Meat Substitute Market

Meat Substitute Market Outlook (2022-2032)

Demand for meat substitutes was valued at US$ 10 Bn in 2021, and is projected to reach US$ 13 Bn by the end of 2022, reflecting an annual increase worth 30%. Throughout the 2022-2032 assessment period, meat substitute sales are expected to surge astoundingly at a CAGR of 33.6% to reach US$ 235 Bn.

Report Attributes	Details
Anticipated Base Year Value (2021)	US$ 10 Billion
Projected Market Value (2022)	US$ 13 Billion
Expected Forecast Value (2032)	US$ 235 Billion
Global Growth Rate (2022-2032)	33.6% CAGR
Market Share of Europe (2022)	40%
Growth Rate of APAC (2022-2032)	45% CAGR
Key Companies Profiled	Amy’s Kitchen Beyond Meat Impossible Foods Inc. Quorn Foods The Kellogg Company Unilever Meatless B.V VBites Foods Ltd. Sunfed Tyson Foods Inc.

By source, demand for plant-based protein meat substitutes is poised emerge the strongest, accumulating over 1/3rd revenue share in 2022 and beyond. However, mycoprotein meat substitutes are expected to reflect highest growth, surging at almost 44% CAGR until 2032.

Meat Substitute Demand Analysis 2017-2021 vs. Future Outlook 2022-2032

According to market research and competitive intelligence provider Fact.MR, sales of meat substitute food products experienced significant growth, registering a CAGR of 38% from 2017 to 2021. Growth is primarily attributed to a widening vegan customer base, in the light of rising awareness about the adverse impact resulting from meat consumption on the environment.

Intensive animal husbandry has been criticized by some sections of society because of its negative effects on the environment and animal welfare. This has led to a shift towards diets which exclude or limit the use of animal products. Moreover, growing apprehension about contracting zoonotic diseases has further led to a reduction in consuming meat products.

Consumer awareness of plant-based meat substitutes is rapidly growing, with more people demanding these because of their stated health benefits, such as the prevention of non-communicable disorders, digestive issues, and obesity. As a result, consumers are changing their eating habits and incorporating a healthy diet, which is expected to boost the demand for meat substitutes. Based on all these trends, the global meat substitutes market is forecast to expand 18x from 2022 to 2032.

What are the Prominent Market Drivers Influencing Meat Substitute Demand?

A Flourishing Vegan Population Base to Provide Immense Traction to Market Growth

Globally, the shift towards veganism is becoming a reality. What began as a fringe movement has increasingly become mainstream. According to the Vegan Society, if the world went vegan, it could save 8 million human lives by 2050, reduce greenhouse gas emissions from agriculture by 2/3rd, and avoid climate damages worth US$ 1.5 trillion. Hence, more people are moving away from meat consumption.

Whether for health reasons, climate change or animal welfare, vegan statistics show the plant-based population continues to spike. Businesses have taken notice, too. The vegan market has boomed, resulting in thousands of new vegan products. And restaurants and fast-food chains are starting to accommodate with plant-based options.

While it is a bit difficult to ascertain the exact proportion of vegans, several individual polls and surveys reveal a significant proportion of vegan population, particularly across the U.S, U.K and other major countries. For instance, the number of vegans in the U.S constitute 2-6% of the overall population, while there were about 600,000 vegans in Great Britain in 2018, or over 1% of the total population.

Region-wise Analysis

How Opportunistic will Meat Substitute Sales likely be in Europe?

An Expanding Vegan & Flexitarian Consumer Base to Fuel Sales

Europe is anticipated to emerge as the largest consumer of meat substitute products, accounting for nearly 2/5th of global market demand in 2022, as per Fact.MR. This is primarily due to an increase in vegan and flexitarian consumer base and a rise in awareness among consumers regarding animal welfare. For instance, meat alternatives were essentially non-existent 10 years ago in typically Germany. However, due to the entry of well-known processed companies, the region is fast emerging as an opportunistic hub for key manufacturers.

Therefore, it's no accident that McDonald's has partnered with Nestlé, a new significant participant in the meatless industry, to offer a vegan burger in Germany. In April 2019, McDonald's launched its Big Vegan TS with Nestlé’s vegan patty. The European market is at the forefront when it comes to innovating meat free food products.

