April 20, 2024
Meat Substitute Market

Meat Substitute Market is Expected to be Flourished by Rising Consumer Preference for Plant-based Diet

Meat Substitute such as tofu, tempeh, seitan, and textured vegetable protein mimic the appearance, flavor, and texture of real meat and are gaining traction as plant-based alternatives to animal meat. Made from ingredients like soy, wheat, and pea, meat substitutes offer similar nutritional value to meat. The growing environmental and ethical concerns over industrial animal agriculture has prompted many consumers to adopt a plant-based diet in search for sustainable food options. Food innovators are investing in delivering meat-like and tasty plant-based products to cater to this emerging market. Meat substitutes appeal to both vegetarians and flexitarians seeking to incorporate more plant-based meals into their diets.

The global meat substitute market is estimated to be valued at US$ 6.4 billion in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Rising consumer preference for plant-based diet as mentioned in the heading is a key driver boosting the adoption of meat substitutes. Intensifying research into understanding the human taste receptors and food science has enabled manufacturers to enhance texture and flavor mimicry of meat substitutes. This is attracting even meat-eaters towards incorporating meat-free options into their meals on some days. Additionally, growth of veganism and flexitarianism as food choices driven by environmental sustainability and animal welfare concerns has accelerated the demand for highly palatable and meat-like substitutes. With continuous innovations, the options in the meat substitutes market are likely to diversify further.

Segment Analysis
The global meat substitute market is segmented into product, source, and distribution channel. Based on product, the market is segmented into tofu, tempeh, seitan, quorn, and other meat substitutes. The tofu segment dominates the market and accounts for over 30% share. Tofu is widely used in various Asian cuisine as a meat substitute. It has high protein content and neutral taste that make it suitable for substituting meat in various savory dishes.

PEST Analysis
Political: The government regulations promote use of sustainable and plant-based meat substitutes. They provide subsidies and incentives to companies developing innovative meat alternative products.
Economic: Rising incomes and health awareness are increasing the demand for meat substitutes. However, fluctuations in prices of soy and wheat affect the input costs of major meat substitute producers.
Social: Younger consumers are actively adopting vegan and flexitarian lifestyle leading to higher acceptance of meat substitutes. Social media campaigns promote benefits of sustainable plant-based diets.
Technological: Advancements in food technology help develop meat substitutes with similar texture, taste and nutritional profile of animal meat. 3D-printing technology is being explored to manufacture structured plant-based alternatives.

Key Takeaways

Global Meat Substitute Market Size is expected to witness high growth in the coming years.

Asia Pacific dominates the market with China being the largest producer as well as consumer of tofu, which is a widely popular meat substitute. Growing health concerns, environmental impact of meat industry, and expansion of vegan population in Western countries are driving sales of meat alternatives in regions like North America and Europe.

Key players operating in the meat substitute market are ADM, DuPont, The Nisshin Ollio Group, MGP Ingredients, Garden Protein International, Beyond Meat, MorningStar Farms, Quorn Foods, and Amy’s Kitchen. These players are investing in new product launches, production facility expansion, and promotional campaigns to increase their market share. The global market is also witnessing entry of new emerging players developing innovative plant-based meat products through cell-based meat technologies and other novel approaches.

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