Food and Beverages

Meat Substitute Market is Expected to Reach USD 18.78 Billion by 2031

Jun 2024

Food and Beverages

As per the report published by Kings Research, the global Meat Substitute Market was valued at USD 7.45 billion in 2023 and is projected to reach USD 18.78 billion by 2031, growing at a CAGR of 12.45% from 2024 to 2031.

The meat substitute market is witnessing significant growth due to increasing consumer awareness regarding health, environmental concerns, and ethical considerations. The market encompasses a wide range of products designed to mimic the taste, texture, and nutritional profile of meat, catering to the growing demand from vegans, vegetarians, and flexitarians.

Major players in the industry are investing heavily in research and development to enhance product quality and variety, thereby fostering innovation and stimulating market expansion. Additionally, collaborations with foodservice providers and retail chains have widened distribution channels, making meat substitutes more accessible to consumers worldwide.

Key Insights

  • Based on type, the textured vegetable protein segment accounted for the largest market share of 62.45% in 2023
  • Based on distribution channel, the online retail segment is estimated to register a CAGR of 14.79% between 2024 and 2031
  • On the basis of region, Asia-Pacific attained a market valuation of USD 1.67 billion in 2023

Azelis and Soy Austria Enter into a Strategic Distribution Agreement to Expand Soy Austria’s Presence Across Eastern Europe

March 2024: Azelis and Soy Austria finalized a distribution agreement aimed at expanding access to Soy Austria's soy-based ingredients across Eastern Europe, the Nordics, the Balkans, and Türkiye. Their diverse product range, including soy grits, flour, flakes, and textured protein, complements Azelis' focus on environmentally friendly ingredients and supports its growth strategy in the food industry.

Innovation and Development of Novel Plant-Based Meat Products Drive Market Growth

Innovations in plant-based meat substitutes are driving market growth. Companies are leveraging advanced technology to create products that closely resemble the taste, texture, and nutritional content of conventional meat. This appeals to a broader consumer base, including health-conscious individuals and those seeking sustainable food options. The continuous improvement and diversification of plant-based offerings are expanding market opportunities and promting consumers to consume meat alternatives, thereby contributing to the overall growth and sustainability of the industry.

The Rising Consumer Demand for Convenience Foods Likely to Augment Growth in the Global Industry 

The market is witnessing a surge in demand for convenient meat substitute products. Consumers, particularly in urban areas, are increasingly opting for ready-to-eat or easy-to-prepare meat alternatives due to busy lifestyles and time constraints. This has prompted companies to introduce a variety of convenient options such as pre-marinated plant-based proteins, heat-and-eat meals, and grab-and-go snacks. The rising focus on convenience aligns with changing consumer preferences and lifestyle patterns, presenting lucrative opportunities for market players to cater to this growing segment effectively.

Expansion into Emerging Markets as a Key Strategy by Manufacturers to Bolster Presence in the Market

Manufacturers are increasingly focusing on expansion into emerging markets to strengthen their presence in the meat substitute sector. This is crucial for tapping into the growing demand for plant-based products in developing countries. Entering these markets, enables companies access to new consumer bases, which further benefits from favorable government policies, and leveraging lower production costs. Additionally, rising health awareness and changing dietary preferences in regions such as Southeast Asia and Latin America are creating significant opportunities for growth. This targeted expansion is enhancing brand visibility and market share for manufacturers in the competitive meat substitute industry, thereby fueling market progress.

Asia-Pacific to Emerge as the Fastest-Growing Region, Exhibiting a CAGR of 13.04% Between 2024 and 2031

Based on region, the global meat substitute market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America. The Asia Pacific market is poised to observe significant expansion in the global meat substitute market. This rapid expansion in Asia-Pacific is driven by increasing consumer awareness of health and environmental benefits, rising disposable incomes, and a growing vegetarian population in countries such as China and India.

Additionally, governments and organizations in the region are actively promoting plant-based diets to address food security and sustainability concerns. The region's diverse culinary traditions, particularly in Japan and Southeast Asia, further encourage the adoption of innovative meat alternatives, further propelling market growth. 

Companies Focus on Launching Cutting-Edge Products to Expand Their Market Reach

The global meat substitute market reveals a fragmented landscape, featuring prominent companies including Cargill, Incorporated., House Foods America Corporation, Impulse Foods, Nasoya, Roquette Frères, Taiki Bussan Co., LTD., Tofurei Engel, Tootie’s Tempeh, DSM, MEIJI TOFU CO., and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their global business footprint and enhance their competitive position.

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