In December 2021, British plant-based food giant Quorn Foods announced five new product releases which include Southern Fried Wings, Garlic and Herb Bites, Jerk Mini Fillets, Creamy Korma Bites and Sweet Chilli Mini Fillets. The addition of five new products is indicative of Quorn’s global expansion plans. The wings are part of the new Takeaway range, where so-called fakeaways?proved popular. This involved home-cooked, healthier versions of popular takeaway dishes.

How will Meat Substitute Product Sales Fare across the Asia Pacific?

Rising Health Consciousness, Deepening Social Media Penetration Widening Prospects

According to Fact.MR, the market for meat substitutes is expected to experience a CAGR of 45% from 2022 to 2032. Majority of this demand is likely to be stimulated by China and Australia, given the increasing number of flexitarians across both countries. Demand is largely being driven as a result of rising health consciousness and deepening social media influence.

With a shift away from animal protein consumption and toward a more plant-based diet, the demand for high-quality plant-based substitutes has soared. Previously, there were few possibilities for high-quality vegetarian and vegan substitutes, and they were generally made with unhealthy highly processed ingredients.

As a result of the COVID-19 pandemic, Asian consumers are more concerned about food safety, health, and the environment, and many are actively changing their diets to live healthier and more sustainable lifestyles. There is no doubt that Asia gives a good potential for new, tasty foods that customers would desire as their first choice, and not as an alternative.

Category-wise Insights

Why are Plant-based Protein Meat Alternatives Most Preferred?

Rising Environmental Concerns associated with High Meat Consumption to Fuel Growth

By source, plant-based protein meat alternatives are expected to be the most preferred, accumulating 34% revenue in 2022 and beyond. Meat shortages in different regions of the world, environmental concerns, and a desire to eat a healthier diet are some of the reasons driving the growth of this segment.

Plant-based patties, as well as common snacks like tofu and hummus, are great options for getting daily protein. Young customers, particularly well-heeled ones, are driving the plant protein trend around the globe, with wellness seekers also adding to the category's development.

Will Mycoprotein Meat Substitutes Consumption Outpace Plant-Based Proteins?

High Percentage of Fibrous Content to Heighten Popularity in Coming Years

Demand for mycoprotein meat substitutes is expected to show a massive incline, registering a meteoric 44% value CAGR from 2022-2032. ?Owing to higher nutrient content such as fiber that helps in controlling blood cholesterol and blood sugar, consumers prefer mycoprotein food. Also, mycoprotein makes feel fuller than some animal proteins such as chicken.

Therefore, it helps prevent overeating and undesired weight gain. In addition, mycoproteins provide all the essential amino acids which are rarely found in other protein sources.

Competitive Landscape

The global meat alternative market landscape is highly competitive, characterized by the presence of established players as well as new entrants. Given the rising consumption of non-meat based food products due to multiple reasons, food manufacturers are introducing multiple product lines while simultaneously maintaining the taste associated with consuming meat-based foods. Moreover, collaborations, mergers & acquisitions and partnerships are relied upon. Some prominent development are:

• In January 2022, Beyond Meat Inc. and Pizza Hut announced the launch of plant-based Beyond Italian Sausage Crumbles as a permanent offering at Pizza Hut Canada locations nationwide. These crumbles are designed to offer the meaty texture and savory taste associated with Pizza Hut’s traditional Italian pork sausage, but sourced from plant-based ingredients

• In March 2022, Impossible Foods Inc. introduced its flagship Impossible Beef Made from Plants in supermarkets throughout Australia and Aotearoa New Zealand. This marks the first time Impossible Beef can be purchased in supermarkets in both regions- a mere four months since the company initially landed in restaurants across ANZ

Report Scope

Attribute	Details
Historical Data Available For	2017-2021
Projected Forecast Period	2022-2032
Market Analysis	US$ Mn for Value and Units for Volume
Key Regions Covered	North America Latin America Europe Asia Pacific Middle East & Africa
Key Segments Covered	Source Distribution Channel Region
Key Countries Profiled	U.S Canada Brazil Mexico Germany France U.K Italy BENELUX Nordics China Japan South Korea GCC South Africa Turkey

Key Segments Covered in the Meat Substitute Industry Survey

• By Source :

  • Plant-based Protein Meat Substitutes
  • Mycoprotein Meat Substitutes
  • Soy-based Meat Substitutes
  • Other Meat Substitutes

• By Distribution Channel :

  • Meat Substitute Sales through Foodservice Channels
  • Meat Substitute Sales through Retail Channels