Meat Substitute Market to Reach $18 billion, Globally, by 2035 at 8.9% CAGR: Allied Market Research

Allied Market Research • 15 May 2024 - 12:30


Industry

Food & Beverages Fitness/Wellness Household/Consumer/Cosmetics

Subject

Market Research Reports

As consumer preferences increasingly favor plant-based diets, food companies are investing in research and development to create innovative plant-based products that closely replicate the taste, texture, and appearance of meat. This shift in demand has led to a surge in sales of meat substitutes. The growing adoption of plant-based diets is propelling the growth of the meat substitute market. Additionally, the market is experiencing rapid global expansion due to the rising popularity of vegetarian and vegan diets.

WILMINGTON, Del., May 15, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Meat Substitute Market by Category (Frozen, Refrigerated and Shelf Stable), Product Type (Tofu-based, Tempeh-based, TVP-based, Seitan-based, Quorn-based, and Others), and Source (Soy-based, Wheat-based, Mycoprotein, Pea-based, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2035". According to the report, the "meat substitute market" was valued at $6.6 billion in 2023, and is estimated to reach $18 billion by 2035, growing at a CAGR of 8.9% from 2024 to 2035.

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Prime determinants of growth

The growth of the meat substitute market is primarily driven by several key determinants, each contributing to rise in adoption and expansion of plant-based protein alternatives. Shifting consumer preferences towards healthier lifestyles and sustainable food choices plays a significant role. As awareness of health and environmental concerns rises, consumers are actively seeking alternatives to traditional meat products, leading to a surge in demand for meat substitutes. This trend is fueled by growing concerns over issues such as animal welfare, the environmental impact of livestock farming, and the health risks associated with high meat consumption, including cardiovascular diseases and obesity.

Furthermore, rise of vegetarianism and flexitarianism represents a significant driver of growth in the meat substitute market. With more individuals choosing to reduce or eliminate their meat consumption for various reasons, including health, ethics, and environmental sustainability, there is an expanding consumer base for plant-based protein alternatives. This shift in dietary preferences is reflected in the increasing availability and variety of meat substitutes in retail stores, restaurants, and food service outlets, catering to the diverse needs and preferences of consumers.

Report coverage & details:

Report Coverage 

Details 

Forecast Period 

2024–2035

Base Year 

2023

Market Size in 2022 

$6.6 Billion 

Market Size in 2032 

$18 Billion 

CAGR 

8.8 %

No. of Pages in Report 

444

Segments Covered 

Category, Product Type, Source, and Region

Drivers 

Growing health consciousness and awareness of environmental impact

Rising adoption of vegetarian and flexitarian diets

Increasing concerns about animal welfare and ethical considerations

Opportunities 

Expansion into emerging markets with rising disposable incomes

Collaboration and partnerships with foodservice providers and restaurants

Restraints 

High production costs compared to conventional meat

Perception of inferior taste and texture in meat substitutes



The frozen segment to maintain its leadership status during the forecast period

By category, the frozen segment held the highest market share in 2023, accounting for nearly three-fourths of the global professional hair care market revenue, and is estimated to maintain its leadership status during the forecast period. However, the shelf-stable segment is projected to attain a significant CAGR of 12.0% from 2024 to 2035.

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The TVP-based segment to maintain its leadership status during the forecast period

By product type, the TVP-based segment held the highest market share in 2023, accounting for more than one-third of the global professional hair care market revenue, and is estimated to maintain its leadership status during the forecast period. However. the tempeh-based segment is projected to attain the highest CAGR of 12.9% from 2024 to 2035.

The soy-based segment to maintain its leadership status during the forecast period

By source, the soy-based segment held the highest market share in 2023, accounting for nearly two-thirds of the global professional hair care market revenue, and is estimated to maintain its leadership status during the forecast period. However, the pea-based segment is projected to attain the highest CAGR of 13.0% from 2024 to 2035.

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Europe to maintain its dominance by 2035

By region, Europe has the highest market share in terms of revenue in 2023, accounting for nearly two-fifths of the global professional hair care market revenue. In addition, the Middle East and Africa region is expected to register the fastest CAGR of 11.2% from 2024 to 2035.

Leading Market Players: -

  • Amy's Kitchen
  • BeyondMeat
  • Cauldron Foods
  • Garden Protein International, Inc.
  • Meatless B.V.
  • VBites Foods Ltd.
  • MGP Ingredients (U.S.)
  • Sonic Biochem Extractions Limited
  • Kellogg Company,
  • Archer-Daniels-Midland Company
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