Global Meat Substitutes Market 2020-2029 By Region, By Source, By Distribution Channel and Top 20 Country Market Analysis

Market Introduction- Global Meat Substitutes Market Analysis

Meat substitutes are the products created and produced as an immediate replacement for animal meat. They imitate traits such as texture, flavor, and appearance of meat products. A wide range of raw materials is frequently utilized for the production of meat alternative products, conferring the development of the market. Additionally, these are deemed healthier and sustainable. The market size is estimated to reach USD 10.8 billion by 2029, at a CAGR of 10.5 %.

Market Drivers- Global Meat Substitutes Market Analysis

The global market for meat substitutes is growing by the rising preference of consumers towards veganism. Meat consumption in the advanced markets of North America and Western Europe is slowly declining amidst the publication of numerous studies associating overconsumption of red processed meat to a category of complications such as heart disease, cancer, diabetes, liver disease, stroke, kidney disease, and lung disease. The meat substitutes market has also observed prevalence among consumers who consume dairy and meat but seek to decrease the levels of animal meat.
The global population is predicted to reach 9.8 billion in 2050. Supporting such an immense population on animal meat is just not feasible. About 15% of greenhouse gas emissions originate from livestock production. The livestock industry is the only driver of habitat loss globally. Hence, plant-based substitutes are thus emerging as a sustainable alternative for consumers, ensuring food security and food safety. Globally the firms engaging in the meat substitutes sector are installing robust controls and checks in the generation and processing of these substitutes.

Segment analysis- Global Meat Substitutes Market Analysis

The meat substitutes market can be segmented by source and distribution channel.
Based on the source, there are soy-based ingredients, textured vegetable protein, and wheat-based ingredients segments. The soy-based ingredients are preeminent sources of meat substitutes due to their availability, low-cost production, and favorable organoleptic traits. The majority of soy-based items are treated to resemble tofu, meats, poultry, and fish products in texture, color, form, and taste. Moreover, such components are a high-quality protein source comprising all essential amino acids. The processing technologies have led to the elevation of soy protein and soy concentrates with close similarity to the organoleptic properties of animal meat products.
The textured vegetable proteins segment is to observe the fastest growth as it nearly mimics the form of ground beef. Moreover, the foodservice sector is swiftly embracing textured vegetable protein in vegan and meat-alternative ingredients. The fusion of flavoring by textured vegetable protein is very effective in delivering an excellent source of raw materials for meat substitutes.
Based on distribution channels, mass merchandisers are the chief distribution segment in the meat substitutes sector due to their greater shelf life, bundling strategies, and wide reach. However, the specialty stores are expected to drive the market since they can cater to specific and customized necessities of consumers. Additionally, the strong growth in the online retail segment due to their improved convenience is to avail e-commerce as one of the fastest-growing distribution channels worldwide.

Regional insights- Global Meat Substitutes Market Analysis

The Asia Pacific meat substitute industry will display the fastest CAGR from 2021 to 2029. A well-established consumption of soy-based items and the expanding popularity of innovative plant-based diets are prevalent in Sri Lanka, Thailand, and India.
The meat substitute market in North America is observing a sharp trend of consumers choosing plant-based alternatives by not eliminating the meat-based products but partly replacing them. Consumers are frequently seeking several plant-based meat alternatives, the full-scale adoption of which will be dependent on the consumption experience imitating the meat products. The United States market for meat substitutes is observing a steady growth rate with excellent sales performance put up by brands such as Field Roast, Gardein, and Beyond Meat. Plant-based meat substitute growth arises from the wide concept of sustainability in our dietary customs, such as the preservation of the ecosystem. Meat alternatives regarded as a domain for vegans and vegetarians have gained wider recognition among the conscious consumers that encourage moral concerns over the animal and environmental welfare.

Key players- Global Meat Substitutes Market Analysis

Meat substitute brands such as Just & Impossible Foods and Beyond Meat have reformed quality and aesthetic interest. Key giants of meat productions in the U.S. are also enrolling in the plant-protein market. Recently, Tyson Foods, Inc. launched its first plant-based products, along with the Raised & Rooted brand securing the largest U.S. meat producer to join the developing alternative protein segment. The focus on establishing and improving the distribution channels is ever-increasing.