February 21, 2024
Meat Substitute Market

The Global Meat Substitute Market is projected to driven by Rising Health Consciousness

The meat substitute products market has been growing steadily over the past decade owing to the rising demand for plant-based meat products. Meat substitutes such as tofu, tempeh, textured vegetable protein, and seitan are highly versatile and can be used to replicate the taste and texture of different meats such as beef, chicken, and pork. These substitutes pack similar nutrition as meat and are rich in proteins, fibers, vitamins, and minerals. However, they are lower in cholesterol and saturated fats as compared to animal meat, thereby appealing to the health-conscious consumer base. The global meat substitute market offers a variety of products ranging from frozen burgers, sausages, nuggets to prepared foods such as seasoned strips and meats. Their ease of preparation along with the meat-like texture attracts the flexible consumers.

The global Meat Substitute Market is estimated to be valued at US$ 2.48 Bn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the prominent trends witnessed in the global meat substitute market is the growing investment by key players and start-ups in this sector. To capitalize on the increasing consumer demand, companies are launching new and innovative plant-based meat products with varied protein sources, varied flavors, and similar taste and texture to animal meat. For instance, Impossible Foods, a leading meat alternative producer launched its pork and sausage substitutes in the markets. Similarly, Meatless Farm, a UK based company launched new plant-based products focusing on taste, texture, and nutrition. Such product innovations are anticipated to drive the market growth over the forecast period.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the meat substitute market is low as it requires high R&D investment and established distribution channels.

Bargaining power of buyers: The bargaining power of buyers is high given the presence of numerous meat substitute brands and options available. Buyers can easily switch between brands.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as the suppliers of raw materials like soy, wheat etc are many but differentiation is less.

Threat of new substitutes: The threat of substitutes is high as alternatives like real meat, veggie burgers are available which can impact the sales of meat substitutes.

Competitive rivalry: The rivalry in the market is high due to presence of global as well as local players competing on the basis of product innovation, quality and pricing.

Key Takeaways
The Global Meat Substitute Market Size is expected to witness high growth. The global Meat Substitute Market is estimated to be valued at US$ 2.48 Bn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031.

Regional analysis comprises- North America dominates the global market currently due to rising vegetarian population. Asia Pacific is expected to register fastest growth over the forecast period supported by rising health consciousness. The meat substitute market in North America currently holds the largest share globally primarily due to rising vegetarian population. However, Asia Pacific region is expected to witness highest growth during the forecast period supported by growing health awareness among consumers and shifting preference towards plant-based diet in countries like China and India.

Key players related content comprises- Key players operating in the Meat Substitute Market are Sanofi, Teva Pharmaceutical Industries, Taro Pharmaceuticals, Mylan N.V., and Perrigo Company PLC. Sanofi dominates the generic drugs market followed by Teva and Mylan. The players compete on the basis of portfolio, pricing, distribution and promotion.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it