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Meat Alternatives Market: By Type (Tofu-based, Tempeh-based, TVP-based, Seitan-based, Quorn-based), By Source (Soy-based, Wheat-based, Mycoprotein), By Category (Frozen, Refrigerated and Shelf Stable), And Region - Global Analysis of Market Size, Share & Trends For 2019-2020 And Forecasts To 2031
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.
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.
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.
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.
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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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.
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.
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.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
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.
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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REPORT ATTRIBUTE |
DETAILS |
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Market size value in 2021 |
USD 5.43 billion |
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Revenue forecast in 2031 |
USD 12.59 billion |
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Growth Rate |
CAGR of 7.4% from 2021 to 2031 |
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Base year for estimation |
2020 |
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Quantitative units |
Revenue in USD million and CAGR from 2021 to 2030 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Type, Source, Category and Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key companies profiled |
Blue Chip Group, 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., and Other Prominent Players. |
Meat Alternatives market size was estimated at USD 5.43 billion in 2021 and is expected to reach USD 12.59 billion in 2031.
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.
Soy-based, frozen and seitan-based segment accounted for the largest Meat Alternatives market share.
Key players: Blue Chip Group, Beyond Meat, AMY's Kitchen, Inc., Garden Protein International, Inc. are the key players in the Meat Alternatives market.
One of the major factors driving the growth of the meat substitute market is an increase in demand for clean label and natural products.
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