Top Meat Substitutes Brands in the Worldwide 2024 | IMARC Group

Meat Substitutes Market Overview:

Meat substitutes refer to products that are designed to have similar taste, texture, and color profile as meat but are prepared from plants. These substitutes are used to satisfy the demand for animal-based protein among vegetarians who opt not to eat animal proteins. The most common sources for meat substitutes are soy, wheat, and pea protein, which also provide other nutritional benefits due to their high protein composition featuring vital amino acids. They are widely used in in-homes, restaurants, and food service joints as they are used in different forms, including burgers, sausages, nuggets. Along with this, schools, hospitals, and corporate cafeterias are adopting meat substitutes to provide more diverse and inclusive meal options that cater to vegetarians, and those with specific dietary preferences or restrictions.

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How Big is the Meat Substitutes Market:

• Market Size Value in 2023: US$ 6.9 Billion
• Industry Revenue Forecast in 2032: US$ 11.6 Billion
• Growth Rate: CAGR of 5.8%
• Base Year of Estimation: 2023
• Historical Data: 2018-2023
• Future Forecast Period: 2024-2032

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Meat Substitutes Trends and Growth:

Major companies are investing in research and development activities to improve the texture, flavor, and nutrition of plant-based proteins, thus seeking to create products that more closely resembles meat and can be widely served to a variety of consumers, driving the global market. Additionally, key players are adding various types of meat substitutes, such as burgers, sausages, nuggets, and some seafood substitutes lines, thus increasing the market share, targeting sets of consumers with different tastes and meal occasions, and promoting plant-based consumption in various cuisines and traditions. In addition to this, companies are developing plant-based products blended with some animal protein that is aimed for individuals moving towards vegetarian or vegan diets.

Additionally, many companies are emphasizing their strategy as sustainable or about reducing environmental impact, thus contributing to the growth. Apart from this, partnerships and collaborations with food service businesses, retailers, or meat producers is supporting the market as these partnerships are essential for the upscaling of production or distribution, of brands, and costs through shared assistance. Furthermore, companies are improving logistics and distribution initiatives frameworks by ensuring the availability of their products in multiple retail formats ranging from supermarkets to convenience stores and taking care to maintain quality and freshness. Besides, firms are integrating lobbying and advocacy to impact food policies and regulations that are most relevant for the meat substitute industry, thus providing an impetus to the market.

Top Companies in Meat Substitutes Market:

• The Nisshin Oillio Group, Ltd.
• E.I. Du Pont De Nemours and Company
• Archer-Daniels-Midland Company
• Amy's Kitchen
• Conagra Brands, Inc.
• Quorn Foods
• Cauldron Foods
• Campbell Soup Company
• VBites Foods Limited
• Blue Chip Group, Inc.
• Field Roast Grain Meat Co., Inc.
• LightLife Foods
• Sweet Earth Foods
• MGP Ingredients Inc.
• The Tofurky Company, Inc.
• Meatless
• Sonic Biochem Extraction Pvt. Ltd.

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This release was published on openPR.