Meat substitute Market, by Product Type (Tofu, Quorn, Tempeh, Seitan, Textured Vegetable Protein, Mushrooms, and Others), by Source (Soy, Cereal, Mycoprotein, Oilseed and Others), by Category (Frozen, Refrigerated, and Shelf-stable), by Distribution Channel (Online Stores and Offline Stores), by Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) is estimated to be valued at US$ 2.89 Bn in 2024 and is expected to exhibit a compound annual growth rate (CAGR) of 15.2% during the forecast period (2024 – 2031), as highlighted in a new report published by Coherent Market Insights.
Increasing health awareness among consumers regarding meat adulteration and environmental or ethical concerns related to meat consumption are major factors expected to drive growth of the meat substitute market’s growth. Consumers are changing their dietary patterns in order to exclude meat protein and include plant-based protein. These products help consumers with daily protein supply required for better health. Moreover, meat substitutes help to reduce the calorie intake by 20%, which helps to reduce weight. The meat substitute reduces risk of heart disease, cancer, lower blood cholesterol, and increases bone mass. Adulteration and infection in meat can cause brain disorder, diarrhea, abdominal cramps, muscle pain, and fever. Therefore, the increasing prevalence of such diseases associated with meat consumption is projected to boost growth of meat substitute market over the forecast period. However, consumption of meat substitute results in adverse allergic reactions such as vomiting, nausea, and diarrhea, which is hindering growth of the market.
Global Meat Substitute Market - Impact of Coronavirus (Covid-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly and had a serious negative impact on the economies, social behaviours, and healthcare of every country in the world.
The COVID-19 pandemic has had a significant impact on the meat industry and has led to disruptions in the food supply chain, media coverage of food safety issues, and restaurant closures, all of which have influenced consumer dietary patterns. However, the pandemic has also provided a boost to the plant-based meat industry, with unprecedented demand from manufacturers and consumers, particularly for some products such as meat analogue. The pandemic has also increased public awareness of zoonoses and led to short-term reductions in meat consumption, a shift towards certain types of meat, and a more pervasive change in perceptions of the health risks associated with meat consumption.
Recent Developments
- In December 2021, ITC Ltd launched plant-based meat products in anticipation of the burgeoning demand for meat substitutes and vegan meals in India. ITC Ltd is an Indian conglomerate company headquartered in Kolkata, West Bengal. It operates a diversified business, including fast-moving consumer goods, hotels, paperboards, packaging, agribusiness, and information technology.
Browse 24 Market Data Tables and 28 Figures spread through 150 Pages and in-depth TOC on “Global Meat Substitute Market”- Forecast to 2031, Global Meat Substitute Market, by Product Type (Tofu, Quorn, Tempeh, Seitan, , Textured Vegetable Protein, Mushrooms, and Others), by Source (Soy, Cereal, Mycoprotein, Oilseed and Others), by Category (Frozen, Refrigerated, and Shelf-stable), by Distribution Channel (Online Stores and Offline Stores), by Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa)
Link: https://www.coherentmarketinsights.com/market-insight/meat-substitute-market-2083
Key Takeaways of the Market
- The global meat substitute market was valued at US$ 2.89 Bn in 2024 and is forecast to reach a value of US$ 7.78 Bn by 2031 at a CAGR of 15.2% between 2024 and 2031
- Major players operating in the global meat substitute market include DowDuPont Inc., Archer Daniels Midland Company, Amy’s Kitchen Inc., MGP Ingredients, Inc., Beyond Meat Inc., Sonic Biochem Extractions Ltd., VBites Foods Limited, The Nisshin OilliO Group, Ltd. Garden Protein International, MorningStar Farms, and Meatless BV.
- Key players operating in the global meat substitute market are focusing on various strategies such as mergers & acquisitions in order to strengthen their market presence and expand their product portfolio
