As consumer preferences increasingly favor plant-based diets,
food companies are investing in research and development to create
innovative plant-based products that closely replicate the taste,
texture, and appearance of meat. This shift in demand has led to a
surge in sales of meat substitutes. The growing adoption of
plant-based diets is propelling the growth of the meat substitute
market. Additionally, the market is experiencing rapid global
expansion due to the rising popularity of vegetarian and vegan
diets.
WILMINGTON, Del., May 15, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Meat
Substitute Market by Category (Frozen, Refrigerated
and Shelf Stable), Product Type (Tofu-based,
Tempeh-based, TVP-based, Seitan-based, Quorn-based, and
Others), and Source (Soy-based, Wheat-based, Mycoprotein,
Pea-based, and Others): Global Opportunity Analysis and Industry
Forecast, 2024-2035". According to the report, the "meat
substitute market" was valued at $6.6
billion in 2023, and is estimated to reach $18 billion by 2035, growing at a CAGR of 8.9%
from 2024 to 2035.
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Prime determinants of growth
The growth of the meat substitute market is primarily driven by
several key determinants, each contributing to rise in adoption and
expansion of plant-based protein alternatives. Shifting consumer
preferences towards healthier lifestyles and sustainable food
choices plays a significant role. As awareness of health and
environmental concerns rises, consumers are actively seeking
alternatives to traditional meat products, leading to a surge in
demand for meat substitutes. This trend is fueled by growing
concerns over issues such as animal welfare, the environmental
impact of livestock farming, and the health risks associated with
high meat consumption, including cardiovascular diseases and
obesity.
Furthermore, rise of vegetarianism and flexitarianism
represents a significant driver of growth in the meat substitute
market. With more individuals choosing to reduce or eliminate their
meat consumption for various reasons, including health, ethics, and
environmental sustainability, there is an expanding consumer base
for plant-based protein alternatives. This shift in dietary
preferences is reflected in the increasing availability and variety
of meat substitutes in retail stores, restaurants, and food service
outlets, catering to the diverse needs and preferences of
consumers.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2035
|
Base
Year
|
2023
|
Market Size in
2022
|
$6.6
Billion
|
Market Size in
2032
|
$18 Billion
|
CAGR
|
8.8 %
|
No. of Pages in
Report
|
444
|
Segments
Covered
|
Category, Product Type,
Source, and Region
|
Drivers
|
Growing health
consciousness and awareness of environmental impact
|
Rising adoption of
vegetarian and flexitarian diets
|
Increasing concerns
about animal welfare and ethical considerations
|
Opportunities
|
Expansion into emerging
markets with rising disposable incomes
|
Collaboration and
partnerships with foodservice providers and restaurants
|
Restraints
|
High production costs
compared to conventional meat
|
Perception of inferior
taste and texture in meat substitutes
|
The frozen segment to maintain its leadership status during the
forecast period
By category, the frozen segment held the highest
market share in 2023, accounting for nearly three-fourths of the
global professional hair care market revenue, and is estimated to
maintain its leadership status during the forecast period. However,
the shelf-stable segment is projected to attain a significant CAGR
of 12.0% from 2024 to 2035.
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The TVP-based segment to maintain its leadership status
during the forecast period
By product type, the TVP-based segment held the highest market
share in 2023, accounting for more than one-third of the global
professional hair care market revenue, and is estimated to maintain
its leadership status during the forecast period. However. the
tempeh-based segment is projected to attain the highest CAGR of
12.9% from 2024 to 2035.
The soy-based segment to maintain its leadership status
during the forecast period
By source, the soy-based segment held the highest market
share in 2023, accounting for nearly two-thirds of the
global professional hair care market revenue, and is estimated to
maintain its leadership status during the forecast period.
However, the pea-based segment is projected to attain the
highest CAGR of 13.0% from 2024 to 2035.
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Europe to maintain its
dominance by 2035
By region, Europe has the
highest market share in terms of revenue in 2023, accounting for
nearly two-fifths of the global professional hair care market
revenue. In addition, the Middle
East and Africa region is
expected to register the fastest CAGR of 11.2% from 2024 to
2035.
Leading Market Players: -
- Amy's Kitchen
- BeyondMeat
- Cauldron Foods
- Garden Protein International, Inc.
- Meatless B.V.
- VBites Foods Ltd.
- MGP Ingredients (U.S.)
- Sonic Biochem Extractions Limited
- Kellogg Company,
- Archer-Daniels-Midland Company
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