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Global Meat Substitutes Market to Reach US$ 6.6 Billion by 2024, Bolstered by Growing Demand for Plant-Based Products

According to the latest report by IMARC Group, titled “Meat Substitutes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global meat substitutes market size reached US$ 4.8 Billion in 2018. Meat substitutes refer to food products that have a meat-like flavor, texture or appearance but do not contain meat. They are generally made up of raw materials that are rich in proteins and contain significant amounts of vitamins, iron, zinc and other nutrients that may be lacking in a vegan or a vegetarian diet. Due to the increasing awareness about the adverse health effects associated with the consumption of meat, consumers are shifting toward meat substitutes. Nowadays, many companies are investing substantially to improve the taste and texture of meat substitutes and providing a variety of product variants to consumers.

Global Meat Substitutes Market Trends:

Meat substitutes are gaining immense popularity across the globe as they are associated with maintaining cholesterol and blood sugar levels, preventing menopausal difficulties and other related ailments. Apart from this, several campaigns on animal welfare, along with the rising prices of meat products and growing health-consciousness, have shifted consumer preference toward plant-based diets. Along with this, the increasing awareness about the environmental impact of animal farming for meat production has further encouraged them to incorporate meat substitutes in their daily diet. Besides, manufacturers have established various online retail portals that provide seamless distribution of these products to consumers, which in turn has positively impacted the industry. Moreover, they are coming up with innovative products, such as non-GMO and certified organic meat substitute products, offering functional, sustainable and highly nutritional alternatives to animal products. Looking forward, the market value is projected to reach US$ 6.6 Billion by 2024, registering a CAGR of around 5% during 2019-2024.

Market Summary:

  • Based on the type, the market has been segregated into tofu and tofu ingredients, tempeh, textured vegetable protein (TVP), seitan, Quorn and others.
  • On the basis of the source, the report finds that soy represents the most popular source. Other major segments are wheat and microprotein.
  • Based on the category, the market has been segmented into frozen, refrigerated and shelf-stable products. Amongst these, frozen meat substitutes are mostly preferred by consumers across the globe.
  • The market has been categorized on the basis of the distribution channel into supermarkets and hypermarkets, health food stores, convenient stores and others.
  • Region-wise, Europe enjoys the leading position in the market. Other major regions include Asia Pacific, North America, Latin America, and Middle East and Africa.
  • The competitive landscape of the market has also been examined with some of the key players being Nisshin Oillio Group, Ltd., DuPont de Nemours, Inc., Archer Daniels Midland Company, Amy's Kitchen, Inc., Conagra Brands, Inc., Quorn Foods (Marlow Foods Limited), Cauldron Foods, Campbell Soup Company, VBites Foods Limited, Blue Chip Group, Field Roast Grain Meat Co., Garden Protein International, Inc., LightLife Foods, Sweet Earth Foods, MGP Ingredients, Inc., Tofurky Company, Inc., Meatless Farm Company and Sonic Biochem Extractions Limited.

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