Meat Substitutes Market Insights and Growth by 2031
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.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Meat Substitutes Market - By Source
1.3.2 Meat Substitutes Market - By Product Type
1.3.3 Meat Substitutes Market - By Distribution Channel
1.3.4 Meat Substitutes Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. MEAT SUBSTITUTES MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. MEAT SUBSTITUTES MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. MEAT SUBSTITUTES MARKET - GLOBAL MARKET ANALYSIS
6.1. MEAT SUBSTITUTES - GLOBAL MARKET OVERVIEW
6.2. MEAT SUBSTITUTES - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. MEAT SUBSTITUTES MARKET - REVENUE AND FORECASTS TO 2028 - SOURCE
7.1. OVERVIEW
7.2. SOURCE MARKET FORECASTS AND ANALYSIS
7.3. SOY
7.3.1. Overview
7.3.2. Soy Market Forecast and Analysis
7.4. WHEAT
7.4.1. Overview
7.4.2. Wheat Market Forecast and Analysis
7.5. MYCOPROTEIN
7.5.1. Overview
7.5.2. Mycoprotein Market Forecast and Analysis
7.6. OTHERS
7.6.1. Overview
7.6.2. Others Market Forecast and Analysis
8. MEAT SUBSTITUTES MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT TYPE
8.1. OVERVIEW
8.2. PRODUCT TYPE MARKET FORECASTS AND ANALYSIS
8.3. TOFU AND TOFU PRODUCTS
8.3.1. Overview
8.3.2. Tofu and Tofu Products Market Forecast and Analysis
8.4. TEMPEH
8.4.1. Overview
8.4.2. Tempeh Market Forecast and Analysis
8.5. SEITAN
8.5.1. Overview
8.5.2. Seitan Market Forecast and Analysis
8.6. QUORN
8.6.1. Overview
8.6.2. Quorn Market Forecast and Analysis
8.7. OTHERS
8.7.1. Overview
8.7.2. Others Market Forecast and Analysis
9. MEAT SUBSTITUTES MARKET - REVENUE AND FORECASTS TO 2028 - DISTRIBUTION CHANNEL
9.1. OVERVIEW
9.2. DISTRIBUTION CHANNEL MARKET FORECASTS AND ANALYSIS
9.3. SUPERMARKETS AND HYPERMARKETS
9.3.1. Overview
9.3.2. Supermarkets and Hypermarkets Market Forecast and Analysis
9.4. CONVENIENCE STORES
9.4.1. Overview
9.4.2. Convenience Stores Market Forecast and Analysis
9.5. ONLINE RETAIL
9.5.1. Overview
9.5.2. Online Retail Market Forecast and Analysis
9.6. OTHERS
9.6.1. Overview
9.6.2. Others Market Forecast and Analysis
10. MEAT SUBSTITUTES MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Meat Substitutes Market Overview
10.1.2 North America Meat Substitutes Market Forecasts and Analysis
10.1.3 North America Meat Substitutes Market Forecasts and Analysis - By Source
10.1.4 North America Meat Substitutes Market Forecasts and Analysis - By Product Type
10.1.5 North America Meat Substitutes Market Forecasts and Analysis - By Distribution Channel
10.1.6 North America Meat Substitutes Market Forecasts and Analysis - By Countries
10.1.6.1 United States Meat Substitutes Market
10.1.6.1.1 United States Meat Substitutes Market by Source
10.1.6.1.2 United States Meat Substitutes Market by Product Type
10.1.6.1.3 United States Meat Substitutes Market by Distribution Channel
10.1.6.2 Canada Meat Substitutes Market
10.1.6.2.1 Canada Meat Substitutes Market by Source
10.1.6.2.2 Canada Meat Substitutes Market by Product Type
10.1.6.2.3 Canada Meat Substitutes Market by Distribution Channel
10.1.6.3 Mexico Meat Substitutes Market
10.1.6.3.1 Mexico Meat Substitutes Market by Source
10.1.6.3.2 Mexico Meat Substitutes Market by Product Type
10.1.6.3.3 Mexico Meat Substitutes Market by Distribution Channel
10.2. EUROPE
10.2.1 Europe Meat Substitutes Market Overview
10.2.2 Europe Meat Substitutes Market Forecasts and Analysis
10.2.3 Europe Meat Substitutes Market Forecasts and Analysis - By Source
10.2.4 Europe Meat Substitutes Market Forecasts and Analysis - By Product Type
10.2.5 Europe Meat Substitutes Market Forecasts and Analysis - By Distribution Channel
10.2.6 Europe Meat Substitutes Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Meat Substitutes Market
10.2.6.1.1 Germany Meat Substitutes Market by Source
10.2.6.1.2 Germany Meat Substitutes Market by Product Type
10.2.6.1.3 Germany Meat Substitutes Market by Distribution Channel
10.2.6.2 France Meat Substitutes Market
10.2.6.2.1 France Meat Substitutes Market by Source
10.2.6.2.2 France Meat Substitutes Market by Product Type
