among non-vegetarians and non-vegans, vegetarianism and veganism have gained popularity for a variety of reasons, such as better nutrition, weight control, animal welfare concerns, and long-term environmental protection.

The percentage of American families consuming plant-based meats increased from 10.5% in 2018 to 11.9% in 2019, according to the Good Food Institute. Including veggies and whole grains in an ingredient list is another trend worth mentioning. Consumers who care about their health are now demanding that product labels list recognised ingredients. Packages bearing reputable third-party certification are attracting more and more attention from customers. Nowadays, manufacturers of meat alternatives clearly mark their products as gluten-free, non-GMO, vegetarian, or Kosher. It is anticipated that rising demand and significant investment in new products will continue to generate lucrative chances for market expansion.

“Plant-based Protein segment, by source, to be dominating market from 2023 to 2030.”

Plant-based alternatives to meat control the market and account for a sizable portion of the category. However, the mycoprotein segment is expected to have the greatest CAGR value during this era, at 44.8%. Customers choose mycoproteins because they are higher in cholesterol and have more nutrients, including fibre that helps to stabilise blood sugar levels.

“Retail segment, by distribution channel, to be dominating market from 2023 to 2030.”

With 66.06% of total revenue coming from sales, the retail industry led the way in 2023. All other forms of retail establishments, including department shops, tiny convenience stores, micro markets, and other hypermarkets, are included. To make it simple for the majority of consumers to access these products, several brands also advertise their wares in large grocery chains like Walmart and Target. In this regard, the foodservice industry is expected to have the greatest CAGR of 44.0% throughout the course of the projection year.

“Europe to be largest region in meat alternative market.”

With a revenue share of 39.6% in 2023, Europe led the global market of meat alternatives. The growing demand in the area can be ascribed to both younger and older customers. This is mostly a result of rising animal welfare concerns and an increase in the number of vegans and flexitarians. In Germany 10 years ago, there were very few meat substitutes. However, due to the presence of large manufacturing businesses like Nestle, Germans consume more vegetable protein than Americans do. The partnership between McDonald's and Nestlé was not coincidental when a new vegan burger was launched in Germany.

Asia-Pacific is expected to develop at the fastest rate, with a CAGR of 48.6% between 2023 and 2030. Major players in the region include Australia and China. Due to the influence of social media and growing health consciousness, the use of these goods has increased in various nations. The popularity of plant-based substitutes has increased dramatically as a result of the trend away from animal proteins and towards plant-based diets. Due to the limited availability of high-quality vegetarian and vegan products, manufacturers were compelled to use difficult and hazardous additions over time. A sizable percentage of Asian consumers have voluntarily changed to better, more sustainable lifestyles in response to COVID-19 concerns about food safety, health, and the environment. There are unquestionably a lot of opportunities in the Asian region for the production of novel and intriguing food options that consumers will choose based just on the principle of natural preference. In April, ADMS launched BioPolis in Singapore and launched an innovative lab focused on plants. This effort is designed to address the growing demand for food and beverages in the region. The primary aim of the laboratory is to create products that are fashionable, nourishing, and inventive.

Meat alternative Competitive Landscape

The competitive landscape of the meat alternative market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of meat alternative technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The meat alternative market is highly competitive, with numerous companies vying for market share. Prominent companies in the meat alternative Market include:

Amy’s Kitchen, Inc., Impossible Foods Inc., Beyond Meat, Kellogg Co., Meatless B.V., Quorn Foods, Unilever, VBites Foods Ltd., Tyson Foods, Inc, SunFed, and others.

Recent Developments:

Kelogs and ""Benson Hill,"" a company whose plant-based raw ingredients are essential inputs for the production of alternatively generated animal products, signed into a supply agreement in April 2022. Additionally, a collaboration was established with Morningstar Farms, a Kellogg's-owned company that produces soymilk used in artificial meat.

In February 2022, McDonald's Corporation and Beyond Meat, Inc. signed a three-year collaboration agreement. According to the deal, Beyond Meat, Inc. would be the only supplier permitted to produce a special line of meatless burger patties under the ""McPlant"" brand.