Meat Substitutes Market Growth Trends

According to a comprehensive study released by Grand View Research, Inc., the global meat substitutes market is projected to attain a value of USD 234.66 billion by the year 2030. This market is expected to expand at a compound annual growth rate (CAGR) of 42.4% during the forecast period spanning from 2024 to 2030. This anticipated growth is largely attributed to the increasing shift in consumer preferences toward vegan and plant-based diets, fueled by rising awareness of the associated health advantages. Additionally, growing concern regarding environmental degradation and ethical issues related to conventional meat production has significantly accelerated the demand for meat substitute products.

Plant-based meat alternatives are increasingly being recognized as healthier options compared to traditional animal-based meat. A substantial proportion—over 50% of protein consumers—now express a strong preference for natural sources of protein, particularly those with clean-label, easily recognizable ingredients. This evolving consumer inclination is encouraging manufacturers to focus on the development of transparent, minimally processed products. Furthermore, many plant-based protein alternatives are noted for their lower carbon footprint when compared to conventional animal protein sources, making them attractive from both a sustainability and health-conscious standpoint. These advantages have collectively positioned plant-based proteins as pivotal elements in the growing global acceptance and adoption of meat substitutes.

In terms of product segments, plant-based protein emerged as the dominant category in 2023 and is expected to continue leading throughout the forecast timeline. The rising health concerns among consumers—especially regarding the potential risks linked with high intake of animal protein, such as elevated levels of saturated fatty acids—are contributing to this segment’s growth. Prominent companies in the industry, such as Beyond Meat and Impossible Foods Inc., are expanding the reach of their plant-based products by making them more widely available in restaurants and retail grocery chains. These organizations are also capitalizing on their large-scale operations to improve product distribution and are partnering with major retailers for joint promotional and marketing efforts, further enhancing product visibility and consumer access.

In 2023, the retail distribution channel accounted for the largest portion of global market revenue. This growth can be attributed to a significant number of consumers either eliminating or substantially reducing their meat intake. This trend has created new opportunities for supermarket chains and retail outlets to cater to the growing demand for plant-based products. In regions such as the United States, this shift is evident as shoppers increasingly opt for meat-free alternatives, facilitated by the widespread availability of these items across both online platforms and brick-and-mortar stores.

Meat Substitutes Market Report Highlights

• Mycoprotein is anticipated to experience the fastest growth among meat substitute ingredients. Its cost-effective production process and the resulting lower retail prices are expected to be significant factors in boosting its popularity and adoption.
• The retail distribution channel maintained the largest market share in 2023, a trend reinforced by the impact of global lockdowns that increased home food consumption, thus accelerating purchases through retail avenues.
• The Asia Pacific region is projected to witness the fastest market growth during the forecast period. Countries such as China, Australia, and others in the region are expected to see a significant rise in the consumption of meat alternatives as consumers across these nations increasingly prioritize reducing meat intake and adopting healthier, plant-based dietary habits.

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Meat Substitutes Market Segmentation

Grand View Research has segmented the global meat substitutes market on the basis of source, distribution channel, and region.

Meat Substitutes Meat Substitutes Source Outlook (Revenue, USD Billion; 2018 - 2030)

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

Meat Substitutes Distribution Channel Outlook (Revenue, USD Billion; 2018 - 2030)

• Foodservice
• Retail

Meat Substitutes Regional Outlook (Revenue, USD Billion; 2018 - 2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
• Asia Pacific
  • China
  • Japan
  • India
  • Australia New Zealand
  • South Korea
• Central South America
  • Brazil
• Middle East Africa
  • South Africa

Key Players of Meat Substitutes Market

• Amy’s Kitchen Inc.
• Beyond Meat
• Impossible Foods Inc.
• Quorn Foods
• Kellogg Co.
• Unilever
• Meatless B.V.
• VBites Foods Ltd.
• Sunfed
• Tyson Foods, Inc.

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