Meat Substitute Market Expected to Reach $18.0 Billion by 2035

According to a new report published by Allied Market Research, titled, “Meat Substitute Market," The meat substitute market size was valued at $6.6 billion in 2023, and is estimated to reach $18.0 billion by 2035, growing at a CAGR of 8.9% from 2024 to 2035.

Increase in the incidence of diabetes, cancer, and other health disorders boosts health and fitness consciousness among consumers. Consumers are projected to become selective in their food habits to avoid severe health issues. Moreover, awareness toward environmental sustainability and animal welfare is anticipated to increase further in the future, owing to the initiatives of governments and companies operating in the meat substitute industry. Consistent initiatives from companies, such as VBites Foods Ltd., have contributed significantly toward uplifting animal consciousness among individuals. Moreover, marketing and promotional initiatives of companies, such as Quorn Foods, are anticipated to increase consciousness toward sustainability among individuals in the coming years. 

The meat substitute market opportunities in Asia-Pacific offers lucrative growth for the operating players. Increase in adoption of the Western lifestyle and rise in disposable income of consumers majorly drive the meat substitute market growth. This region offers potential growth opportunities to the market players for launching innovative meat substitute products. Moreover, countries in Latin America, such as Brazil, are expected to unfold attractive business opportunities, owing to high prevalence of obesity in this region. However, a variety of low-fat meat substitutes are available in the market.  Leading players in the food and snack industry, such as Beyond Meat, Impossible Foods, and Quorn, offer a variety of meat-based, low-fat meal options and snack products. Lean meats have gained prominence among consumers, owing to increase in health and fitness consciousness. J.B.S. S.A. is amongst the leading players in the meat processing industry, offering a wide variety of innovative, low-fat beef, pork, lamb, and other meat products. 

Attributed to the spread of COVID-19, the demand for meat substitutes, due to an increase in consumer spending on healthy food products and health consciousness, has experienced substantial growth. Furthermore, meat alternative manufacturers witnessed surge in demand for plant-based products due to shortage of meat products in retail stores and a limit on meat-based items purchased per customer. 

Furthermore, owing to positive consumer demand, numerous start-ups and established food companies have launched a wide range of plant-based meat, seafood, and dairy substitutes, which exhibit new flavors, textures, and improved nutritional profiles.  An increase in awareness among people to strengthen their immune system to prevent themselves from being infected easily is compelling them to maintain a healthy lifestyle and proper diet. 

The meat substitute market analysis is segmented into 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, Latin America, and Middle East and Africa. 

By product type, the TVP-based segment gained a major share in the global market in 2023 and is expected to sustain its market share during the forecast period. TVP (Textured Vegetable Protein) is a protein-rich food source that is derived from soybeans. It is a cost-effective and versatile option for manufacturers. TVP can be easily flavored and textured to resemble different meat products, giving consumers a wide range of options. With the growing meat substitute market trend of plant-based diets and the demand for healthier meat replacement, the TVP-based segment is becoming increasingly popular in the meat substitute market. It provides a convenient and nutritious solution for those seeking to make healthier and more sustainable food choices. 

By source, the soy-based segment held the major meat substitute market share in 2023 and is expected to maintain its dominance during the forecast period. Soy is a great source of protein and contains all the essential amino acids needed by the body, making it a perfect alternative to meat. Soy-based products are widely available and cost-effective, making them attractive to both manufacturers and consumers. Furthermore, soy-based meat substitutes are highly versatile and can be made into various forms, like burgers, sausages, and nuggets, providing consumers with a wide range of options. The popularity of plant-based diets and concerns about sustainability have led to an increase in demand for soy-based meat substitutes in the market. 

By category, the frozen segment accounted for a major share in 2023 and is expected to maintain its dominance during the forecast period. Frozen products are becoming more and more popular among busy consumers who are looking for quick and easy meal solutions with a longer shelf life. Frozen meat substitutes are particularly appealing as they retain their nutritional value and flavor during storage, ensuring consistent quality. The frozen segment of the meat substitute market offers a wide variety of options, including burgers, nuggets, and meatballs, catering to diverse consumer preferences. With the increasing popularity of plant-based diets and the growing demand for convenient food options, the frozen segment is experiencing significant growth. 

By region, Europe dominated the meat substitute market in 2023 and is expected to remain dominant during the meat substitute market forecast period. Europe has a large and growing population of environmentally conscious consumers who are increasingly adopting plant-based diets for health and sustainability reasons. Additionally, government initiatives promoting sustainable food choices and reducing meat consumption further drive the demand for meat substitutes in the region. For instance, France passed legislation requiring that all school menus offer at least one vegetarian meal per week. Europe held the largest share of the meat substitute market due to its well-established food industry infrastructure, strong consumer awareness, and extensive availability of plant-based products across various retail channels. 

Major players such as Amy’s Kitchen, BeyondMeat, Cauldron Foods, and Garden Protein International, Inc. have adopted product approval, partnership, agreement, and acquisition as key developmental strategies to improve the product portfolio of the meat substitute market. 

Key Takeaways 

• By product type, the TVP-based segment was the highest revenue contributor to the meat substitute industry in 2023 and is expected to grow at a significant CAGR during the forecast period. 

• By source, the soy-based segment was the highest revenue contributor to the market in 2023 and is expected to grow at a significant CAGR during the forecast period. 

• By category, the frozen segment was the highest revenue contributor to the market in 2023 and is expected to grow at a significant CAGR during the forecast period. 

• By region, Europe was the highest revenue contributor to the market in 2023 and is expected to grow at a significant CAGR during the forecast period.