Increasing Global Demand For Meat Substitute Market With Rising CAGR Forecast Till 2030|Grand View Research, Inc.

Posted by Mrudula Anil Karmarkar on August 10th, 2022

The global meat substitute market size is expected to reach USD 234.7 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 42.1% from 2022 to 2030. Growing preference for a vegan diet coupled with rising health awareness is expected to fuel market demand in the forecast period. Furthermore, growing awareness of environmental and ethical issues has also accelerated market growth. Plant-based meat is a healthier alternative to traditional meat products. Over half of protein users prefer to consume natural sources in their protein, which is boosting the shift in demand for easily identifiable and clean substances.

Many plant-based protein products promise a smaller carbon footprint than traditional protein sources, and since these plant protein products are thought to be easier on the environment, health, and sustainability, they have become significant motivators for the adoption of meat substitutes globally. Plant-based protein held the largest segment in 2021 and is expected to maintain its dominance over the forecast period. Increasing consumer concern regarding the adverse health effects of consuming diets high in animal protein (e.g., increased saturated fatty acids) will drive the growth of this segment. Companies including Beyond Meat and Impossible Foods Inc. are bringing alternative protein products to more restaurants and grocery stores, which is boosting the demand. They're leveraging their size to increase distribution while also collaborating with retailers on promotions and marketing.

The retail segment dominated the market and accounted for a significant revenue share in 2021. As more consumers have stopped eating meat or drastically reduced their consumption, supermarket companies have more room to attract customers to buy goods other than meat in their stores. Consumers in the U.S. are going meat-free because of the wide availability of the product on both online and offline retail stores. The market is fragmented in different regions/countries owing to the presence of a large number of players including Amy’s Kitchen, Beyond Meat, Impossible Foods Inc., The Kellogg Company, Unilever, Quorn Foods, Meatless B.V., Tyson Foods, Inc., and Sunfed.

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Intensive animal husbandry has been criticized by some sections of society because of its negative effects on the environment and animal welfare. This has led to the emergence of diets that exclude or limit the use of animal products. This is expected to facilitate the growth of the market for meat substitutes. The outbreak of the COVID-19 pandemic has drastically impacted the consumption pattern of traditional meat due to rising health consciousness among consumers.

Meat Substitute Market Report Highlights

• The Mycoprotein segment is projected to register the fastest growth as its more economical to produce and the reduced prices are also expected to drive growth
• The retail channel segment held the largest revenue share in 2021 due to nationwide lockdowns globally and the resultant increase in at-home consumption of food
• Asia Pacific is expected to register the fastest growth during the forecast period. Countries such as China and Australia and others are expected to see a rapid surge in the consumption of meat substitutes with consumers across these countries preferring to cut down meat consumption and form more healthy dietary habits

The market for meat substitutes comprises companies with a stronghold in meat substitutes and is still developing, where new entrants are launching products and other key players in the market are planning to launch their products due to the increasing health concern owing to rising animal-borne diseases across the globe. Some of the initiatives taken are:

• In December 2021, Japan-based Next Meats partnered with Indian food tech start-up Vegan Meats India to launch meat substitutes in India. The company plans to set up a manufacturing unit and lab in India.
• For instance, in December 2021, ITC Ltd launched plant-based meat products, in anticipation of the burgeoning demand for meat substitutes and vegan meals in India. 
• In January 2022, KFC launched Beyond Fried Chicken made up of plant-based meats at different locations globally. 

Some of the prominent players in the meat substitutes market include:

• Amy’s Kitchen
• Beyond Meat
• Impossible Foods Inc.
• Quorn Foods
• The Kellogg Company
• Unilever
• Meatless B.V.
• VBites Foods Ltd.
• Sunfed
• Tyson Foods, Inc.