Meat Substitutes Market Size Worth $ 505.48 Billion By 2032 | CAGR: 43.8%

The global Meat Substitutes market size is expected to reach USD 505.48 billion by 2032, according to a new study by Polaris Market Research. The report “Meat Substitutes Market Share, Size, Trends, Industry Analysis Report, By Source (Mycoprotein, Plant-based Protein, Soy-based, Others); By Distribution Channel; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Meat substitute products emulate the sensory characteristics of conventional meat, featuring similar flavor, texture, and appearance. Developed to replace or reduce reliance on animal meat, these products utilize various materials, with common raw materials including wheat, soy, and legumes. They are recognized as healthier and environmentally sustainable alternatives to animal-derived meats. The adoption of plant-based products plays a pivotal role in mitigating the over-dependence on livestock production, contributing to reduced carbon emissions and animal slaughtering. Major meat manufacturing companies like Tyson Foods and JBS SA have introduced dedicated product lines for plant-based alternatives.

The COVID-19 pandemic heightened global food insecurity risks, particularly in developing economies, by disrupting supply chains and access to inputs like soy and pea used in manufacturing plant-based meat ingredients. The plant-based meat substitutes industry, like other food processing sectors, faced challenges such as labor shortages and supply chain disruptions. Labor scarcity impacted product processing and raw material procurement, while interstate lockdown variations in the United States led to increased logistic costs and disrupted supply chains. During the pandemic, consumer purchasing behavior shifted towards online stores and e-commerce portals, prompting companies to prioritize and enhance their online distribution channels.

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Veganism, a widely adopted dietary trend, has gained popularity globally, with consumers relying on plant-based products for protein needs, leading to a heightened demand for clean meat substitutes. According to Economist data, the U.S. witnessed an increase in the vegan population from 0.4% to 3.5% in 2021, contributing to market growth. Innovative packaging designs, including carbon labeling, play a role in raising consumer awareness about the environmental impact of meat substitutes. Retailers like Tesco have initiated efforts, such as incorporating carbon labeling on food products in June 2022, to educate consumers and promote the purchase of environmentally sustainable food items.

Meat Substitutes Market Report Highlights

• In 2023, the Plant-based Protein segment dominated the market in terms of revenue. This segment's growth is driven by factors such as shortages of meat in different regions, environmental considerations, and a trend toward healthier dietary preferences. Plant-based alternatives, such as patties and popular snacks like tofu and hummus, provide appealing choices for fulfilling daily protein needs. The worldwide increase in the adoption of plant protein is primarily propelled by a younger, affluent demographic, with health-conscious individuals also contributing to the expansion of this category. Products derived from plant protein and mycoprotein successfully replicate the texture, flavor, and nutritional characteristics of meat without relying on animal sources.
• During the projected period, the Retail segment held the most significant market share. This category comprises diverse retail outlets, such as hypermarkets, supermarkets, convenience stores, mini markets, and departmental stores. Consumers prefer these establishments because of the substantial discounts and promotions they offer. Furthermore, numerous brands opt to launch their products through prominent supermarket chains such as Walmart and Target to reach a wider customer base.
• In 2023, Europe emerged as the leading market. Europe distinguishes itself as a significant global consumer of alternative meat products, primarily motivated by the region's increasing commitment to transitioning toward a more sustainable food system in alignment with the goals of the European Green Deal. Plant-based products play a crucial role in propelling sales growth for grocery retailers across the region, with key consumers identified in France, the U.K., and Germany. Socioeconomic and demographic shifts in France have ushered in notable changes in food trends, particularly among the younger generation, who exhibit a willingness to experiment with innovative plant-based meat products and are ready to pay a premium for visually appealing and flavorful options.
• The global key market players include Amy’s Kitchen, Beyond Meat, Impossible Foods Inc., Kellogg Co., Meatless B.V., Quorn Foods, SunFed, Tyson Foods, Inc., Unilever, VBites Foods Ltd.

Polaris Market Research has segmented the Meat Substitutes market report based on source, distribution channel, and region:

Meat Substitutes, Source Outlook (Revenue - USD Billion, 2019 - 2032)

• Mycoprotein
• Plant-based Protein
• Soy-based
• Others

Meat Substitutes, Distribution Channel Outlook (Revenue - USD Billion, 2019 - 2032)

• Retail
• Foodservice

Meat Substitutes, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Meat Substitutes Market Report Scope