Meat Substitute Market

The global meat substitute market Size was valued at $5,477.7 million in 2020, and is projected to reach $11,230.1 million by 2030, registering a CAGR of 7.6% from 2021 to 2030. Meat substitutes are less prone to the risk of food poisoning or contamination as compared to meat products. Livestock production is often perceived as a complex business that involves the management of animal waste and slaughtering. Moreover, the possibilities of food contamination are high along the supply chain, especially in case of expensive refrigeration and unreliable power supplies. 

During the COVID-19 outbreak, the demand for meat substitutes, as a result of increase in consumer spending on healthy food products and health consciousness, has experienced substantial growth. Furthermore, meat alternative manufacturers witnessed a surge in demand for plant-based products as a result of shortage of meat products in retail stores as well as limit on meat-based items purchased per customer. Therefore, COVID-19 has positively impacted the meat substitute market as production and sales of companies have increased in 2020.

Furthermore, the risk of animal-borne disease associated with meat products has gradually created an undesirable impact on the consumers and rise in health concerns. On the contrary, the production of plant-based food involves fewer chances for contamination or spoilage while cultured meat production assures laboratory level control of the whole process. This has enabled to create a positive impact on the meat substitute market.

Furthermore, clean eating trend is on rise, wherein consumers want to know and understand what they are eating. Globally, consumers are seeking products with clean labels and recognizable ingredients while manufacturers are opting for ingredients that offer high performance and applications, with simple ingredients sourced from low-processed food. Plant-based meat substitutes include ingredients, such as fibers, starches, gums, and other stabilizers, in addition to plant-based proteins. They are not only multi-functional but also natural. Therefore, increase in demand for clean label and natural products is one of the major factors propelling the growth of the meat substitute market.

Rise in demand for innovative products has driven product development across chilled, ambient, and frozen segments. Innovation provides a wider choice of products and brands to consumers, and allows meat substitute products to gain improved shelf space and recognition. Supermarkets have responded to this growth in the market and are significantly increasing the shelf space given to meat substitute products. Furthermore, existing industry players, especially the multinational food and drinks companies, have increasingly become aware of the small-scale startup brands innovating in the meat substitute market space. 

For instance, in December 2018, Unilever acquired Vegetarian Butcher, the Netherlands-based meat substitute brand. With the growth of meat substitute market share space, a wider range of ingredients is being used to broaden the product range. These ingredients are often identified due to their ability to provide consumers with high levels of protein and nutritional value.

Moreover, a wide variety of ingredients offers consumers more choice and innovative flavors, and also ensures that their dietary requirements are met. Therefore, rise in number of consumers preferring meat alternatives and significant investment in new product innovation are expected to continue to offer remunerative opportunity for the expansion of the global market during the forecast period.

The meat substitute industry is segmented on the basis of product type, source, category, and region. By product type, it is classified into tofu-based, tempeh-based, TVP-based, seitan–based, quorn-based, and others. By source, it is divided into soy-based, wheat-based, mycoprotein, pea-based and others. By category, it is categorized into frozen, refrigerated, and shelf stable. By region, it is studied across North America, Europe, Asia-Pacific, and LAMEA.

By product type, the TVP-based segment constitutes a major market share; however, the tempeh-based segment is projected to experience growth at the highest CAGR during the meat substitute market forecast period. 

By source, the meat substitute market is segregated into soy-based, wheat-based, mycoprotein, pea-based and others. The soy-based segment accounted for the highest revenue in 2020. However, the wheat-based segment is anticipated to grow at the fastest rate during the forecast period.

By category, the meat substitute market is fragmented into frozen, refrigerated, and shelf-stable. The frozen segment accounted for the highest revenue in 2019. Frozen burgers, crumbles, sausages, patties, nuggets, pizza, strips, and other such products have gained popularity, owing to their longer shelf life.

The key players profiled in the report are Amy’s Kitchen, BeyondMeat, Cauldron Foods, Garden Protein International, Inc., Meatless B.V., VBites Foods Ltd., MGP Ingredients (U.S.), Sonic Biochem Extractions Limited, Kellogg Company, and Archer-Daniels-Midland Company.

Covid-19 Impact Analysis

• Covid-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December 2020.
• During the COVID-19 outbreak, consumers have become more concerned about their overall health and wellness as COVID-19 has impacted mental and physical well-being of almost everyone across the globe. Moreover, consumers are now more conscious about their immunity and weight gain, which has become an issue during the pandemic as people have become extremely inactive. 
• However, the demand for meat substitutes, as a result of increase in consumer spending on healthy food products and health consciousness, has experienced substantial growth. Furthermore, meat alternative manufacturers witnessed a surge in demand for plant-based products as a result of shortage of meat products in retail stores as well as limit on meat-based items purchased per customer.
• Furthermore, due to the COVID-19 crisis, many meat substitute producing companies increased their production to meet the demand of customers. Therefore, COVID-19 has positively impacted the meat substitute market as production and sales of companies have increased in 2020.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the meat substitute market analysis from 2020 to 2030 to identify the prevailing market opportunities.
• The market research is offered along with information related to key drivers, restraints, and meat substitute market opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier–buyer network.
• In-depth analysis of the meat substitute market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market industry. 
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global meat substitute market trends, key players, market segments, application areas, and meat substitute market growth strategies. 

 Meat Substitute Market Report Highlights