Meat substitute products such as tofu, tempeh, textured vegetable protein, and seitan are plant-based foods that mimic the appearance and flavor of meat. These products offer environmental and health benefits as they require less land and water than animal agriculture while being cholesterol free.
The global Meat Substitute Market is estimated to be valued at US$ 2.15 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the meat substitute market is growing popularity of plant-based meats. Plant-based meat producers are focusing on developing meatless alternatives that closely mimic the sensory characteristics of animal meat such as taste, texture and juiciness. For instance, Impossible Foods and Beyond Meat are producing burgers, sausages and meatballs using plant-based ingredients like soy, coconut and potato proteins. These plant-based meat products are gaining immense popularity among health conscious consumers as well as flexitarians.
Segment Analysis
The global meat substitute market is segmented into types, source, and distribution channel. By type, the soy segment dominates the market and accounts for over 35% of the global market share. Soy is widely used for meat analogue products as it provides good texture and flavor which helps mimic meat. By source, the market is categorized into wheat, soy, mycoprotein and others. Soy contributes to the largest revenue share due to its high protein content. By distribution channel, supermarkets/hypermarkets and online retail segments have substantial market shares as they provide a wide range of products to consumers through their store networks and websites.
Key Takeaways:
The Global Meat Substitute Market Demand Size is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing awareness about health and environmental benefits of meat alternatives.
Regional analysis: North America dominates the global meat substitute market and is expected to continue its dominance over the forecast period. This is attributed to the increasing vegan population and significant adoption of plant-based diets in the region. Asia Pacific exhibits the fastest growth due to increasing health consciousness, considerable disposable income, and growing western influence in countries like China and India.
Key players: Key players operating in the meat substitute market are ADM (US), Ingredion Incorporated (US), DuPont (US), Kerry Group (Ireland), and Roquette Frères (France). ADM holds a major share of the market due to its wide portfolio of plant-based products under the Archer Daniels Midland brand. Ingredion Incorporated specializes in texture solutions and plant-based proteins. DuPont is one of the leading manufacturers of non-GMO soy proteins. Kerry Group provides various cultured meat and plant-based protein technologies. Roquette Frères offers diverse range of pea and soy ingredients.
Explorer more information on this topic, Please visit -