10.2.6.2.3 France Meat Substitutes Market by Distribution Channel
10.2.6.3 Italy Meat Substitutes Market
10.2.6.3.1 Italy Meat Substitutes Market by Source
10.2.6.3.2 Italy Meat Substitutes Market by Product Type
10.2.6.3.3 Italy Meat Substitutes Market by Distribution Channel
10.2.6.4 United Kingdom Meat Substitutes Market
10.2.6.4.1 United Kingdom Meat Substitutes Market by Source
10.2.6.4.2 United Kingdom Meat Substitutes Market by Product Type
10.2.6.4.3 United Kingdom Meat Substitutes Market by Distribution Channel
10.2.6.5 Russia Meat Substitutes Market
10.2.6.5.1 Russia Meat Substitutes Market by Source
10.2.6.5.2 Russia Meat Substitutes Market by Product Type
10.2.6.5.3 Russia Meat Substitutes Market by Distribution Channel
10.2.6.6 Rest of Europe Meat Substitutes Market
10.2.6.6.1 Rest of Europe Meat Substitutes Market by Source
10.2.6.6.2 Rest of Europe Meat Substitutes Market by Product Type
10.2.6.6.3 Rest of Europe Meat Substitutes Market by Distribution Channel
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Meat Substitutes Market Overview
10.3.2 Asia-Pacific Meat Substitutes Market Forecasts and Analysis
10.3.3 Asia-Pacific Meat Substitutes Market Forecasts and Analysis - By Source
10.3.4 Asia-Pacific Meat Substitutes Market Forecasts and Analysis - By Product Type
10.3.5 Asia-Pacific Meat Substitutes Market Forecasts and Analysis - By Distribution Channel
10.3.6 Asia-Pacific Meat Substitutes Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Meat Substitutes Market
10.3.6.1.1 Australia Meat Substitutes Market by Source
10.3.6.1.2 Australia Meat Substitutes Market by Product Type
10.3.6.1.3 Australia Meat Substitutes Market by Distribution Channel
10.3.6.2 China Meat Substitutes Market
10.3.6.2.1 China Meat Substitutes Market by Source
10.3.6.2.2 China Meat Substitutes Market by Product Type
10.3.6.2.3 China Meat Substitutes Market by Distribution Channel
10.3.6.3 India Meat Substitutes Market
10.3.6.3.1 India Meat Substitutes Market by Source
10.3.6.3.2 India Meat Substitutes Market by Product Type
10.3.6.3.3 India Meat Substitutes Market by Distribution Channel
10.3.6.4 Japan Meat Substitutes Market
10.3.6.4.1 Japan Meat Substitutes Market by Source
10.3.6.4.2 Japan Meat Substitutes Market by Product Type
10.3.6.4.3 Japan Meat Substitutes Market by Distribution Channel
10.3.6.5 South Korea Meat Substitutes Market
10.3.6.5.1 South Korea Meat Substitutes Market by Source
10.3.6.5.2 South Korea Meat Substitutes Market by Product Type
10.3.6.5.3 South Korea Meat Substitutes Market by Distribution Channel
10.3.6.6 Rest of Asia-Pacific Meat Substitutes Market
10.3.6.6.1 Rest of Asia-Pacific Meat Substitutes Market by Source
10.3.6.6.2 Rest of Asia-Pacific Meat Substitutes Market by Product Type
10.3.6.6.3 Rest of Asia-Pacific Meat Substitutes Market by Distribution Channel
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Meat Substitutes Market Overview
10.4.2 Middle East and Africa Meat Substitutes Market Forecasts and Analysis
10.4.3 Middle East and Africa Meat Substitutes Market Forecasts and Analysis - By Source
10.4.4 Middle East and Africa Meat Substitutes Market Forecasts and Analysis - By Product Type
10.4.5 Middle East and Africa Meat Substitutes Market Forecasts and Analysis - By Distribution Channel
10.4.6 Middle East and Africa Meat Substitutes Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Meat Substitutes Market
10.4.6.1.1 South Africa Meat Substitutes Market by Source
10.4.6.1.2 South Africa Meat Substitutes Market by Product Type
10.4.6.1.3 South Africa Meat Substitutes Market by Distribution Channel
10.4.6.2 Saudi Arabia Meat Substitutes Market
10.4.6.2.1 Saudi Arabia Meat Substitutes Market by Source
10.4.6.2.2 Saudi Arabia Meat Substitutes Market by Product Type
10.4.6.2.3 Saudi Arabia Meat Substitutes Market by Distribution Channel
10.4.6.3 U.A.E Meat Substitutes Market
10.4.6.3.1 U.A.E Meat Substitutes Market by Source
10.4.6.3.2 U.A.E Meat Substitutes Market by Product Type
10.4.6.3.3 U.A.E Meat Substitutes Market by Distribution Channel
