Meat Substitutes Market Size, Share & Trends Analysis Report By Source (Plant-based Protein, Mycoprotein, Soy-based), By Distribution Channel (Foodservice, Retail), By Region, And Segment Forecasts, 2024 - 2030

Meat Substitutes Market Size, Share & Trends Analysis Report By Source (Plant-based Protein, Mycoprotein, Soy-based), By Distribution Channel (Foodservice, Retail), By Region, And Segment Forecasts, 2024 - 2030

Meat Substitutes Market Growth & Trends

The global meat substitutes market is expected to reach USD 234.66 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 42.4% between 2024 to 2030. The forecast period anticipates a surge in market demand due to the increasing preference for vegan diets, driven by a growing awareness of health benefits. Moreover, heightened consciousness regarding environmental and ethical concerns has further propelled the market's growth.

Opting for plant-based meat offers a healthier substitute for conventional meat products. More than 50% of protein consumers have a preference for natural protein sources, leading to an increased demand for easily recognizable and clean ingredients. This shift in preference is driving the market towards cleaner and more identifiable substances. Numerous plant-based protein products offer the advantage of a reduced carbon footprint compared to traditional protein sources. Given their perceived benefits for the environment, health, and sustainability, these plant protein products have emerged as significant drivers for the global adoption of meat substitutes.

Plant-based protein held the largest segment in 2023 and is expected to maintain its dominance over the forecast period. The growth of this segment will be propelled by the rising consumer apprehension regarding the negative health effects associated with high animal protein diets, such as increased intake of saturated fatty acids. With companies like Beyond Meat and Impossible Foods Inc., the availability of alternative protein products is expanding to a greater number of restaurants and grocery stores, resulting in increased demand. These companies are leveraging their scale to enhance distribution and forming collaborations with retailers to drive promotions and marketing efforts.

In 2023, the retail segment accounted for the largest share of revenue in the global meat substitute market. As a growing number of consumers have either eliminated or significantly reduced their meat consumption, supermarket companies have a greater opportunity to attract customers with non-meat products in their stores. In the United States, consumers are opting for meat-free options due to the wide availability of these products in both online and offline retail stores.

Meat Substitutes Market Report Highlights

• Mycoprotein is projected to register the fastest growth as its more economical to produce and the reduced prices are also expected to drive growth.
• Retail channel held the largest market share in 2023 due to nationwide lockdowns globally and the resultant increased at home consumption of food.
• Asia Pacific is expected to register the fastest growth during forecast period. Countries such as China and Australia, and others are expected to see rapid surge in the consumption of meat substitutes with consumers across these countries preferring to cut down meat consumption and form healthier dietary habits.

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