February 22, 2024
Meat Substitute Market

Increasing Health Consciousness Is Expected To Boost The Growth Of The Global Meat Substitute Market

Meat substitutes are products made from plant-based ingredients such as wheat, soy, and pea protein designed to mimic the appearance, flavor, and texture of real meat. They are developed to cater to vegetarians, vegans, flexitarians, and even meat-eaters looking for healthier protein options. With growing awareness about health issues related to excessive meat consumption and animal welfare, meat substitutes provide a tasty and nutritious alternative. They are a good source of protein, vitamins, minerals, and fiber without cholesterol or saturated fat.

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 13% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends in the meat substitute market is the rise of plant-based meat products. Companies are developing advanced meat analogues using 3D printing technologies that closely replicate the texture, juiciness, and flavor of animal meat. For example, Beyond Meat and Impossible Foods produce plant-based burger patties that “bleed” like real meat when cooked. Plant-based chicken nuggets and sausages are also gaining popularity. The improved taste and mouthfeel of these novel products are appealing to more consumers and driving the growth of the overall meat substitute industry.

Porter’s Analysis

Threat of new entrants: Low capital requirement and availability of sustainable ingredients may attract new players in the market. However, established brands, availability of private labels and supply contracts pose significant barriers.

Bargaining power of buyers: Large retailers such as supermarkets have substantial influence over suppliers, driving prices down. However, diverse product portfolio and innovation by existing players maintains differentiation.

Bargaining power of suppliers: Key ingredients such as soy, wheat and pea are globally traded commodities. However, proprietary production methods and branding provide some protection to suppliers.

Threat of new substitutes: Alternatives include meat, dairy and eggs. However, health, sustainability and taste advantages of substitutes have been enhancing their appeal over time.

Competitive rivalry: The global market is witnessing consolidation as large companies acquire smaller players. However, the market remains fairly fragmented with opportunity for specialized regional and private label players.

Key Takeaways

The Global Meat Substitute Market Demand is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing consumer demand for plant-based and healthier diets.

The North America region currently dominates the global market due to rising vegan and vegetarian population. Asia Pacific is anticipated to be the fastest growing market owing to growing health awareness in major countries like China and India.

Key players operating in the meat substitute market are ADM (US), Ingredion Incorporated (US), DuPont (US), Kerry Group (Ireland), and Roquette Frères (France). These players are focusing on capacity expansion, product innovation and mergers & acquisitions 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