The global Meat Substitute Market is estimated to be valued at US$ 12.95 billion in 2022 and is expected to exhibit a CAGR of 43.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Meat substitutes products are plant-based foods designed to replicate the appearance, flavor and texture of conventional meat. They are made from ingredients such as soy, wheat, beans, pea, rice etc. which are high in proteins. Meat substitute products offer several health advantages over conventional meat as they are low in cholesterol and saturated fat. They are considered more environment-friendly and sustainable as their production requires less land and water and emits fewer greenhouse gases. The rising awareness about health and sustainability benefits associated with meat substitutes is driving their demand globally.
Market key trends:
One of the major trends witnessed in the global meat substitute market is the rising innovation in plant-based meat products. Manufacturers are focusing on developing meat analogs with texture, taste and cooking qualities similar to animal-based meat to attract meat-eating population. Technologies like 3D printing help companies design products simulating structured meat. Lab-grown meat or cultured meat developed from animal cells is another emerging innovation. As consumers become more health and environment conscious, demand for such sustainable meat alternatives is expected to surge significantly over the forecast period.
Threat of new entrants: The threat of new entrants is moderate as the meat substitute market requires huge capital investment to enter and compete with existing players. However, rising demand favors new companies.
Bargaining power of buyers: The bargaining power of buyers is high given the availability of various meat substitute options. Buyers can easily switch between brands based on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key suppliers of raw materials like soy, wheat etc are global players and have a standard pricing model.
Threat of new substitutes: The threat of new substitutes is high given the innovations in new plant-based and insect-based protein sources. Companies constantly innovate to cater to evolving consumer preferences.
Competitive rivalry: The rivalry among existing players is high due to their global presence and brand positioning. Players compete on the basis of taste, nutrition, and sustainability.
Global Meat Substitute Market Demand is expected to witness high growth, exhibiting a CAGR of 43.6% over the forecast period 2023-2030, owing to the increasing health awareness, demand for sustainable food options, and growth in vegan and flexitarian population.
Regional analysis: North America dominated the global meat substitute market in 2022 with a market share of around 30% owing to the strong presence of global plant-based food brands in the US. Europe and Asia are anticipated to exhibit fastest growth over the forecast period led by increasing health consciousness in countries like China, India and Japan.
Key players: Key players operating in the meat substitute market are DowDuPont Inc., Archer Daniels Midland Company, Amy’s Kitchen Inc., MGP Ingredients, Inc., Beyond Meat Inc., Sonic Biochem Extractions Ltd., VBites Foods Limited, The Nisshin OilliO Group, Ltd. Garden Protein International, MorningStar Farms, and Meatless BV. These players are investing in R&D, manufacturing expansion and strategic partnerships to strengthen their market position and cater to the rising global demand.