Meat Alternatives Market Size, Share, Growth, and Industry Analysis, By Type (Soybean, Wheat, Other), By Distribution (Hypermarket & Supermarket, Food & Drink Specialists, Convenience Stores), Regional Insights, and Forecast To 2032

MEAT ALTERNATIVES MARKET REPORT OVERVIEW

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The global meat alternatives market size was USD 4589.21 million in 2021, and the market is projected to touch USD 10046.46 million by 2032, at a CAGR of 7.38% during the forecast period.

Compared to meat products, meat replacements have a lower risk of contamination or food illness. Many people have the impression that raising livestock is a difficult industry that includes managing animal waste and killing animals. Furthermore, there is a considerable risk of food contamination at every stage of the supply chain, particularly when there is costly refrigeration and unstable power sources.

Some social groups have criticized intensive animal husbandry because of the harm it causes to the environment and the welfare of the animals. Consequently, this has led to the development of diets that limit or completely eliminate the intake of animal products. This is anticipated to help the meat alternatives market to increase.

COVID-19 Impact: Restrictions on Meat Products to Advance Market Share

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic has led to a significant surge in the market due to rising consumer expenditure on nutritious food items and increased awareness of health issues. In addition, the scarcity of meat items in retail establishments and the restriction on the quantity of meat-based products that a single customer may purchase led to a sharp increase in requests for plant-based products from meat substitute producers. Consequently, as a result of COVID-19, the market has benefited in 2020 due to an increase in company sales and production.

LATEST TRENDS

"Incorporation of Vegan Diet to Stimulate Market Development"

One of the main factors driving the meat alternatives market growth is consumers' growing knowledge of the benefits of a vegan diet. Moreover, the inclusion of protein free of cholesterol in these products is another important component driving their expansion into new markets. The market has grown significantly as a result of a combination of consumer concerns and manufacturers' capacity to produce meat substitutes with better mouthfeel, texture, and flavor. The demand for this business, which is usually driven by concerns about health, the environment change, and animal welfare, is being driven by Gen Z and millennials.

MEAT ALTERNATIVES MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into soybean, wheat, other.

The market is divided into categories based on sources, including soy, wheat, mycoprotein, pea, and others. In 2020, the sector based on soy had the largest revenue. On the other hand, it is projected that during the forecast period, the segment based on wheat will increase at the quickest rate. One protein that is extracted from soybeans is called soy protein. Dehulled and defatted soybean meal is used to make it. Soy flour, concentrates that are consumed and isolates are the three types of high-protein commercial products made from dehulled and defatted soybeans.

• By Application

Based on application the global market can be categorized into hypermarket & supermarket, food & drink specialists, convenience stores.

In 2022, the hypermarket and supermarket segment commanded the highest revenue share and led the market. All retail establishments, including supermarkets, department stores, small markets, hypermarkets, and convenience stores, are included in this category. Because these stores have such great deals and discounts, customers favor them. In order to reach the greatest number of consumers, the majority of brands also introduce their products through large grocery chains including Walmart and Target. From 2023 to 2030, foodservice businesses segment is expected to grow at the quickest rate. This category covers establishments including bars, restaurants, and lodging facilities.

"Rise in Demand for Natural Label Products to Support Completed Market Expansion"

In addition, customers are becoming more conscious of what they eat and are following the clean eating trend. Consumers around the world are looking for products with uncluttered labeling and easily identifiable ingredients, while manufacturers are choosing to use simple ingredients from minimally processed food that have high performance and uses. In conjunction with plant-based proteins, plant-based meat replacements can also contain fibers, sugars and starches gums, and other stabilizers. They have multiple uses in addition to being organic. Therefore, one of the main reasons driving the development of the meat replacement industry is the rise in demand for natural and clean label products.

"Product Development to Foster Industry Progress"

Product development has been fueled by the increased demand for novel items in the cooled, ambient, and frozen markets. Customers now have more options when it comes to products and brands thanks to innovation, which also improves the visibility and shelf space of meat substitutes. As a response to the market's expansion, supermarkets are giving meat substitute items a lot more shelf space. Moreover, established industry participants particularly the international food and beverage corporations have grown more conscious of the small-scale upstart enterprises pioneering in the meat replacement sector.

RESTRAINING FACTOR

"Allergic Concerns to Stop Market Evolution"

For hundreds of years, intolerances and allergies to food have been studied. But the incidence of allergies to food has increased recently, which worries users and food manufacturers greatly. Soy & wheat make up two of the top eight primary food allergens that cause most significant food-related allergic reactions in the U.S., in accordance to the United States Food Allergy Research and Education Organization.

For instance, soybeans are rich in proteins, vitamins, minerals, and isoflavones; nevertheless, anti-nutritional elements in soy can lead to health issues such as soy allergy. An allergy to soy can cause hives and itching in affected individuals. Additional symptoms include mild intestinal tissue irritation, gas, and bloating.

MEAT ALTERNATIVES MARKET REGIONAL INSIGHTS

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"Europe Show Authority on the Market Due to Number of Vegan and Flexitarian Consumers "

Taking up the maximum meat alternatives market share during 2022, Europe contributed the most contribution to the global market. There is a lot of demand in the area from both young and old customers. The main causes of this are a growth in the number of vegan and flexitarian consumers as well as a rise in consumer awareness of animal welfare.

In Germany a decade ago, there were hardly any beef substitutes. But when it comes to the consumption of meat alternatives, Germans have begun to catch up to Americans thanks to the arrival of well-known processed food companies. It is no accident that McDonald's as well as Nestlé, a major participant in the plant-based food sector, are working together to launch a vegan burgers in Germany.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

LIST OF TOP MEAT ALTERNATIVES COMPANIES

• MAISEN (U.S.)
• Nisshin Oillio (Japan)
• Morinaga Milk (Japan)
• Tofurky (U.S.)
• Kellogg's (U.S.)
• Phoney Baloneys (U.S.)
• Amy's Kitchen (U.S.)
• Fuji Oil (Japan)
• Pinnacle Foods (U.S.)
• White Wave (U.S.)
• Kyoto Vegelabo (Japan)
• Boca Foods (U.S.)
• LightLife Foods (U.S.)
• Taishi Food (Japan)
• Showa Sangyo (Japan)
• Beyond Meat (U.S.)

INDUSTRIAL DEVELOPMENT

January 2023: The meat substitute brand Vegetarian Butcher, located in the Netherlands, was acquired by Unilever. More ingredients are being employed to expand the product range as the market share of meat substitutes grows. These nutrients are frequently recognized for their capacity to offer consumers elevated protein and nutritional benefits.

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.