Meat Alternative Market Achieves Remarkable 28.8% CAGR in 2033

The global meatalternative market size is expected to be valued at US$ 13.9 billion in 2023. With the increasing sale of innovative goods and appealing marketing, coupled with the health benefits associated with meat alternatives, the overall demand for meat alternatives is projected to grow at a CAGR of 28.8% between 2023 and 2033, totaling around US$ 230 Billion by 2033.

More individuals becoming aware of healthy, sustainable diets is expected to drive growth in the market for meat alternatives over the forecast period. Another factor that is expected to drive market growth is the emergence of veganism and flexitarianism. Furthermore, many governments are pushing the use of meat substitutes since they have health benefits. To meet the desire for clean and appealing meals that can substitute meat in a dish while still offering a high protein nutritional value, new products are being developed in response to this shift in eating patterns. These elements are expected to boost market expansion.

The market for meat replacements is rapidly developing as a result of consumer desire for sustainable protein sources and the development of plant-based diets. Concerns about the environment and animal welfare have increased the appeal of meat substitutes. A broader client base has been drawn to new goods that mimic the flavour and feel of meat, propelling the market's growth.

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The growth of the meat alternative market is primarily attributed to a widening vegan customer base, in the light of rising awareness about the adverse impact resulting from meat consumption on the environment. Because of its negative effects on the environment and animal welfare, intensive animal husbandry has been criticized by some sections of society. This in turn has led to a shift towards diets that exclude or limit the use of animal products. In addition, growing apprehension about contracting zoonotic diseases has further led to a reduction in consuming meat products.

Consumer awareness of plant-based meat substitutes is rapidly growing, with more people demanding these because of their stated health benefits, such as the prevention of non-communicable disorders, digestive issues, and obesity. As a result, consumers are changing their eating habits and incorporating a healthy diet, which is expected to boost the demand for meat alternatives. Based on all these trends, the global meat alternative market is expected to surge at a high pace during the analysis period.

The Meat Alternative Market in North America is expected to accumulate the highest market share of 56% in 2022. The growth in North America is attributed to the growing millennial population, where the demographic considers the food source, animal welfare issues, and impact on the environment while making decisions related to purchasing. The US market is one of the frontrunners in scaling the demand for meat alternatives, where consumers eat approximately more than 5 billion meat-free dinners, according to a survey by a supermarket.

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Key Takeaways from the Market Study

-From 2017 to 2021, the market demand expanded at a CAGR of 14.2%
-By Product Type, the Tofu segment of the market constitutes the bulk of the market with a market share of 60%
-By Source, the Plant-based Protein segment dominates the market with a share of 34%
-From 2022 to 2032, Meat Alternative sales are expected to flourish at a CAGR of 33.6%.
Due to growing global population as well as increasing interest in both vegetarian and vegan diet, companies in the meat alternative market are increasing the availability of substitutes to animal protein, remarks an FMI analyst.

Competitive Landscape

Players in the global Meat Alternative Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:

In March 2022, Impossible Foods Inc. introduced its flagship Impossible Beef Made from Plants in supermarkets throughout Australia and Aotearoa New Zealand. This marks the first time Impossible Beef can be purchased in supermarkets in both regions- a mere four months since the company initially landed in restaurants across ANZ.
In January 2022, Beyond Meat Inc. and Pizza Hut announced the launch of plant-based Beyond Italian Sausage Crumbles as a permanent offering at Pizza Hut Canada locations nationwide. These crumbles are designed to offer the meaty texture and savory taste associated with Pizza Hut's traditional Italian pork sausage, but sourced from plant-based ingredients.
In May 2021, Unilever partnered with the food tech company ENOUGH to develop new plant-based meat products, starting in the United Kingdom. The technology involves a unique zero-waste fermentation process to grow a high-quality protein. The raw materials include wheat and corn, which eventually produce mycoprotein, a complete food ingredient containing all essential amino acids.
Know More About What the Meat Alternative Market Repost Covers

Future Market Insights offers an unbiased analysis of the global Meat Alternative Market, providing historical data for 2017-2021 and forecast statistics from 2023-2033.

To understand opportunities in the Meat Alternative Market, the market is segmented on the basis of product type, nature, source, storage, and distribution channel across six major regions.

-Key Companies Profiled

Beyond Meat
Impossible Foods
Amy's Kitchen
MorningStar Farms
Tofurky
Field Roast
VBites
Maple Leaf Foods
Kellogg
Pinnacle Foods
Others

-Meat Alternative Market Outlook by Category

-By Product Type:
Patties
Hotdogs
Sausages
Meatballs
Nuggets

-By Nature:
Organic
Conventional

-By Category:
Seitan or Wheat Gluten
Tofu
Quorn
Risofu
Tempeh
Algae/ Mycoprotein
Insects
Textured Vegetable Protein
Fermented Proteins
Fish Protein
Cultured or Clean Meat
Others (Yaso, Nato, and Miso)

-By Application:
Frozen Food
Bakeries
Pet Food
Supplements
Others

-By Distribution Channel:
Supermarkets
Departmental Store
Modern Trade
Food Chain Services
Online Stores
Others

-By Region:
North America
Latin America
Europe
Middle east and Africa
East Asia
South Asia
Oceania

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This release was published on openPR.