April 13, 2024
Meat Substitute Market

The Growing Demand For Plant-Based Meat Substitutes Market Propelling Expansion

Market Overview
The global Meat Substitute market is estimated to be valued at US$ 12.95 billion in 2022 and is expected to exhibit a CAGR of 43.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Plant-based meat substitutes are becoming popular as they provide several advantages as compared to conventional meats. Meat substitutes are typically high in protein and low in saturated fat and cholesterol. They are gaining high acceptance among health-conscious consumers as plant-based proteins are considered healthier options. The growing vegan population worldwide due to ethical concerns over animal welfare and environmental issues has led to a rise in demand for meat substitutes. Moreover, new product launches with improved taste, texture and nutrition are further supporting the market growth. For instance, in 2022, ADM launched multiple soy protein products including textured vegetable protein and soy protein concentrates, isolates and flours tailored for meat analog applications, aiming to meet the exponentially growing demand.

Segment Analysis

The global Meat Substitute market is segmented on the basis of source, type, and category. Based on source, soy segment accounts for the largest share in the market. Soy is the most widely used ingredient in meat substitutes owing to its high protein content and ability to mimic meat texture. In terms of type, tofu holds the dominant position as it is incredibly versatile, affordable, and nutrient-dense alternative to meat.

Key Takeaways

Global Meat Substitute Market Demand is expected to witness high growth, exhibiting CAGR of 43.6% over the forecast period, due to increasing health consciousness and growing vegan population.

North America dominates the global market currently and is expected to continue its dominance over the forecast period. This is attributed to increasing incidence of lifestyle diseases and growing adoption of veganism in the region. Asia Pacific is expected to witness the fastest growth owing to rising living standards and shift towards healthy diets in developing countries of the region.

Key players operating in the Meat Substitute market are DowDuPont Inc., Archer Daniels Midland Company, Amy’s Kitchen Inc., MGP Ingredients, Inc., Beyond Meat Inc., Sonic Biochem Extractions Ltd., VBites Foods Limited, The Nisshin OilliO Group, Ltd. Garden Protein International, MorningStar Farms, and Meatless BV. Major players are focusing on new product launches and acquisition strategies to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it