What's the market peak of the Meat Substitute market?

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.

Meat Substitute Market Segmentation

Grand View Research has segmented the global meat substitute market on the basis of source, distribution channel, and region:

Based on the Source Insights, the market is segmented into Plant-based Protein, Mycoprotein, Soy-based and others.

• The plant-based protein segment held the largest revenue share of 34.8% in 2021 and is expected to maintain dominance over the forecast period.
• The products made from plant protein and mycoprotein possess the texture, flavor, and nutritional properties of meat but are made from non-animal sources. Target plant proteins isolated from plants are put through hydrolysis to increase their functionality.
• The mycoprotein segment is projected to register the fastest CAGR of 43.2% from 2022 to 2030. Owing to the higher content of nutrients like fiber that helps in controlling blood cholesterol and blood sugar, consumers prefer mycoprotein food. For vegans and vegetarians, meat alternatives were earlier limited to soya chunks and mushrooms, and cottage cheese.

Based on the Distribution channel Insights, the market is segmented into Foodservice and Retail.

• The retail segment led the market for meat substitutes and accounted for the largest revenue share of 67.3% in 2021. The segment includes all retail outlets such as hypermarkets, supermarkets, convenience stores, mini markets, and departmental stores.
• Consumers prefer these stores as they offer huge discounts and offers. Further, the majority of the brands launch their product through big chains of supermarkets such as Walmart, Target, and others to reach maximum customers.
• The foodservice segment is anticipated to register a CAGR of 43.0% from 2022 to 2030. The category includes outlets such as restaurants, hotels, and lounges. The COVID-19 pandemic has led to lockdowns and shutdowns across the world.
• Consumers benefit from manufacturers' enthusiastic response to the trend in two ways: availability and price obstacles are reducing as more plant-based protein products are launched in a specialty, conventional supermarket, and foodservice channels.

Meat Substitute Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

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.

Some prominent players in the Global Meat Substitute 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.

Order a free sample PDF of the in Meat Substitute Market Intelligence Study, published by Grand View Research.