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Market for Meat Alternatives to Reach $17.5 Billion by 2027

The global market for meat substitutes is anticipated to develop at a CAGR of 15.1% from 2020 to 2027 in order to reach $17.5 billion by that time, according to the most recent report from Meticulous Research®. One of the main reasons influencing the growth of this market is the rising intolerance for animal proteins, rising consumer awareness of healthy food, rising numbers of vegans and vegetarians, and rising investment and venture capital funding. Additionally, the market's players can anticipate to benefit from ongoing product innovation, increased R&D by meat substitute and protein alternative producers, and rising demand for vegan products in emerging nations. However, some people's desire for animal-based, soy-free, and gluten-free products as well as expensive meat substitutes are predicted to impede the acceptance of meat substitutes.

Based on product type, the meat substitute market is segmented into tofu, TVP, tempeh, seitan, burger patties, sausages, ground meat, meatballs, nuggets, crumbles, and other meat substitutes. In 2019, the tofu segment accounted for the largest share of the global meat substitute market. Due to its low cost, easy availability, and high nutritional & medicinal value, tofu dominated the meat substitute market.

Based on source, the global meat substitute market is segmented into soy protein, wheat protein, almond protein, pea protein, rice protein, and other sources. In 2019, the soy protein segment commanded the largest share of the overall meat substitutes market. The large share of this segment is mainly attributed to its easy availability, lower cost, increasing demand for soy-based meat alternative products, higher consumer acceptance level, and increasing application of soy protein in various meat substitutes.

Based on distribution channel, the global meat substitute market is segmented into business-to-business (B2B) and business-to-customers (B2C). In 2019, the B2C segment accounted for the largest share of the global meat substitute market. The rapidly growing online retail sector and rising number of supermarkets & hypermarkets are the major factors driving the growth of this segment.

Geographic Review:

Geographically, this research report provides a comprehensive analysis for five major geographies—North America (U.S. and Canada), Europe (U.K., Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and RoAPAC), Latin America, and the Middle East & Africa. In 2019, Europe commanded the largest share of the global meat substitute market. However, the Asia-Pacific region is projected to grow at a significant pace in the forecast period. The rapid growth of this region mainly attributed to the rising awareness about a protein-rich diet, increasing health consciousness, higher vegan & vegetarian population, and growing technological advancements in the F&B industry.

Key Players:

The key players operating in the global meat substitute market are Beyond Meat Inc. (U.S.), Impossible Foods Inc. (U.S.), Garden Protein International, Inc. (Canada), Amy’s Kitchen Inc. (U.S.), The Hain Celestial Group, Inc. (U.S.), Sahmyook Foods (South Korea), Axiom Foods (U.S.), Lightlife Foods, Inc. (U.S.), Marlow Foods Ltd. (U.K.), Taifun –Tofu GmbH (Germany), Atlantic Natural Foods LLC (U.S.), VBIte Food Ltd (U.K.), and Nutrisoy Pty Ltd. (Australia).

Scope of the report

Meat Substitute Market, by Product Type

Tofu

TVP

Tempeh

Seitan

Burger Patties

Sausages

Ground Meat

Meatballs

Nuggets

Crumbles

Others

Meat Substitute Market, by Source

Soy Protein

Almond Protein

Wheat Protein

Pea Protein

Rice Protein

Others

Meat Substitute Market, by Distribution Channel

Business to Business

Business to Customers

Modern Groceries

Convenience Store

Specialty Store

Online Retail

Others

Meat Substitute Market, by Geography

North America

U.S.

Canada

Europe

U.K.

Germany

France

Italy

Spain

RoE

Asia-Pacific (APAC)

China

Japan

India

RoAPAC

Latin America

Middle East and Africa

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