Meat Alternates Market - Forecast(2023 - 2028)

Meat Alternates Market Overview

Global Meat Alternates Market size is estimated to reach $8.7 billion by 2027 and it is expected to grow at a CAGR of 12.3% over the forecast period of 2022-2027. A meat alternative or meat substitute is also known as faux, fake, mock or meat analogs. They are plant proteins made up of soy, textured vegetable protein or wheat gluten and a popular type of plant-based vegetable protein or mycoprotein-based food substitute for vegan and vegetarian consumers. The plant-based meat alternatives include meat substitutes made up of soy meat protein, wheat protein, pea protein or any other type of plant-based protein and are available as frozen, refrigerated and in the shelf-stable form at the market. Soy meat protein is most popular and known as soy meat and is available in tofu, TVP and tempeh. Also, wheat-based seitan is liked by consumers.

Increasing consumer awareness towards different kinds of diseases with the consumption of meat products and the movement raised by animal lovers and organizations to avoid cruelty to animals help to grow the vegan and vegetarian population in the world. Owing to the increasing demand from vegan and vegetarian populations for plant-based food, major market players launched their innovative products in the market. For instance, in March 2022, Amazon launched its new Fresh Plant-Based product line that is available to shop online and in Amazon Fresh stores with 15 animal-free, protein-packed meat alternatives, including Patties, Italian Meatballs, Chicken Nuggets and various types of nut milk. The rising demand for meat alternatives and expansion, R&D and new product launches by key market players support the growth of the Global Meat Alternates Industry over the forecast period 2022-2027.

Meat Alternates Market Report Coverage

The report: “Meat Alternates Market Forecast (2022-2027)" by Industry ARC covers an in-depth analysis of the following segments in the Global Meat Alternates Market.

by Source: Plant-Based Protein (Soy-based, Wheat-Based, Pea-Based, Others), Mycoprotein and Others.
by Form: Sold and Liquid.
by Type: Concentrate, Isolates and Texture.
by Product Type: Tofu-Based, Tempeh-Based, TVP-Based, Seitan–Based, Quorn-Based and Others.
by Category: Frozen, Refrigerated, Shelf-stable and Others.
by Distribution Channel: Supermarkets, Hypermarkets, Online Channels, Convenience Stores, Retail Stores, Food Service Centers and Others.
by Geography: North America (the U.S., Canada and Mexico), Europe (Germany, the United Kingdom, France, Italy, Spain, Russia and the Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia and New Zealand and the Rest of Asia Pacific), South America (Brazil, Argentina, Chile, Colombia and the Rest of South America) and the Rest of the World (the Middle East and Africa).

Key Takeaways

• Geographically, North America held a dominant market share in the year 2021, owing to the large chain of food retailers present in this region and the high expenditure capacity of consumers. Those factors fuel the growth of the Global Meat Alternates Market Size in this region.
• The Global Meat Alternates Market is predicted to increase owing to the increasing vegan population and the demand for vegan food in the market. However, the high price of raw materials may limit market growth over the forecast period 2022-2027.
• A detailed analysis of strengths, weaknesses, opportunities and threats will be provided in the Global Meat Alternates Market Report.

Meat Alternates Market Segment Analysis - by Product Type

The Global Meat Alternates Market, based on product type, can be further segmented into Tofu-Based, Tempeh-Based, TVP-Based, Seitan–Based, Quorn-Based and others. The tofu segment held a dominant market share in the year 2021. Tofu is made up of soy meat protein and is used in stir-fried, deep-fried, pureed, steamed, baked, crumbled and marinated. Also, tofu helps to reduce low-density lipoprotein (LDL). It is high in minerals and nutrients like iron, calcium, magnesium, copper, zinc and amino acids which help heart and bone health and play role in weight loss. Owing to such attributes of tofu, it is being popular as a meat alternative that drives Global Meat Alternates Market Share.

However, Textured Vegetable Protein (TVP) is estimated to grow with the fastest CAGR of 13.8% over the forecast period 2022-2027. This is owing to the economical, functional and high-protein food ingredient properties of Textured Vegetable Protein (TVP). It is used in various meat alternative products such as burger patties, frankfurters, nuggets, sausages, meatballs and others. TVP provides desired texture and binding ability to the product which raises its demand as a meat alternative. Such properties of Textured Vegetable Protein (TVP) fuel the growth of the Global Meat Alternates Market Share over the forecast period 2022-2027.

Meat Alternates Market Segment Analysis - by Source

Global Meat Alternates Market, based on the source, can be further segmented into Plant-Based Protein (Soy-based, Wheat-Based, Pea-Based and others), Mycoprotein and others. The Soy-based segment held a dominant market share in the year 2021. As per The Food Industry Association, in 2020, sales per customer transaction went to $42.04 in-store and $110 at online purchases. Most consumers prefer online purchases owing to the easy doorstep delivery of quality products. According to KMPG's Klynveld Peat Marwick Goerdeler survey, the investments in grocery sales in the US are anticipated to rise more than 14% in 2022 when the average monthly grocery sale is $611. In 2021, it was $532. Such increasing consumer expenditure on retail food and the rising number of supermarket stores all over the world continue to drive Global Meat Alternates Market Share.

