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Meat Substitute Market Report 2024 - Meat Substitute Market Demand And Trends
Meat Substitute Market
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According to The Business Research Company's, 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 growth in the historic period can be attributed to rising awareness about the health risks, growth of vegetarianism and veganism, concerns about the environmental impact of livestock farming, growing awareness and concern over the ethical treatment of animals, increasing high-protein meat alternatives.
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%. The growth in the forecast period can be attributed to increasing vegan population, increased investment from major food corporations, government policies and incentives promoting sustainable and healthy eating, increasing cholesterol-free protein, and rising meat substitutes. Major trends in the forecast period include innovation in plant-based meat, technological advancements, expansion into new categories, clean label and health-focused products, and development of cultured meat (lab-grown meat).
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Market Drivers and Trends:
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.
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.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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
Meat Substitute Market 2024 Key Insights:
• 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%.
• Surging Vegan Population Drives Demand For Innovative Meat Alternatives
• Meat Substitute Companies Innovate With Mushroom-Infused Products
• Europe was the largest region in the meatsubstitute market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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