Report Overview

[170+ Pages Research Report] Meat Alternatives Market to surpass USD 12.59 billion by 2031 from USD 5.43 billion in 2021 at a CAGR of 7.4% throughout the forecast period 2021-31

Product Overview

A meat alternative is a manufactured food item that aims to be similar to meat by emphasising shared attributes and relationships. It is a protein-rich substance used to replace animal flesh in food or meat substitutes that are plant-based, lab-grown, or contain ingredients other than livestock, such as insects. Rising health concerns, as well as shifting consumer perceptions, have fueled demand for meat substitute products. A healthy lifestyle supported by the incorporation of plant-based alternatives has become a popular concept among consumers who are becoming more open to the concept of plant-based products.

Market Highlights

Global Meat Alternatives market is expected to project a notable CAGR of 7.4% in 2031.

Global Meat Alternatives to surpass USD 12.59 billion by 2031 from USD 5.43 billion in 2021 at a CAGR of 7.4% in the coming years, i.e., 2021-31. The risk of animal-borne disease associated with meat products has gradually created an unfavourable impact on consumers, as well as an increase in health concerns. Plant-based food production, on the other hand, has fewer chances of contamination or spoilage, whereas cultured meat production ensures laboratory-level control of the entire process. This has allowed us to have a positive impact on the market for meat substitutes.

Figure - Market Analysis of Global Meat Alternatives Market

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Global Meat Alternatives: Segments

Soy-based segment to grow with the highest CAGR during 2021-31

Based on source, global Meat Alternatives Market is fragmented into Soy-based, Wheat-based, Mycoprotein and Others. With the growing popularity of Meat Alternatives, many restaurants, fast food chains, packaged food companies, and casual dining establishments are choosing healthier alternatives of meat like soy which is expected to drive the segment. Soy-based meat is healthier than regular meat because it contains more protein, fibre, vitamins, and minerals than meat without the cholesterol and saturated fat.

Frozen segment to grow with the highest CAGR during 2021-31

Global Meat Alternatives market is classified on the basis of category into Frozen, Refrigerated and Shelf Stable. Frozen category is expected to hold a significant CAGR due to its durability and longer shelf life. Frozen food items like frozen burger, pizza, sausages, patties and other similar products are also gaining popularity around the globe.

Seitan-based segment to grow with the highest CAGR during 2021-31

Global Meat Alternatives market is classified on the basis of Type into Tofu-based, Tempeh-based, TVP-based, Seitan-based, Quorn-based and Others. The growing consumer awareness of the benefits of healthy food products, as well as the substitution of vegetarian diets from meat meals, has increased demand for plant-based protein. Seitan has recently been recognised as a major source of wheat protein, and as a result, it has been a preferred choice.

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Market Dynamics

Drivers

Importance of environmental conservation and organic foods

The clean eating trend is gaining traction, with consumers wanting to know and understand what they are eating. Consumers around the world are looking for products with clean labels and recognisable ingredients, while manufacturers are looking for ingredients that provide high performance and applications, with simple ingredients sourced from low-processed food. In addition to plant-based proteins, plant-based meat substitutes contain fibres, starches, gums, and other stabilisers. They are not only multifunctional, but they are also organic. As a result, one of the major factors driving the growth of the meat substitute market is an increase in demand for clean label and natural products.

New product launches and improvement in R&D

Furthermore, significant innovation has been introduced in the meat substitutes industry, resulting in product diversification and the launch of new products. Several food brands are also involved in research and development programmes in order to provide more opportunities for the meat substitutes market as well as to demonstrate their presence in the global market. In addition, meat substitutes are regarded as the best alternative for meat syncs, with some novel ideas to improve food sustainability in the coming years.

Restraint

High cost and food allergies associated with the market

Allergies associated with the consumption of vegetable protein sources such as soy and wheat are impeding the growth of the meat alternatives market. Furthermore, the high prices associated with plant-based proteins limit market growth.

Global Meat Alternatives: Key Players

Blue Chip Group

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

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.,
Other Prominent Players

Global Meat Alternatives: Regions

Global Meat Alternatives market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific's growth can be attributed to consumers' growing awareness of healthy eating habits, particularly following the Covid-19 pandemic. Health benefits and animal welfare are two of the key factors driving growth in the Asia Pacific region. People have also become more concerned about environmental safety, and as a result, they have shifted to plant-based protein. The growing variety of plant-based meat products, as well as the low cost of production, is also driving growth.

Impact of Covid-19 on Meat Alternatives Market

Consumers have become more concerned about their overall health and wellness during the COVID-19 outbreak, as COVID-19 has impacted the mental and physical well-being of almost everyone around the world. Furthermore, consumers are becoming more concerned with their immunity and weight gain, which has become an issue during the pandemic due to people becoming extremely inactive. Furthermore, as a result of the COVID-19 crisis, many meat substitute producing companies increased their production to meet customer demand. As a result, COVID-19 has had a positive impact on the meat substitute market, as company production and sales have increased in 2020.

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Global Meat Alternatives is further segmented by region into:

North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Global Meat Alternatives report also contains analysis on:

Meat Alternatives Segments:

By Type
- Tofu-based
- Tempeh-based
- TVP-based
- Seitan-based
- Quorn-based
- Others
By Source
- Soy-based
- Wheat-based
- Mycoprotein
- Others
By Category
- Frozen
- Refrigerated
- Shelf Stable
Meat Alternatives Dynamics
Meat Alternatives Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints