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The meat substitutes market size is projected to increase by USD 4.41 billion, at a CAGR of 11.98% between 2023 and 2028. The market growth in the meat substitute industry is influenced by several factors. Firstly, new product launches are driving innovation and expanding consumer choices, making meat substitutes more appealing and accessible. Secondly, there is a decline in global meat consumption, driven by health, environmental, and ethical concerns, which is increasing the demand for alternative protein sources. Additionally, the increased use of mycoprotein-based meat substitutes is gaining traction due to their nutritional benefits and sustainable production methods. These factors collectively highlight the dynamic shift towards plant-based and alternative proteins, shaping the future of the meat substitute market.
The market in the region is expected for substantial growth, fueled by the surging popularity of plant-based protein products and the growing health consciousness among consumers. The market will be further propelled by an influx of new players and an upswing in product launches during the forecast period. With an increasing number of individuals embracing vegan lifestyles, the demand for meat alternatives is on the rise in Europe. To meet this demand, vendors are strategically establishing new plants in the region, enhancing production capabilities. Notably, International Flavours and Fragrances Inc. introduced SUPRO TEX, a soy-based plant protein, in March 2023, offering versatile options for product formulation. Beyond Inc. expanded its product line in Germany in July 2023, introducing plant-based chicken alternatives, Beyond Nuggets and Beyond Tenders, available in over 1,600 REWE stores nationwide. These developments and investments are expected to drive the regional market growth during the forecast period.
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The Plant-Based Burgers market is expanding rapidly, offering alternatives like soybean curd and bean curd. Products such as soy milk and cooked soybeans are valued for their high nutrition value, providing essential nutrients like iron, potassium, and calcium. This shift addresses concerns over intensive animal farming and health issues like heart disease and diabetes. Organizations like the Good Food Institute and FMI (Food Marketing Institute) support the growth of plant-based beef, plant-based pork, and plant-based fish. Companies like Novameat are pioneering in this field, producing innovative products like crumbles and grounds. The move towards plant-based diets is driven by the desire for healthier, more sustainable food options.
New product launches in the industry are notably driving market growth. The demand for substitutes is growing among consumers, owing to their increasing health consciousness and concerns about the environment. Animal meat production is responsible for the emission of a significant amount of greenhouse gases. For instance, for every gram of beef produced, 221 grams of carbon dioxide are emitted. To meet the growing demand for alternatives across the globe, vendors are launching new products. Successful product launches help to increase the revenue stream and market presence of vendors.
For instance, in October 2022, Delightful Gourmet Pvt Ltd. launched a plant-based meat range uncrave. Similarly, In September 2021, BlueTribe, India's leading plant-based brand partnered with Natures Basket Ltd. and launched a new category of plant-based products that cater to the changing lifestyle and the growing needs of new-age consumers. Thus, the increase in the number of product launches will drive the growth of the market during the forecast period.
An increasing number of mergers and acquisitions and strategic industry partnerships is an emerging trend shaping market growth. The increasing number of mergers and acquisitions (M&A) and strategic partnerships between vendors is one of the positive trends that can influence the growth of the market during the forecast period. M and A allows companies to expand into new markets, gain a competitive edge over their competitors, and acquire new technologies and skill sets. Some significant M&A and strategic partnerships in the market.
For instance, in February 2023, U.S.-based manufacturer MORINAGA and CO. LTD acquired Tofurky, a leading manufacturer of plant-based meats in the US. Thus, the increasing number of mergers and acquisitions among market players is expected to boost the growth of the market during the forecast period.
The relatively high price of meat substitutes is a significant challenge hindering market growth. Plant-based food is good for one's health, but not so much financially. There have been reports of consumers switching to meat substitutes due to the soaring prices of meat. Substitutes cost the same as meat, even more, expensive than meat sometimes. Price is a common factor in consumer decision-making, particularly when it comes to regular or everyday food purchases. Price-conscious consumers may be less likely to adopt meat alternatives if they are thought to be more expensive than traditional meat.
Moreover, many diets still include conventional meat, so the market for meat alternatives must persuade consumers to switch based on aspects such as taste, sustainability, and health advantages. Expensive costs might make this conversion more challenging. Price challenges faced by many meat substitute manufacturers influence the overall market. These challenges tend to decelerate the growth of the market during the forecast period.
The market is projected to grow owing to the characteristics of soy that resemble meat; for instance, consistency, taste, and the health benefits associated with soy. Soy used in alternatives is extracted from soya beans and has received increased attention in recent years owing to the multiple health benefits associated with it. It is possible to process soy proteins to resemble meat's fibrous texture. Manufacturers include soy and soy products such as tofu as major ingredients in their products. Soy has a texture and tastes very close to that of beef. The application of soy in the market has been segmented into functional foods like burgers, patties, hot dogs, sausages, and other snacks. With more people embracing veganism and vegetarianism, the soy-based alternatives demand will grow, which, in turn, will boost the growth of the market during the forecast period.
