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Base Year
Historical Year
Forecast Year
The global meat substitute market attained USD 25.29 billion in 2023. The market is expected to grow at a CAGR of 16.2% in the forecast period of 2024-2032 to attain USD 97.68 billion by 2032.
Global Meat Substitute Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | 25.29 |
Market Size 2032 | USD Billion | 97.68 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 16.2% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 16.7% |
CAGR 2024-2032 - Market by Country | India | 16.5% |
CAGR 2024-2032 - Market by Country | USA | 11.1% |
CAGR 2024-2032 - Market by Source | Pea Protein | 18.1% |
CAGR 2024-2032 - Market by Product | Tempeh | 18.3% |
Market Share by Country 2023 | Australia | 1.4% |
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The meat substitute industry is being driven by health-conscious consumers across the globe. Europe and North America's population has been highly dependent on meat products for necessary protein requirements over the past decade. However, currently, they have shifted towards meat substitutes due to the awareness of meat-based proteins with cholesterol content, which is harmful to their health. Due to this shift, many developed countries, like Germany, the United States, France, and the United Kingdom, have started consuming meat substitutes. Thereby fuelling the market growth of meat substitute.
The companies of the meat substitute industry, with the use of modified technologies, are innovating new products with similar properties as real meat. These are made with a blend of soy, wheat, and pea protein to achieve the desired structure. In the Asia Pacific region, which is gradually adopting western cuisine, the demand for meat substitute is rising, consequently aiding the market growth of meat substitute.
Meat substitute refers to a meat-like substance, which is made from plants. Meat substitute is commonly known by terms like plant-based meat, vegan meat, imitation meat, vegetarian meat, mock meat, or meat alternative.
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On the basis of source, the market is divided into:
Based on product, the industry can be segmented into:
By type, the industry is categorised into:
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The market growth of meat substitute is being driven by the shift in the consumption patterns towards meat alternatives, especially in the West. Further, rising millennial that takes into consideration various factors like animal welfare issues, and impact on the environment while making decisions as regards to purchasing, are boosting the market growth over the forecast period. Some factors fuelling the demand for meat substitutes include the surging cost of meat, health consciousness, and ethics related to safeguarding the environment, motivating consumers to seek alternative sources for meat. Moreover, developing regions like the Asia Pacific are embracing the vegan trend, thus projected to grow at the fastest rate over the forecast period.
CAGR 2024-2032 - Market by | Country |
India | 16.5% |
USA | 11.1% |
Japan | 10.5% |
UK | 9.2% |
Germany | 8.8% |
Canada | XX% |
France | XX% |
Italy | XX% |
China | XX% |
Australia | XX% |
Saudi Arabia | XX% |
Brazil | XX% |
Mexico | XX% |
The report gives a detailed analysis of the following key players in the global meat substitute market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Source |
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Breakup by Product |
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Breakup by Type |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the market attained a value of approximately USD 25.29 billion.
The market is projected to grow at a CAGR of 16.2% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 97.68 billion by 2032.
The major drivers of the market include increasing health consciousness, ethics related to safeguarding the environment, and rapid technological advancements.
The key trends guiding the growth of the market include emerging veganism and the surging cost of meat.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The leading sources of meat substitute in the market are soy based, wheat based, and pea protein, among others.
The major products of meat substitute in the market are tofu, tempeh, seitan, and quorn, among others.
The significant types of meat substitute in the market are concentrates, isolates, and textured.
The key players in the global meat substitute market are DuPont de Nemours, Inc., Schouten Europe B.V., Ingredion Incorporated, Conagra Brands, Inc., Kerry Inc., and Ruitenberg Ingredients B.V., among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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