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Meat Substitute Market Size, Share, Growth And Industry Report 2033
Meat Substitute Market Size
As per the report, the meat substitutes market size has grown rapidly in recent years. It will grow from $6.46 billion in 2023 to $7.22 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The meat substitutes market size is expected to see rapid growth in the next few years. It will grow to $11.32 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%.
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Surging Vegan Population Drives Demand For Innovative Meat Alternatives
The increasing vegan population is expected to propel the growth of the meat substitute market going forward. The vegan population exclusively consumes plant-based foods, avoiding all animal products, including meat, dairy, eggs, and honey, driven by ethical, environmental, and health considerations. The rising awareness about the health risks associated with consuming animal products, such as heart disease, high cholesterol, and certain cancers, is prompting people to adopt vegan diets. Meat substitutes are delicious, nutritious, and convenient alternatives to meat, making it easier for individuals to adopt and maintain a vegan lifestyle while promoting the environmental and ethical benefits of reducing animal product consumption. For instance, in December 2021, according to the Plant Based Foods Association, a US-based food association, plant-based food sales are rising, expanding 6.2% in 2021 over a record-breaking year of growth in 2020. Therefore, the increasing vegan population drives the meat substitute market.
Meat Substitute Companies Innovate With Mushroom-Infused Products
Major companies operating in the meat substitute market are focusing on innovative meat alternatives, such as shredded beef alternatives, as an option to reduce their meat consumption. Shredded beef alternatives are plant-based products designed to mimic shredded beef's texture, flavor, and versatility. For instance, in May 2024, The Mushroom Meat Company, a US-based company that provides, launched a new shredded beef alternative made from a blend of functional mushrooms and whole plants. The product promises to revolutionize the alternative protein market by delivering a meat-like experience rich in nutrients. It is made with mushrooms and seeds, without any seasonings, to add ones own choice of flavors and sauces to suit personal needs.
The meat substitute market covered in this report is segmented -
1) By Product : Tofu, Tempeh, Seitan, Quorn, Other Types
2) By Source: Plant-Based Protein, Mycoprotein, Soy-Based, Other Sources
3) By Form: Solid, Liquid
4) By Category: Refrigerated, Shelf Stable, Frozen
5) By Distribution Channel: Off-Trade, On-Trade
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Major companies operating in the meat substitute market are Cargill Incorporated, Nestle S.A., Archer-Daniels-Midland Company (ADM), Unilever PLC, Tyson Foods Inc., Kellogg Company, JBS S.A., DuPont de Nemours Inc., International Flavors & Fragrances Inc., Conagra Brands Inc., Kerry Group, Ingredion Incorporated, Roquette Freres, MorningStar Farms, Hain Celestial Group Inc., Amy's Kitchen, Vital Farms, Impossible Foods Inc., Quorn Foods, Tofurky, Beyond Meat Inc., Field Roast Grain Meat Co. Inc., The Vegetarian Butcher, Lightlife Foods, Gardein International Inc., Gardenburger , Evol Foods
Contents of the report:
1. Executive Summary
2. Meat Substitute Market Report Structure
3. Meat Substitute Market Trends And Strategies
4. Meat Substitute Market - Macro Economic Scenario
5. Meat Substitute Market Size And Growth
…..
27. Meat Substitute Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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