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Meat Substitutes Market Research Report Information By Type (Tofu & Tofu Products, Tempeh, Seitan, and Others) By Fusion Type (Anterior Interbody Fusion, Anterior Meat Substitutes, Posterior Fusion), By Source (Soy, Wheat, Mycoprotein, and Others) Type (Metal, Polymer, And Others), By Surgery (Minimally Invasive Spine Surgery, And Open Spine Surgery), By Distribution Channels (Store Based and Non-Store Based End Users (Orthopedic Clinics, Multispecialty Hospitals, Neurology Clinics, And Others), And By Region Forecast Till 2032

ID: MRFR/F-B & N/1437-CR | 126 Pages | Author: Sakshi Gupta| February 2021

Global Meat Substitutes Market Overview

Meat Substitutes Market Size was valued at USD 5.39 billion in 2023. The meat substitutes industry is projected to grow from USD 5.51 Billion in 2024 to USD 9.99 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.72% during the forecast period (2024 - 2032). The rising frequency of cervical spondylosis among corporate workers and the increasing occurrences of cervical injuries in vehicle accidents are the key market drivers enhancing the market growth.

Meat Substitutes Market Overview

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Meat Substitutes Market Trends

  • Rising awareness and increasing adoption of plant-based meat to boost the market growth

One of the primary reasons influencing the demand for items made from plants is the rising consumer awareness of the advantages of a vegan diet. A further important reason driving the expansion of these products in many locations is the health benefit associated with cholesterol-free protein. Customers' worries and manufacturers' capacity to produce meat alternatives with superior flavor, texture, and mouthfeel features have led to the massive expansion in the market for meat substitutes. Demand for this sector is being driven by Millennials and Gen Z, who are often motivated by worries about human and animal welfare and environmental issues. Many producers have been working with brands to supply products in this sector.

For instance, to introduce meatless products in India in December 2021, Tokyo-based Next Meats teamed up with Vegan Meat India. Additionally, a wide variety of products gives customers more choices and inventive flavors while still satisfying their dietary requirements. Plant-based alternatives are being investigated by consumers who are not vegetarians or vegans for various reasons, including better nutrition, managing weight, animal welfare, and long-term environmental sustainability. The Good Food Institute reports that in 2019, 11.9% of American families purchased plant-based meat, an increase from 10.5% in 2018.

Figure 1: Revenue generated from plant based meat from 2016-2027Revenue generated from plant based meat from 2016-2027Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Additionally, Products that are created to taste, feel, smell, and look like meat is referred to as plant-based meat. Burgers, ground beef, sausages, chicken nuggets, and shellfish are examples of such goods. Products made from plants that resemble meat are gaining popularity. For instance, retail sales of plant-based meat increased by 45% in the United States in 2020. Traditional veggie burgers and beef substitutes are the most popular plant-based meat product in the United States. The least frequently purchased alternatives are fish or seafood and pork. The market for plant-based meat was projected to be worth $10.11 billion in 2022 on a  scale. Over the coming years, it is predicted that this amount will rise steadily, reaching an anticipated 33.99 billion in 2027. Therefore, increasing plant-based meat consumption has enhanced the meat substitutes market CAGR across the globe in recent years.

However, Consumer health concerns have increased due to the growing threat of animal-borne diseases, which has led to a decline in the consumption of animal products, another factor driving the growth of the meat substitutes industry revenue.

Segment Insights

Meat Substitutes Type Insights

The meat substitutes market segmentation, based on type, includes tofu & tofu products, tempeh, seitan, and others. The tofu & tofu product meat substitutes segment held the majority share in 2021, contributing to around ~65-67% of the meat substitutes industry revenue. This is primarily owing to the rising health and fat concerns and shifting towards plant-based products across the globe.

January 2023: Pharmactive Biotech Products, S.L.U., a manufacturer of botanical and nutraceutical ingredients, introduces KWD+, a high-performance kiwi fruit extract (Actinidia deliciosa). KWD+ has been discovered to enhance protein digestion naturally. The corporation targets three health-related populations for the ingredient: vegans, older people, and sports fans. All people could have some issues with digestion, protein absorption, or consuming the required number of proteins.

Meat Substitutes Source Insights

The  meat substitutes market segmentation, based on source, includes soy, wheat, mycoprotein, and others. The soy segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Tofu and tempeh, typically used in Asian cuisines, are two widely used soy-based meat substitutes. They have grown in popularity in recent years, not only in Asia but also in North America and Europe. Seitan is a meat substitute made of wheat that may be used in many different recipes. It has a chewy texture and effectively absorbs sauce and seasonings. Thus, these goods are well-liked by consumers who identify as vegans. Hence, rapid adoption of soy-based products positively impacts market growth.

Meat Substitutes Distribution Channel Insights

The meat substitutes market data has been bifurcated by distribution channels into store- and non-store based. The store-based segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Consumers prefer to buy meat alternatives products from the store as they check the freshness and the limited shelf life for these products supports the store-based distribution channel during the forecast period.

February 2022: McDonald's Corporation and Beyond Meat, Inc. have entered a three-year  strategic partnership. This contract made Beyond Meat, Inc. the preferred supplier of a new plant-based burger patty for the vegan burger McPlant. This partnership has further broadened the growth opportunity for the meat substitute industry.

Figure 2:  Meat Substitutes Market, by Distribution Channel, 2021 & 2030 (USD Million)Meat Substitutes Market, by Distribution Channel, 2021 & 2030Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Meat Substitutes Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North America Meat Substitutes market accounted for USD 2.22 billion in 2021 and is expected to grow with a 43.20% CAGR during the study period. This is attributed to the high awareness regarding meat substitutes products and the rapid adoption of meat substitutes across the region.

