Meat Substitutes Market By Type (Patties, Crumbles & Grounds, Hot Dogs, Sausages, Nuggets, Meatballs, and Other), By Source (Plant-based Chicken, Plant-based Fish and Plant-based Beef), By Functionality (Weight Management, Immunity Boosting Products, Gut Health/Digestive Health, Clinical Nutrition,

Meat Substitutes Market Size And Forecast

According to the new report titled " Meat Substitutes Market By Type (Patties, Crumbles & Grounds, Hot Dogs, Sausages, Nuggets, Meatballs, and Other), By Source (Plant-based Chicken, Plant-based Fish and Plant-based Beef), By Functionality (Weight Management, Immunity Boosting Products, Gut Health/Digestive Health, Clinical Nutrition, and Others), By Distribution Channels (Foodservice & Retail, Specialty Stores, Online Retail), Global Analysis to 2023",

The valuation of the  Meat Substitutes market was $1.96 Billion in 2023 and is projected to reach $6.38 Billion by 2032, at a CAGR of 14.02% from 2021 to 2032.

The Meat Substitutes Market was valued at $1.96 Billion by 2023 and expected to grow at CAGR of 14.02% over forecast period.  Meat substitutes, also known as meat alternatives or plant-based meats, are products designed to mimic the taste, texture, and appearance of conventional meat while being made entirely from plant-based ingredients or other non-meat sources. Consumers are becoming increasingly health-conscious and are seeking alternatives to traditional meat products as part of a desire for healthier diets. Meat substitutes often offer lower levels of saturated fat and cholesterol compared to conventional meat. The environmental impact of meat production, including issues such as greenhouse gas emissions, water usage, and deforestation, has led many consumers to explore plant-based alternatives. Meat substitutes generally have a lower environmental footprint compared to animal-derived meats. The rise of vegetarianism, veganism, and flexitarianism has created a growing market for meat substitutes among individuals who choose to avoid or reduce their consumption of animal products for ethical, health, or religious reasons. Increased marketing efforts by companies promoting the benefits of meat substitutes, as well as educational campaigns highlighting the environmental and health advantages of plant-based diets, have contributed to growing consumer awareness and acceptance of these products.

Foodservice & Retail held the largest share in the Meat Substitutes market

By Distribution Channels (Foodservice & Retail, Specialty Stores, Online Retail) where Foodservice & Retail plays a crucial role in the Meat Substitutes market. The demand for meat substitutes in both foodservice and retail sectors has been experiencing significant growth. The increasing number of individuals following vegetarian, vegan, or flexitarian diets is driving demand for meat substitutes. These consumers are looking for plant-based options that provide the taste, texture, and nutritional profile of meat but without the animal-derived ingredients. Consumers are increasingly concerned about their health and are looking for ways to reduce their intake of saturated fats, cholesterol, and other harmful substances commonly found in meat products. Meat substitutes, particularly those made from whole plant-based ingredients, are perceived as healthier alternatives.

The environmental impact of meat production, including issues such as greenhouse gas emissions, land use, and water consumption, has led many consumers to seek out meat substitutes as a more sustainable option. Plant-based proteins generally have a lower environmental footprint compared to animal-derived proteins. Government initiatives promoting healthier and more sustainable diets, as well as policies aimed at reducing meat consumption and promoting plant-based alternatives, are also driving demand for meat substitutes.

Asia Pacific headed the Meat Substitutes market in 2023

As economies in the Asia Pacific region continue to develop, there is a growing awareness of health and wellness. Consumers are increasingly concerned about the impact of their diets on their health and are seeking out alternatives to traditional meat products that are perceived as healthier. The Asia Pacific region is home to some of the world's most populous countries, and as a result, there is growing concern about the environmental impact of meat production. Consumers are becoming more aware of issues such as deforestation, water usage, and greenhouse gas emissions associated with livestock farming, leading to an increased interest in meat substitutes as a more sustainable option. Rapid urbanization and changing lifestyles in the Asia Pacific region have led to shifts in dietary patterns. As more people move to cities and adopt Western-style diets, there is a growing demand for meat substitutes as consumers seek out convenient, healthier, and more sustainable food options. Some governments in the Asia Pacific region are implementing initiatives and policies to promote healthier and more sustainable diets. This includes campaigns to reduce meat consumption and support the development and adoption of plant-based alternatives, which can further drive demand for meat substitutes.

Key market players operating in the market that are profiled in the report are 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 etc

Report Scope

Key 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 etc

Global Meat Substitutes MarketSegmentation Analysis

The Global Meat Substitutes Market is Segmented on the basis of Source, Category, Product, And Geography.

Meat Substitutes Market, By Source

• Wheat Based Meat Substitutes
• Mycoprotein Meat Substitutes
• Soy Based Wheat Substitutes
• Others

Based on Source, the market is segmented into Wheat Based Meat Substitutes, Mycoprotein Meat Substitutes, Soy Based Wheat Substitutes, and Others. Among this entire segmentation, Soy Based Wheat Substitutes segment is expected to grow at the fastest pace and also, account for significant market share. The growth of the segment is attributed to the ability of soy-based products to absorb rich flavors from other food and it is known as a complete source of protein.

Meat Substitutes Market, By Category

• Frozen Meat Substitutes
• Refrigerated Meat Substitutes

Based on Category, the market is segmented into Frozen Meat Substitutes and Refrigerated Meat Substitutes. Among these two segments, Frozen Meat Substitutes is expected to hold the largest share in the Meat Substitutes Market due to the growing popularity of products such as TVP, which is dehydrated high-protein.

Meat Substitutes Market, By Product

• Tofu and Tofu Ingredients
• Seitan
• Quorn
• Other Soy Products
• Textured Vegetable Protein
• Others

Based on Product, the market is segmented into Tofu and Tofu Ingredients, Seitan and Quorn, Other Soy Products, Textured Vegetable Protein, and Others. The seitan segment is expected to grow at the fastest pace during the forecasted period as it contains a higher amount of sodium and protein and is also available in a variety of forms such as marinated strips, shaped masses, slices, and blocks.

 Meat Substitutes Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support