April 24, 2024
Meat Substitute Market

The Global Meat Substitute Market Is Driven By Increasing Consumer Preference For Plant-Based Proteins

Meat substitutes are products that replicate the texture, flavor, and appearance of meat but are made from plant sources like soy, wheat, and peas. They are processed into forms that resemble conventional meat products like burgers, sausages, and chicken nuggets. Meat substitutes provide a rich protein source for consumers looking for alternatives to animal meat. They cater to flexible diets like veganism or health-consciousness. The varied protein sources allow manufacturers to cater to people with allergies as well. The global meat substitute market offers a tasty, low-fat method of protein intake.

The global Meat Substitute Market is estimated to be valued at US$ 2.15 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends driving growth in the meat substitute market is the increasing adoption of flexitarian and vegetarian diets. Consumers are shifting towards plant-based sources of protein owing to health, ethical, and sustainability concerns related to conventional meat production. Meat substitutes provide an appealing alternative for those wishing to reduce meat consumption without entirely giving up its taste and texture. Additionally, manufacturers are innovating vigorously to replicate meat closely through improved formulations, flavors, and cooking characteristics of substitutes. This is helping gain widespread acceptance and regular use of meat analogues among both flextarians and occasional buyers.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the meat substitute market is moderate. New players need to have access to resources, distribution channels and build brand awareness to compete with established players.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of various meat substitute products from different brands. Buyers can choose products based on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key raw materials are agricultural crops like soy, wheat etc which are widely available.
Threat of new substitutes: Threat from substitutes is high as various plant-based and cell-cultured meat products are emerging as alternatives to traditional meat.
Competitive rivalry: The competitive rivalry in the market is high due to presence of many international and local brands offering varied products. Players compete on factors like taste, nutrition, price and sustainability.

Key Takeaways

The Global Meat Substitute Market Demand is expected to witness high growth.

Regional analysis: The Asia Pacific region accounted for around 25% of global market share in 2023 due to increasing awareness about health and environmental benefits of meat substitutes. China, India and Southeast Asian countries offer lucrative opportunities due to growing middle class, rapid urbanization and rising meat consumption.

Key players: Key players operating in the meat substitute market are I-Minerals Inc., Quarzwerke GmbH, Eczacibasi Esan, Micronized Group, Imerys Minerals, Sibelco Nordic, The Quartz Corp., Adolf Gottfried Tonwerke GmbH, LB MINERALS, Ltd., and Sun Minerals. These players are focused on expanding their product portfolio and global footprint through mergers, acquisitions and partnerships.

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