Meat substitutes are the food products which resemble meat in the texture, taste and protein qualities. Meat substitutes are made up of plant protein ingredients, which therefore contain no meat. The global meat substitutes market was valued at USD 3.84 billion in 2016. Meat substitutes market is mainly driven by the increasing health consciousness, shift in consumer preference towards natural plant proteins, rising meat prices and increasing demand from general middle class consumers. Meat substitutes are a part of the free-from trend, which is driven by health concerns, and the health & wellness trend. Growing global population is also a significant driver of the market. As per the UN projections, the global population will reach 8.9 billion people by 2050, increasing by 47% since 2000. In view of current trend, alternative sources of protein become an important factor of sustainable development. Meat substitutes are gaining across the globe among vegetarians as well as non-vegetarians and flexitarians – people who want to shift their diets towards consumption of less meat. Moreover, the manufacturers of meat substitute’s products target specifically non-vegetarians because this consumer group is interested in purchasing healthy foods that resemble similar flavors and textures that of meat. Since, meat causes various diseases, its vegetarian options are getting more popularity. The meat substitutes market has been segmented on the basis of type, source, and region.
Textured vegetable proteins accounted for approximately 40% revenue share in year 2016 of the meat substitutes market by type and is anticipated to maintain its dominance throughout the forecast period 2017 to 2025. However, pea protein is projected to grow at the robust growth of around 8.5% during the forecast period 2017 to 2025.
In terms of source, soy based meat substitutes held the largest share in terms of value in 2016. It is also projected to grow at a decent rate during the forecast period of 2017 to 2025. Availability of raw material, changing consumer preference towards plant sourced meat substitutes, and lower extraction cost of soy based meat substitutes is expected to drive segment growth over the forecast period.
In 2016, the meat substitutes market by region was dominated by the Europe accounting more than 35% of the market share. Europe was followed by the North America and Asia-Pacific. The UK is the largest national market for meat substitutes. Increasing number of vegetarians coupled with flexitarianism trend in the UK is projected to propel the demand for meat substitutes in the region. The UK is also projected see the fastest growth during the forecast period, at a CAGR of around 8.5% between 2017 and 2025.
The meat substitutes market is highly fragmented with the majority of the companies being small to medium size companies. Major players operating in the market are Amy’s Kitchen, Pinnacle Foods, Archer Daniels Midland Company, MGP Ingredients, Blue Chip Group, Monde Nissin, Kellogg Company, Hain Celestial, Beyond Meat, among others.
Textured vegetable protein is estimated to account for approximately 40% of the meat substitutes market in 2016, and is expected to maintain its dominance during the forecasted period. Low cost of TVP coupled with availability in different forms is expected to drive the overall market, globally. TVP is officially recognized by the USAID as a product, which can be used as a source of protein in cases of food insecurity. TVP finds its application in production of a wide range of products such as stews, spaghetti, pizza toppings, vegetarian burgers, sausages, meatballs and other types of food.
TVP was followed by tofu and seitan in 2016. Factors such as health benefits, cheaper than meat, environmental benefits and so on is expected to fuel the segment market growth during the forecast period. Tofu is gaining traction around the world owing to its nutritional qualities as high protein and low fat makes it a preferred alternative to meat. Shifting consumer interest towards plant based protein is also a major aspect bolstering the market growth. Other meat substitutes include Quinoa seeds, Lentils, Beans, etc.
Soy-based meat substitutes accounted for significant market share of the meat substitutes market in 2016 and is expected to maintain its dominance during the forecasted period. Manufacturers are focusing on offering new and innovative alternatives that are sourced from plants, hence fueling demand for meat substitutes. Significant investment in technology, innovation and cropland for plant based meat alternative production is expected to boost the overall market growth, for e.g. AURI.org collaborated with the Minnesota Soybean Research & Promotion Council to develop soybean based product similar to meat and also can be mixed into meat products at various levels. Change in the consumption pattern and lifestyle coupled with increasing demand of high nutrition and healthy food is expected to drive the meat substitutes market, globally.
Soy-based meat substitutes segment was followed by wheat-based meat substitutes in 2016. Wheat gluten is also a rich source of protein and is suitable for production for meat substitutes. Moreover, wheat gluten contain protein is close to the amount of protein that in beef. Thus, gluten-based products are a good alternative to animal proteins. Other sources includes rice-based & milk-based meat substitutes.
The global market for meat substitutes is dominated by Europe region in terms of value, accounted for approximately 40% of global meat substitutes market, followed by North America and Asia Pacific. Europe meat substitutes demand is mainly driven by increasing number of vegetarians in the U.K. and falling meat consumption in the country. The UK is the leading meat substitute market owing to Europe and in world as well. It is also projected to witness the robust growth during the forecast period. North America is the second largest market owing to presence of large number of flexitarians. Rising prices of meat coupled with population switching to healthy lifestyle leading to increased use of plant proteins in their diets, which in-turn supplementing the growth of meat substitutes in the region. Asia Pacific is projected to grow at a decent rate of 7.7% during the forecast period. Increasing preference of consumers for healthy food, growing economy, rising middle class and increasing purchasing power are some of the factors boosting the growth of Asia Pacific market. China is the fastest growing country in Asia-Pacific and is expected to witness the growth of approximately 8% between 2017 and 2025.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Meat Substitutes market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
