The global meat alternative market is estimated to reach a valuation of USD 18.8 billion in 2024. The market is projected to reach a value of USD 299 billion by 2034, expanding at a CAGR of 28.8% over the assessment period.
Consumption Analysis of Meat Alternatives
| Attributes | Key Insights |
|---|---|
| Meat Alternative Market Size (2024E) | USD 18.8 billion |
| Projected Market Value (2034F) | USD 299 billion |
| Value-based CAGR (2024 to 2034) | 28.8% |
| Collective Value Share: Top 3 Countries | 38% |
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Reshaping Meat Industries with Innovative Meat Alternative Proteins
Technological advancements are expected to be a game-changer for meat alternative producers. A lot has been achieved in the past couple of years, with the development of mock meat, mycoprotein, and impossible burgers, which has paved a path for plant-based meat out of the trough.
Previously available meat alternatives did not taste or look like meat, despite their name. However, with an increase in research and development in the meat alternative market several new and unique products have been introduced. The availability of clean-label and plant-based products in the market such as tofu, tempeh, TVP, seitan, Quorn, soy, and wheat are the best meat alternatives.
Making Gluten-free, Sustainable Lifestyle a Reality
A growing number of vegans and flexitarians is projected to drive the market’s growth. A substantial portion of the population is focused on restraining animal protein consumption and more than 50% aim to make this a lasting change. The consumption of vegan food is ubiquitous like in restaurants, grocery stores, bakeries, and vegan lunches at school and home. The rise in the use of meat alternatives to support the trend of a gluten-free, sustainable lifestyle is inevitable.
The table below sheds a light on the growth opportunities in the selected countries.
| Countries | CAGR |
|---|---|
| United States | 10.3% |
| United Kingdom | 8.1% |
| China | 6.2% |
| India | 3% |
| Japan | 2.4% |
India has exhibited positive trends in the expansion of the manufacturing base of meat alternatives due to the 100% FDI opportunity in the food processing industry, while the consumer market is largely driven by rising health concerns and veganism vogue.
Indian diet is deficient in protein despite producing protein-rich foods like legumes, soybeans, beans, dairy, meat, fish, and poultry. Plant-based protein sources can play a vital role in the treatment of deficiency because they are not only diverse but also easy to use.
India has a sizeable consumer base and a significant market share. This country is also expected to have fast growth during the forecast period, owing to an increase in demand for vegan products. The government has taken major steps to increase the market share of meat alternatives. In the future, plant-based meat analogs and cultured meat are expected to emerge as promising protein sources to develop meat alternatives.
Meat and dairy products are staples of the Western diet, but there has been a shift from an animal meat-based diet to a plant-based one due to rising health concerns like obesity, high cholesterol levels, heart risk, and even cancer. Seeking a healthy alternative to meat, and veganism are drivers for the meat alternative market in the United States in recent years.
Various big companies and start-ups have taken steps to drive the market towards meat alternative products. For example, KFC introduced Beyond Fried Chicken, a line of plant-based meats, in several locations across the world. The data shows a surety of the rising meat alternative market in the United States.
Industrialization in China has increased discretionary income for the region's middle classes. This has increased consumer demand for nutritious, high-quality, high-protein food products. Consumer eating habits are changing, and more people are removing meat from their diets.
Food products like wheat, soybeans, and peas can easily be incorporated into classic Chinese dishes like dumplings and rolls and are significantly cheaper. As a result, the increased demand for meat alternatives in the region has driven the meat Alternative market trend.
A busy lifestyle drives the popularity of meat alternatives for its convenience, especially with the rise in global culinary trends. The foodservice industry benefits from the efficiency of using pre-prepared meat alternatives. Increased accessibility through supermarkets and online platforms contributes to the growth in sales revenue.
In Japan, manufacturers are focusing on innovation and marketing efforts to meet consumer preferences, while e-commerce facilitates easy access. The acceptance of meat alternatives in Japan is influenced by culinary trends, convenience, and competitive pricing, supported by favorable trade policies, local customization, and adherence to culinary traditions.
| Top Source Type | Tofu |
|---|---|
| Market Share in 2024 | 14.2% |
The tofu segment is estimated to garner a market share of 14.2% in 2024. Tofu is the first choice of consumers seeking cheaper plant-based meat alternatives. Increasing demand for classic vegetarian staples such as tofu is anticipated to compel manufacturers to come up with their frozen variants.
| Top Distribution Channel | Online Sales Channel |
|---|---|
| Market Share in 2024 | 17.3% |
The online sales channel is projected to account for a 17.3% market share in 2024. People are increasingly opting for online channels to make their food-related purchases due to access to a wider product range from different brands on a fingertip.
Home delivery convenience offered by online platforms is particularly appealing factor for busy people. Thus, the target segment is poised to witness significant growth through 2034.
Market players are emphasizing the innovation of plant-based meat alternatives as they gain consumers’ perspectives on the constant need for change. To distinguish themselves from the crowd, top companies are narrowing down their focus on the taste, texture, and dietary requirements of customers, like providing gluten-free, low-fat, and allergen-free options.
Industry participants are further investing in marketing and brand building to increase their recognition power among potential customers. Adding onto this, brands are strengthening their ties with different distributors to ensure wide visibility on store shelves.
To make the shift towards meat alternatives easy, market players are competitively pricing their offerings so that price doesn’t remain the issue while choosing vegetarian substitutes for meat.
Recent Developments in the Meat Alternative Market
the meat alternative market is expected to grow at a CAGR of 28.8% through 2034.
By 2034, the meat alternative market is expected to be worth USD 299 billion.
Shift in people’s lifestyle to a vegan and/or vegetarian diet with low-fat and protein-rich ingredients.
North America and Europe have lucrative growth opportunities, holding notable market shares.
The patties segment is predicted to dominate the market by product type.
Meat Alternative Market
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