The market share growth by the retail segment will be significant during the forecast period. The high demand for meat substitutes through the retail segment is a significant trend driven by various factors, including changing consumer preferences, health considerations, environmental concerns, and the increasing availability of diverse and high-quality products. Many traditional grocery stores and supermarkets have responded to consumer demand by expanding their selection of meat substitute products.
The retail segment was the largest and was valued at USD 2.78 billion in 2018.
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Further, the market for meat alternatives is seeing constant innovation as businesses create a broad range of goods that nearly replicate the flavor and texture of real meat. Customers searching for options that fit their dietary requirements and preferences will find this variety appealing. Retailers and producers of meat alternatives are working together more to make these products more widely available. Customers now have more access to a wider range of meat alternatives when they go grocery shopping regularly because more stores are carrying these products. Retailers may offer a greater selection of meat alternatives with global influences as consumers embrace a diversity of global flavors and culinary experiences. This variety has the potential to draw in more clients. Retailers often promote products through in-store displays, discounts, and marketing campaigns, which are expected to boost the growth of the market during the forecast period.
Europe is estimated to contribute 40% to the growth of the global market during the forecast period
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The market in Europe is expected to grow significantly, which is driven by the popularity of plant-based protein products and an increase in health consciousness among consumers. The increasing number of product launches and the entry of new players will drive the market trends and analysis of the market in Europe. Owing to the rising number of people following the vegan lifestyle, the demand is increasing in Europe. Thus, the increasing number of product launches and investments will drive the growth of the market in Europe during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market forecasting growth and analysis.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 10 market companies, including Archer Daniels Midland Co., Beyond Meat Inc., Blue Tribe, Conagra Brands Inc., Continental Coffee Pvt. Ltd., Delightful Gourmet Pvt. Ltd., Hormel Foods Corp., Impossible Foods Inc., International Flavors and Fragrances Inc., Kellogg Co., Kerry Group Plc, Lightlife Foods Inc., Maple Leaf Foods Inc., Monde Nissin Corp., Morinaga and Co. Ltd., Morinaga Milk Industry Co. Ltd., Nestle SA, New Wave Foods, Redefine Meat Ltd., Spencers Retail, Sunfed, Tata Consumer Products Ltd., The Jackfruit Co., The Kraft Heinz Co., Tyson Foods Inc., Unilever PLC, V2 Food Pty Ltd., and Wicked Kitchen Inc.
The market analysis and report of qualitative and quantitative analysis of companies have been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players along with market research and growth. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Plant-based Meat Market: Plant-based Meat Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, UK, Germany, Italy, France - Size and Forecast
Plant Based Protein Products Market: Plant Based Protein Products Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, Germany, Canada, UK, France - Size and Forecast
Meat Market: Meat Market Analysis Europe, APAC, North America, South America, Middle East and Africa - US, China, Japan, Germany, France - Size and Forecast
The market is burgeoning, driven by concerns over animal farming practices, animal welfare, and health issues associated with animal products. Plant-based meat substitutes offer a solution to address health concerns related to non-communicable diseases, digestive problems, and obesity, catering to the growing demand for vegan diets among Gen Z and millennials. Innovations like cholesterol-free proteins and mouthfeel attributes in products by companies like Next Meats and Vegan Meat India are reshaping the market.
Emphasizing whole veggies, grains, and transparent ingredient lists with third-party certificates, products are increasingly Non-GMO, gluten-free, and kosher. With a focus on functional ingredients and lab-grown meat, outlets ranging from restaurants to lounges and hotels offer plant-based protein menu innovations, including plant protein lattes, burgers, and meal kits, appealing to flexitarian consumers worldwide.
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Market Scope |
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Report Coverage |
Details |
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Page number |
174 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 11.98% |
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Market Growth 2024-2028 |
USD 4.41 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
10.9 |
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Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
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Performing market contribution |
Europe at 40% |
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Key countries |
US, Canada, Australia, UK, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Archer Daniels Midland Co., Beyond Meat Inc., Blue Tribe, Conagra Brands Inc., Continental Coffee Pvt. Ltd., Delightful Gourmet Pvt. Ltd., Hormel Foods Corp., Impossible Foods Inc., International Flavors and Fragrances Inc., Kellogg Co., Kerry Group Plc, Lightlife Foods Inc., Maple Leaf Foods Inc., Monde Nissin Corp., Morinaga and Co. Ltd., Morinaga Milk Industry Co. Ltd., Nestle SA, New Wave Foods, Redefine Meat Ltd., Spencers Retail, Sunfed, Tata Consumer Products Ltd., The Jackfruit Co., The Kraft Heinz Co., Tyson Foods Inc., Unilever PLC, V2 Food Pty Ltd., and Wicked Kitchen Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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