Further, the major countries studied in the market report are the U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3:  MEAT SUBSTITUTES MARKET SHARE BY REGION 2021 (%)MEAT SUBSTITUTES MARKET SHARE BY REGION 2021Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe meat substitutes market accounts for the second-largest market share due to the growing regional demand for a more sustainable food system transition, which is necessary for meeting the objectives of the European Green Deal. As a result, plant-based items are a key factor in the region's supermarket merchants' sales growth. France, the United Kingdom, and Germany are some of the top purchasers of these goods in Europe. Further, the Germany meat substitutes industry held the largest market share, and the UK market for meat substitutes was the fastest-growing market in the European region.

The Asia-Pacific Meat Substitutes Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to the region's middle-class population's discretionary income growth. This has increased consumer demand for nutritious, high-quality, and protein-rich food products. Consumer eating habits are evolving, and more people are eliminating meat from their diets. Moreover, China market of meat substitutes held the largest market share, and the India meat substitutes industry was the fastest-growing market in the Asia-Pacific region.

Meat Substitutes Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the meat substitutes market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other market players. Competitors in the meat substitutes industry must offer healthy and cost-effective items to expand and survive in an increasingly competitive and growing market environment.

One of the primary business strategies manufacturers adopt in the  meat substitutes industry to benefit customers' health and expand the market sector is manufacturing locally to reduce operating costs. In recent years, the meat substitutes industry has provided plant based meat products with some of the most significant benefits. The meat substitutes market major players such as Beyond Meat, AMY's Kitchen Inc., Garden Protein International Inc., Quorn Foods Inc, MorningStar Farms L.C., Schouten Europe B.V., Sunfed Ltd, VBites Foods Ltd., Blue Chip Group, others are working on expanding the market demand by investing in research and development activities.

Beyond Meat, Inc. produces, markets, and sells plant-based meat products domestically and abroad. The business offers a selection of meat substitutes made from plants in beef, hog, and poultry categories. Additionally, to numerous food-away-from-home channels like restaurants, food service establishments, and schools, it offers its products directly to consumers through grocery, mass merchandising, club stores, convenience stores, and natural retailer channels. In September 2018, the business changed its name from Savage River, Inc. to Beyond Meat, Inc. California's Beyond Meat, Inc. corporate headquarters are in El Segundo. For instance, in January 2023, Beyond Meat announced that Sam's Club and Costco would carry its well-liked Beyond Steak and Popcorn Chicken. In Arizona, Nevada, New Mexico, Colorado, and Southern California, over 50 Costco locations provide Beyond Steak, while all US Sam's Club locations also have Popcorn Chicken.

Also, Garden Protein International, Inc. manufactures and sells plant-based meat substitutes. The business sells dairy-free, meatless, prepared frozen foods items like crispy tenders, beefless strips, vegetable burgers made from black beans, and beefless ground goods. Additionally, it provides catering services for business clients. For instance, in June 2022, with its new Pea & Wheat Plant-Based Chick'n line, Gardein, a brand of Conagra Brands, Inc., is expanding the range of plant-based items from which consumers can choose. An excellent source of iron, pea protein is a simple to digest protein. The Pea and Wheat collection from Gardein features traditional shapes and bold, innovative flavors.

Key Companies in the meat substitutes market include

  • Beyond Meat

  • AMY's Kitchen Inc.

  • Garden Protein International Inc.

  • Quorn Foods Inc

  • MorningStar Farms L.C.

  • Schouten Europe B.V.

  • Sunfed Ltd

  • VBites Foods Ltd.

  • Blue Chip Group, among others

Meat Substitutes Industry Developments

April 2022: Benson Hill and Kellogg's collaborated to provide the basic materials needed to produce alternative meat products. It collaborated with Kellogg's Morningstar Farms to provide soy ingredients for the production of meat substitutes.

November 2021: Raised & Rooted, a brand of plant-based protein, has been introduced in Europe, according to Tyson Foods Inc.

Meat Substitutes Market Segmentation

Meat Substitutes Type Outlook

  • Tofu & Tofu Products

  • Tempeh

  • Seitan

  • Others

Meat Substitutes Source Outlook

  • Soy

  • Wheat

  • Mycoprotein

  • Others

Meat Substitutes Category Outlook

  • Frozen

  • Refrigerated

  • Ambient

  • Others

Meat Substitutes Distribution Channel Outlook

  • Store based

  • Non-store based

Meat Substitutes Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Attribute/Metric Details
Market Size 2023 USD 5.39 billion
Market Size 2024 USD 5.51 billion
Market Size 2032 USD 9.99 billion
Compound Annual Growth Rate (CAGR) 7.72% (2024-2032)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2019 & 2020
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Source, Category, Distribution Channel, and Region
Geographies Covered North America, Europe, Asia-Pacific, and the Rest of the World
Companies Covered The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Beyond Meat, AMY's Kitchen Inc., Garden Protein International Inc., Quorn Foods Inc, Morningstar Farms L.C.
Key Market Opportunities Increasing number of players in the market
Key Market Dynamics Rising awareness regarding plant-based protein products Changing lifestyle of individuals globally

Frequently Asked Questions (FAQ) :

The meat substitutes market size was valued at USD 5.39 Billion in 2023.

The market is projected to register a CAGR of 7.72% during the forecast period 2024-2032.

North America had the largest share of the market.

The key players in the market are Beyond Meat, AMY's Kitchen Inc., Garden Protein International Inc., Quorn Foods Inc, Morning Star Farms L.C., and others.

The tofu & tofu product category dominated the market in 2023.

The store-based distribution channel had the largest share in of the market.

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