Meat Substitute Market By Type (Tofu Based, Tempeh Based, Textured Vegetable, Protein Based, Quorn Based, Seitan Based, and Others), By Source (Soy, Wheat, Mycoprotein, Others (Milk, Rice, and Pulses)), By Category (Frozen, Refrigerated, and Shelf-Stable), and By Region - Trends, Analysis, and Forecast till 2030

Meat substitute market accounted for USD 1.82 Billion in 2020 and is estimated to be USD 5.52 Billion by 2030 and is anticipated to register a CAGR of 11.9%.

Meat substitute is also called a meat analogue, meat alternative or approximates certain aesthetic qualities. In common words meat substitute means a food made from vegetarian ingredients, and sometimes without animal products such as dairy. Most of the meat substitutes are a combination of ingredients such as soy, wheat, milk, others are consumed widely by individuals; looking for an analogue for meat and meat products. Most popular types of meat substitutes consumed by individuals include tempeh and tofu. Tofu is increasingly consumed as an alternative for chicken, pork, and beef products. The healthiest meat substitute will be vegetarian foods that are natural, high in protein, and minimally processed. Healthy meat substitutes include beans, tempeh, lentils, jackfruit, mushrooms, nuts and seeds. Other alternatives use modified defatted peanut flour, yuba and textured vegetable protein. Meat substitutes products are currently made by two basic processes, through either thermoplastic extrusion or fiber spinning.

Rising preference of vegan diets

Growing health concerns and increasing preferences for vegetarian diets among individuals are major factors propelling growth of the global meat substitutes market. In addition, increasing incidences of obesity due to processed meat consumption and several disease outbreaks in animals are some factors expected to boost growth of the global meat substitute market in the near future. Furthermore, increasing disposable income of individuals to fulfill their dietary supply as alternative for meat is also another factor anticipated to augment growth of the global meat substitute market over the next ten years. Moreover, Meat substitutes are cholesterol free, healthy, low cost, and have meat-like taste, texture, and color along with long shelf life. These advantages offered by mean substitutes are fueling growth of the global meat substitutes market.

However, high costs associated with meat substitutes as compared to meat products is major factor hampering growth of the global meat substitutes market.

Meat substitute market is segmented based on type, source, category, and region.

On the basis of type, the global meat substitute market is segmented into tofu based, tempeh based, textured vegetable protein based, Quorn based, seitan based, and others. On the basis of source, the global market is segmented into soy, wheat, mycoprotein, and others. Other source sub-segmented into milk, rice, pulses, etc. On the basis of category, the global market is segmented into frozen, refrigerated, and shelf-stable.

Regional Insights:

On region the global meat substitute market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Europe had registered major revenue share in the global meat substitute market, followed by markets in another region. Increasing health awareness among individuals and high prevalence of obesity due to meat are some major factors expected to support growth of the Europe market over the forecast period. North America meat substitute market accounted for second-highest market share in the global market followed by Asia Pacific.

Meat Substitute Market Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the global meat substitute market report based on type, source, category and region.

Meat Substitute Market, By Region:

• North America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • U.S.
  • Canada

The key players operating in the global meat substitute market includes Amy’s Kitchen Inc., Beyond Meat, Inc., Cauldron Foods Ltd., Garden Protein International, Inc., Meatless B.V., Quorn Foods, Inc., Vbites Food, Ltd., Morningstar Farms L.C., MGP Ingredients Inc., and Sonic Biochem Extractions Limited.

Amy’s Kitchen Inc:

They have introduced Thai Vegetables and Rice Bowl is a delicious dish straight from a part of the world that’s near and dear to our hearts. Also, along with it they have launched 6 meat substitute foods.

• Amys Kitchen Inc.
• Beyond Meat, Inc.
• Cauldron Foods Ltd.
• Garden Protein International, Inc.
• Meatless B.V.
• Quorn Foods, Inc.
• Vbites Food, Ltd.
• Morningstar Farms L.C.
• MGP Ingredients Inc.
• Sonic Biochem Extractions Limited