However, the mycoprotein segment is estimated to grow with the fastest CAGR of 14.0% over the forecast period 2022-2027. This is owing to the higher content of fiber and nutrients present in mycoprotein which is beneficial to controlling blood cholesterol and blood sugar. Additionally, mycoprotein provides all essential amino acids which are very rare in other protein sources. Quorn type of meat substitute made up of mycoprotein is popular among vegan consumers. In December 2021, British company Quorn launched five new mycoprotein-based meat alternatives which were Southern Fried Wings, Garlic and Herb Bites, Creamy Korma Bites, Jerk Mini Fillets and Sweet Chilli Mini Fillets. Such a variety of mycoprotein-based meat alternatives available in the market and their healthy properties fuel the growth of the Global Meat Alternates Market Share over the forecast period 2022-2027.

Meat Alternates Market Segment Analysis - by Geography

The Global Meat Alternates Market, based on Geography, can be further segmented into North America, Europe, Asia-Pacific, South America and the Rest of the World. North America held a dominant market share of 36% in the year 2021. This is the result of the increasing population of vegan people in this region which creates a demand for vegan food. According to Vegetarian Times, 9.7 million Americans follow a vegetarian diet and about 1 million of those are vegan female contributes about 59% (and males 41%). Also, the presence of top market players like Amy's Kitchen Inc., Beyond Meat Inc., Daiya Foods Inc., Danone SA and Eden Foods in this region supports market growth. Such factors drive the growth of the North America Global Meat Alternates Market.

Furthermore, Asia-Pacific is estimated to grow with the fastest CAGR over the forecast period 2022-2027. This is owing to the increasing trend of veganism in this region. Research by PwC, a professional service network, published in 2020, found that 43% of Indonesian consumers said they were either "likely" or "very likely" to become vegan or vegetarian in the next 12 months. And other countries with high scores included Thailand (37%), Mynamar (35%) and Hong Kong (27%). Also, according to DuPont Nutrition & BioSciences research conducted in 2020, the demand for plant-based meat in China and Thailand is anticipated to increase by 200% over the next five years. Such factors hike demand for meat alternatives in this region and fuel the growth of the Global Meat Alternates Market Size in this region over the forecast period 2022-2027.

Meat Alternates Market Drivers

Growing Demand for Plant-Based Food

An increasing vegan population creates a demand for Global Meat Alternatives. Also, the increasing per capita income in developed and developing countries and the demand for cruelty-free, healthy food as a result of an increase in consumer awareness by animal welfare organizations create a demand for a meat substitute. According to the OECD organization, global per capita income is in the range of $10 to $100. With the increase in purchasing power parity (PPP) in developed countries, the consumer prefers healthy food for consumption. Also, an innovative product launched by key market players, expansions and research and development in meat alternative surge market growth. For instance, Geranium, a Michelin three-star restaurant in Copenhagen, removed the meat from cows, pigs, chickens and other land animals from its menu, in December 2021. Such factors help to drive the Global Meat Alternates Industry.

Increasing the Number of Vegan Populations

The increasing vegan population and the rise in veganism, in which people avoid consuming any animal-based products in their diet, are major growth factors. This resulted in a rise in demand for dairy alternatives made without the use of milk, such as vegan cheese, soy milk and vegan butter and meat alternatives. In 2021, it was anticipated that there were more than 79 million vegans on the planet. The vegan diet has been promoted by celebrities such as American singer Ariana Grande and groups such as People for the Ethical Treatment of Animals (PETA). The increasing popularity of veganism and the rising vegan population create a growth opportunity for the Global Meat Alternates Industry.

Meat Alternates Market Challenge

High Price of Raw Materials

The raw material used for the production of meat alternatives is mostly plant-based, such as soy, wheat, rice, pea and others. The unavailability of such raw materials in the global market and supply chain disruption are the major factors that limit the growth of the market. According to a United States Department of Agriculture report published in June 2022, wheat production in the years 2022-2023 is lower in India by 3% than last year and in European Union, it is down by 2%; Russia wheat production is up by 8% from last year but it is unavailable in the global market as a result of restrictions on Russia. According to Food and Agriculture Organisation (FAO), Rice Price Index is up by 2.4% from March. Owing such hikes in prices of raw materials may limit Global Meat Alternates Market over the forecast period 2022-2027.

Meat Alternates Industry Outlook:

Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Global Meat Alternates Market. The top 10 companies in the Global Meat Alternates Market are:

1. Amy’s Kitchen
2. Beyond Meat
3. Impossible Foods Inc.
4. Quorn Foods
5. The Kellogg Company
6. Unilever
7. Meatless B.V.
8. VBites Foods Ltd.
9. Sunfed
10. Tyson Foods Inc.

Recent Developments

• In March 2022, Impossible Foods Inc. announced a new strategic partnership with Kroger, the largest US supermarket chain, to create a line of proprietary meat substitutes for sale within the retail giant’s numerous locations.
• In February 2022, Tyson Food announced the investment of $355 million in Bowling Green, Kentucky with a State-of-the-Art bacon production facility. It will start operation in late 2023, with 400,000 square feet and 450 employees that help to meet the growing demand for the company’s iconic Wright® and Jimmy Dean brands.
• In January 2022, Beyond Meat announced a joint venture with PepsiCo to develop and produce new plant-based snacks and drinks. Financial terms were not disclosed. Beyond Meat's expertise in plant-based protein and its strong market appeal with younger demographics made them PepsiCo's ideal partner.

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