During the forecast period, the meat substitutes industry is poised to record a healthy CAGR of 23.0%. In 2033, the market is expected to be worth approximately US$ 8.5 billion. Global demand for meat substitutes is expected to rise at a yearly growth rate of 5.0% Y-o-Y to US$ 67.9 billion in 2033
Globally, consumer food choices are changing dramatically. More people are realizing how important it is to maintain a healthy lifestyle and consume protein in moderation.
As a result, consumers are taking a proactive approach and increasing their protein intake to guarantee that they remain fit and healthy for a long time. They are changing their eating habits and including plant-based protein sources in their diet. This results in the growth of the meat substitutes market trends.
Alternative proteins, including meat substitutes, are becoming increasingly popular in this area. Consumers are becoming gradually concerned and aware of the harmful environmental impact on animal farms.
As a result, people are adopting vegetarian or flexitarian diets in order to eliminate or minimize meat consumption and indirectly reduce carbon emissions. The demand for meat substitutes, a sustainable, environmentally friendly alternative to meat, is predicted to grow at a significant rate.
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Meat Substitutes’ Complex Manufacturing Processes and High Product Prices Inhibiting Market Expansion
The color of the flesh is one of the main characteristics that are challenging to replicate in plant-based meat substitutes. While they are being cooked, the goods that include textured vegetable proteins may also change color.
Color is one of the key factors that consumers take into account when making a purchase, thus any modification can have a major impact on how frequently they choose to buy the product. Aside from color, one of the most difficult aspects of producing them is the flavor of the meat. These factors result in the inhibition of the meat substitute market growth.
The production of meat substitutes made from plants is a highly complex procedure. Plant-based meat replacements, for example, they go through extensive processing during the manufacturing process. Since multiple ingredients are utilized to make the final product, manufacturers employ batch production processes. This raises the overall cost of producing plant-based meat.
Asia Pacific Outlook
The middle-class population of Asia Pacific has more disposable money as a result of industrialization. This has increased consumer demand for nutritious, high-quality, and protein-rich food items. More people are cutting meat out of their diets as consumer eating habits change.
As a result, the demand for meat substitutes is expected to increase in Asia Pacific. It also prepares the way for a considerable and continuous increase in the meat substitutes market share throughout the Asia Pacific due to the rise in consumer concerns over health and sustainability.
Key Takeaways
• During the projected period, the source category’s plant-based pork sector may record a CAGR of 24%.
• In the product type category, the patties section is expected to record a CAGR of 20.5% from 2023 to 2033.
• Over the projection period, the United States meat substitutes market is expected to record a CAGR of 22.3%, reaching US$ 16.6 billion in 2033.
• According to estimations, the meat substitutes market in South Korea is expected to record a CAGR of 21.1% during the projected period and reach US$ 477.7 million in 2033.
• Over the forecast period, the meat substitutes market in China is expected to register a CAGR of 26.1%, reaching US$ 3.8 billion in 2033.
• Over the projected period, it is predicted that the market in Japan is anticipated to record a CAGR of 25.6%, reaching US$ 2 billion in 2033
• The market in India is anticipated to expand gradually over the course of the projection period recording a CAGR of 25.9%, reaching US$ 2.5 billion in 2033.
Competitive Landscape
The global meat substitutes market is semi-consolidated, with several well-known firms and emerging meat substitutes’ manufacturers operating in various nations throughout the world. Beyond Meat, Impossible Foods, Kellogg’s, Tyson Foods, and JBS SA are some of the leading global market players.
Consumers are also eager to try new food products that are both healthful and environmentally sustainable. This resulted in higher sales as well as a chance for future expansion.
Recent Development
• Introduction – Impossible Foods Inc
Impossible Foods Inc. increased its foothold internationally in May 2021 by introducing its plant-based burger in New Zealand and Australia. This growth is a component of the company’s objective to provide delectable and environmentally friendly food options in many markets across various countries.
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Key Segments
By Source:
• Plant-based Chicken
• Plant-based Beef
o Plant-based Pork
• Plant-based Fish
By Product Type:
• Patties
• Crumbles & Grounds
• Hot Dogs
• Sausages
• Nuggets
• Meatballs
• Other Product Types
By Functionality:
• Weight Management
• Immunity Boosting Products
• Gut Health/Digestive Health
• Clinical Nutrition
• Others
By Product Format:
• Refrigerated
• Frozen
• Shelf-stable
By Region:
• North America
• Latin America
• Europe
• Asia
• Oceania
• Middle East & Africa (MEA)