by Meat substitutes such as tofu, tempeh, seitan, and textured vegetable protein are gaining popularity as alternatives to meat. These products are highly versatile and can be used in a variety of dishes such as curries, tacos, burgers and more. Their protein content and meat-like texture allow them to mimic the taste and texture of meat. With increasing cases of diabetes, heart diseases and obesity, people are shifting towards plant-based diets and reducing meat consumption. Meat substitutes provide a sustainable protein source without compromising on the flavor and sensory experience of meat-based dishes.
The global Meat Substitute Market is estimated to be valued at US$ 5.3 billion in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the prominent trends in the meat substitute market is the launch of innovative products catering to specific health concerns and tastes. For instance, soy-free and gluten-free meat substitutes are being introduced for individuals with intolerances. Products designed to appeal to junk food lovers include ready-to-eat faux burger patties and chicken nuggets made from soy, wheat or pea protein. Additionally, startups are developing meat analogs using novel ingredients such as mushroom, seaweed and pea protein that closely mimic meat’s sensory characteristics including appearance, flavor and texture. These advanced substitutes are driving newer consumers to gradually adopt meatless diets.
Porter’s Analysis
Threat of new entrants: High capital requirements for manufacturing facilities pose entry barriers to new players.
Bargaining power of buyers: Increasing health awareness among consumers has improved buyer bargaining power.
Bargaining power of suppliers: Suppliers of raw materials like soy, wheat have significant influence on pricing.
Threat of new substitutes: Alternatives like plant-based meat and cell-based meat pose threats.
Competitive rivalry: Major players compete on quality, price, variety offered leading to intense competition.
Key Takeaways
Global Meat Substitute Market Size is expected to witness high growth.
Regional analysis comprises growing prevalence of veganism and vegetarianism in Western Europe and North America will aid growth. Demand will rise across Asia Pacific, Latin America due to nutritional benefits.
Key players operating in the meat substitute market are Beyond Meat, Impossible Foods, Maple Leaf Foods (Lightlife), The Quorn Company, Amy’s Kitchen, etc. Increasing R&D in plant-based and cell-based technologies will aid product launches. Mergers allow companies to expand in new geographies and segment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
