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Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Meat Substitute Market Outlook

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%

Global Meat Substitute Market

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Health-Conscious Consumers to Aid the Market Growth of Meat Substitute

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: Market Segmentation

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.

Global Meat Substitute Market By type

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On the basis of source, the market is divided into:

  • Soy Based
  • Wheat Based
  • Pea Protein
  • Others

Based on product, the industry can be segmented into:

  • Tofu
  • Tempeh
  • Seitan
  • Quorn
  • Others

By type, the industry is categorised into:

  • Concentrates
  • Isolates
  • Textured

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Global Meat Substitute Market By Region

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Animal Welfare Issues to Aid the Market Growth of Meat Substitute

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%

Key Industry Players in the Global Meat Substitute Market

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:

  • DuPont de Nemours, Inc.
  • Schouten Europe B.V.
  • Ingredion Incorporated
  • Conagra Brands, Inc.
  • Kerry Inc.
  • Ruitenberg Ingredients B.V. 
  • Others

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.

Key Highlights of the Report

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:

  • Source
  • Product
  • Type
  • Region
Breakup by Source
  • Soy Based
  • Wheat Based
  • Pea Protein
  • Others
Breakup by Product
  • Tofu
  • Tempeh
  • Seitan
  • Quorn
  • Others
Breakup by Type
  • Concentrates
  • Isolates
  • Textured
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • DuPont de Nemours, Inc.
  • Schouten Europe B.V.
  • Ingredion Incorporated
  • Conagra Brands, Inc.
  • Kerry Inc.
  • Ruitenberg Ingredients B.V.
  • Others
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*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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Key Questions Answered in the Report

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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63 Fiona Drive, Tamworth, NSW

+61 448 06 17 27

C130 Sector 2 Noida, Uttar Pradesh 201301

+91-858-608-1494

40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.

+63 287899028, +63 967 048 3306

6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London

+44-753-713-2163

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

+84865399124