Meat Substitutes Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

Analyst Perspective 

The global meat substitutes market is estimated to register a CAGR of ~10

%

. People are moving towards a vegan lifestyle is a significant factor driving the growth of the meat substitutes market. There are many health benefits associated with meat-based substitutes. A product made up of plants resembling meat is becoming popular. The threat of animal-borne diseases has led to a decline in the consumption of meat-based products. Increasing consumers' awareness and developing new products has contributed to the growth opportunities for the meat substitutes market. Significant challenges for the growth of the meat substitute market include taste and texture, production scalability, and others.

Market Overview

Meat substitutes are mainly vegetarian and vegan products used to replace meat-based products. The market is expected to grow as more people adopt plant-based diets. Consumers who are not vegan or vegetarian are also exploring meat substitutes for numerous reasons, such as weight management, animal welfare, and long-term sustainability. Because of technology and innovations, consumers have a wide range of options. Tempeh is a fast-growing product type with increased demand in Asia-Pacific and Europe due to its suitable substituting properties and ease of manufacturing. Even government bodies in various countries are promoting the consumption of meat substitutes due to certain health benefits offered by these products.

Market Drivers

• Health and wellness trends and growing preference for plant-based meat

Consumers increasingly recognize the advantages of reducing meat intake, including lower cholesterol levels and risk of certain diseases. Meat substitutes help in improving gut health. The plant-based meat market is growing because of increasing health consciousness, environmental concerns, and consumer preferences.

• Rises in clean eating habits, innovation in products related to meat substitutes, rise in disposable income, influencers' impact, and others are major growth-driven factors for the Meat substitutes market.

Market Segmentation

The global meat substitutes market is segmented based on source, product type, and distribution channel. The global meat substitutes market is segmented based on source into soy protein, wheat protein, pea protein, mycoprotein, and others. The meat substitutes market is segmented based on product type into patties, nuggets, crumbles & grounds, sausages, and others. Based on distribution channels, it is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others.

Regional Analysis

The report provides a detailed industry overview, which includes qualitative and quantitative information. It overviews and forecasts the global meat substitutes market based on several segments. It also imparts information about market size and forecast estimates from 2021 to 2031 concerning five major regions: Europe, North America, Asia-Pacific (APAC), Middle East & Africa (MEA) and South & Central America. The meat substitutes market by region is also sub-segmented by respective countries and segments. The meat substitutes market report covers an analysis and forecast of eighteen countries around the globe and the current trends and opportunities of the region.

The report analyses factors affecting the meat substitutes market from both the demand and supply side. Furthermore, it evaluates market dynamics during the forecast period, i.e., drivers, challenges, opportunities, and future trends. The report also provides an extensive Porter's Five Forces analysis highlighting factors affecting the meat substitute market in these regions.

Key Players

The reports cover vital organic and inorganic growth strategy developments in the meat substitutes market. Various companies concentrate on organic growth strategies such as product launches, approvals, patents, and others. Inorganic growth strategies observed in the market are partnerships, collaborations, and acquisitions. These activities have paved the way for the development of the business and customer base of market players. The market players in the meat substitutes market anticipate lucrative growth opportunities with the rising demand for filter products globally.

The report includes key companies' profiles, SWOT analysis, and meat substitutes market strategies. The report also focuses on leading market players with information including company profiles, components, and services offered, financial information for the last three years, and critical development in the past five years.

Below is a list of companies engaged in the meat substitutes market.

• Beyond Meat
• Impossible Foods Inc.
• Hain Celestial
• Conagra, Inc.
• Kellogg's Company
• Amy's Inc.
• Quorn (Marlow Foods Ltd.)
• Vbites Foods Ltd.
• Sunfed
• Tyson Foods, Inc.

Meat Substitutes Report Scope