Global Meat Substitute Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Meat Substitute Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A meat substitute, also called a meat analogue, approximates certain aesthetic qualities (primarily texture, flavor and appearance) or chemical characteristics of a specific meat. Substitutes are often based on soybeans (such as tofu and tempeh), gluten, or peas.

Market Overview:

The latest research study on the global Meat Substitute market finds that the global Meat Substitute market reached a value of USD 6191.35 million in 2022. It’s expected that the market will achieve USD 9870.06 million by 2028, exhibiting a CAGR of 8.08% during the forecast period.

The government's swift action and consumers' attention to health issues

Industrialized animal husbandry is affecting the environment and animal welfare, forcing governments around the world to take measures to address issues related to meat consumption and its adverse effects. The continued epidemic of COVID-19 has further led to strict regulations on meat consumption. Therefore, swift action by the government and consumers' attention to health issues are the main factors affecting the growth of the global meat substitute market. Because for health and environmental reasons, consumers are increasingly inclined to consume plant-based protein. Fast food giants are strongly inclined to invest in this industry. For example, KFC, a fast-food chain in the United States is considering offering a variety of products to include plant-based chicken substitutes. American meat substitute manufacturers produce products to mimic chicken, beef and pork sausages.

Impacts from the long-term

In the long run, in the face of the complex and unpredictable epidemic of COVID-19, meat substitutes are commodities with huge potential for growth. In the context that COVID-19 has not slowed down worldwide, this is the best solution to increase the export value of processed products and drive the export value of the entire food. Meat substitutes have a longer storage time, which helps reduce the impact of the COVID-19 epidemic. Therefore, when the epidemic is under control, the development of the meat substitute market will show an upward trend.

Robust Popularity of veganism to Support the Growth of the Meat Substitute Market

The global market for meat substitute is fueled by the growing inclination of consumers towards plant-based (vegan) dietary patterns. Meat consumption in the developed markets of Western Europe and North America is gradually declining amidst publication of various studies linking overconsumption of red processed meat to a variety of non-communicable diseases such as cancer, heart disease, stroke, diabetes, liver disease, lung disease, and kidney disease. The meat substitutes market has also witnessed popularity among flexitarian' consumers who still consume meat and dairy but seek to reduce the levels of animal meat. Such consumers are often driven to plant-based meat products because of ethical, environmental and health concerns.

Public perception regarding a meat substitute as having a low nutritional value

Old age perception dictates that meat is a source of high-value nutrients such as proteins, minerals, and amino acids. This essentially makes meat-substitutes appear to be less beneficial for health. In countries such as China, the United States (US), and Indonesia, consuming meat is a part of the daily diet and has been a long-standing tradition. This makes it hard for companies to market meat substitutes in these geographies.

Highly processed meat alternatives considered unhealthy

Consumers nowadays prefer healthy and organic food over processed options. Meat substitutes like seitan, Quorn, and tempeh are highly processed food items and hence are often considered unhealthy. This leads consumers to often opt for vegetables, legumes, and pulses rather than meat substitutes for their protein-requirements.

Extensive R&D and innovation

To satiate consumers eager to be vegetarians, companies are investing in R&D to bring meat products that look and taste similar to meat. These companies are constantly raising the quality standards, and successfully appealing to the meat-eater segment while inspiring the overall growth of plant-based food products. For instance, brands like Beyond Meat and Impossible Foods did their due R&D while developing their meat substitute products to ensure it looks and tastes exactly like meat.

Region Overview:

In 2022, the share of the Meat Substitute market in Europe stood at 37.26%.

Company Overview:

MorningStar Farms is one of the major players operating in the Meat Substitute market, holding a share of 6.93% in 2023.

MorningStar Farms

MorningStar Farms is a producer and seller of vegetarian frozen food products. The company offers a host of frozen food products such as meatless burger and chicken patties, veggie dogs, sausage and related meatless products.

Beyond Meat

Beyond Meat is a Los Angeles manufacturer of 100% plant-based meat substitutes. Since 2013, the company's products have been available in Whole Foods supermarkets across the United States.

Segmentation Overview:

By type, Soybean Based segment accounted for the largest share of market in 2022.

Application Overview:

The market's largest segment by application is the segment Burger, with a market share of 33.51% in 2022.

Key Companies in the global Meat Substitute market covered in Chapter 3:

Garden Protein International
Beyond Meat
LightLife
Tofurky
VBites
MorningStar Farms
Quorn Foods
Meatless
Field Roast
Impossible Foods
Amy's Kitchen

In Chapter 4 and Chapter 14.2, on the basis of types, the Meat Substitute market from 2018 to 2029 is primarily split into:

Soybean Based
Other Beans Except for Soybean
Wheat Based
Fungus
Dairy Based Meat Replacers
Vegetable Based Excluding Beans
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Meat Substitute market from 2018 to 2029 covers:

Burger
Ball
Nugget
Sausage
Schnitzel
Minced Meat
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)