MEAT SUBSTITUTE MARKET ANALYSIS

Meat Substitute MarketSize and Trends

The meat substitute Market size is valued at US$ 2.89 Bn in 2024 and is expected to reach US$ 7.78 Bn by 2031, growing at a compound annual growth rate (CAGR) of 15.2% from 2024 to 2031.

Market Trends:

Rising popularity of fast casual restaurants with vegan-flexible menus: The rising popularity of fast casual restaurants offering vegan-flexible menus is having a significant influence on this market. More fast food chains and restaurants are recognizing the growing demand for plant-based options and are adding vegetable-based proteins to their menus. This is creating higher awareness and visibility around meat alternatives. When popular restaurants like Chipotle Mexican Grill include choices like soyrizo, plant-based chorizo, or tempeh tacos on their menus, it normalizes meat substitutes and allows them to gain mainstream appeal. Customers who may not have considered vegan or veggie options earlier are now willing to experiment when familiar brands offer dishes with meat alternatives. This is directly boosting the trial and adoption of mock meats. Restaurants are also leveraging their loyal customer base and targeted marketing abilities to promote their new sustainable menu items made from plant-based proteins. The easy availability of prepared vegan dishes at ubiquitous fast casual eateries is fueling the trial of meat substitutes in a low involvement manner. As per an International Food Information Council report, 33% of U.S. consumers said they are interested in plant-based meat alternatives, specifically because restaurants are including them on menus. The report also mentioned that 35% of U.S. flexitarians said the inclusion of meat substitutes on fast food menus would make them order vegan or vegetarian options more frequently.