10.4.6.4 Rest of Middle East and Africa Meat Substitutes Market
10.4.6.4.1 Rest of Middle East and Africa Meat Substitutes Market by Source
10.4.6.4.2 Rest of Middle East and Africa Meat Substitutes Market by Product Type
10.4.6.4.3 Rest of Middle East and Africa Meat Substitutes Market by Distribution Channel
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Meat Substitutes Market Overview
10.5.2 South and Central America Meat Substitutes Market Forecasts and Analysis
10.5.3 South and Central America Meat Substitutes Market Forecasts and Analysis - By Source
10.5.4 South and Central America Meat Substitutes Market Forecasts and Analysis - By Product Type
10.5.5 South and Central America Meat Substitutes Market Forecasts and Analysis - By Distribution Channel
10.5.6 South and Central America Meat Substitutes Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Meat Substitutes Market
10.5.6.1.1 Brazil Meat Substitutes Market by Source
10.5.6.1.2 Brazil Meat Substitutes Market by Product Type
10.5.6.1.3 Brazil Meat Substitutes Market by Distribution Channel
10.5.6.2 Argentina Meat Substitutes Market
10.5.6.2.1 Argentina Meat Substitutes Market by Source
10.5.6.2.2 Argentina Meat Substitutes Market by Product Type
10.5.6.2.3 Argentina Meat Substitutes Market by Distribution Channel
10.5.6.3 Rest of South and Central America Meat Substitutes Market
10.5.6.3.1 Rest of South and Central America Meat Substitutes Market by Source
10.5.6.3.2 Rest of South and Central America Meat Substitutes Market by Product Type
10.5.6.3.3 Rest of South and Central America Meat Substitutes Market by Distribution Channel
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. MEAT SUBSTITUTES MARKET, KEY COMPANY PROFILES
12.1. AMY'S KITCHEN, INC.
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Products and Services
12.1.4. Financial Overview
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. ARCHER DANIELS MIDLAND COMPANY
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Products and Services
12.2.4. Financial Overview
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. BEYOND MEAT
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Products and Services
12.3.4. Financial Overview
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. CAULDRON FOODS
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Products and Services
12.4.4. Financial Overview
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. CRESPEL AND DEITERS
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Products and Services
12.5.4. Financial Overview
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. E. I. DU PONT DE NEMOURS AND COMPANY
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Products and Services
12.6.4. Financial Overview
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. PURIS
12.7.1. Key Facts
12.7.2. Business Description
12.7.3. Products and Services
12.7.4. Financial Overview
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. ROQUETTE FRèRES
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Products and Services
12.8.4. Financial Overview
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. SUEDZUCKER
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Products and Services
12.9.4. Financial Overview
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. WILMAR INTERNATIONAL LIMITED
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
The List of Companies
1. Amy's Kitchen, Inc.
2. Archer Daniels Midland Company
3. Beyond Meat
4. Cauldron Foods
5. CRESPEL and DEITERS
6. E. I. du Pont de Nemours and Company
7. Puris
8. Roquette Freres
9. Suedzucker
10. Wilmar International Limited
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
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- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
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Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
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- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
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We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.