SAN FRANCISCO, April 13, 2022 /PRNewswire/ -- The global meat substitute market size is expected to reach USD 234.7 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 42.1% from 2022 to 2030. Growing preference for a vegan diet coupled with rising health awareness is expected to fuel market demand in the forecast period. Furthermore, growing awareness of environmental and ethical issues has also accelerated market growth. Plant-based meat is a healthier alternative to traditional meat products. Over half of protein users prefer to consume natural sources in their protein, which is boosting the shift in demand for easily identifiable and clean substances.
Key Insights & Findings from the report:
- The Mycoprotein segment is projected to register the fastest growth as its more economical to produce and the reduced prices are also expected to drive growth.
- The retail channel segment held the largest revenue share in 2021 due to nationwide lockdowns globally and the resultant increase in at-home consumption of food.
- Asia Pacific is expected to register the fastest growth during the forecast period. Countries such as China and Australia and others are expected to see a rapid surge in the consumption of meat substitutes with consumers across these countries preferring to cut down meat consumption and form healthier dietary habits.
Read 80-page market research report, "Meat Substitute Market Size, Share & Trends Analysis Report By Source (Plant-based Protein, Mycoprotein, Soy-based), By Distribution Channel (Foodservice, Retail), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Meat Substitute Market Growth & Trends
Many plant-based protein products promise a smaller carbon footprint than traditional protein sources, and since these plant protein products are thought to be easier on the environment, health, and sustainability, they have become significant motivators for the adoption of meat substitutes globally. Plant-based protein held the largest segment in 2021 and is expected to maintain its dominance over the forecast period. Increasing consumer concern regarding the adverse health effects of consuming diets high in animal protein (e.g., increased saturated fatty acids) will drive the growth of this segment. Companies including Beyond Meat and Impossible Foods Inc. are bringing alternative protein products to more restaurants and grocery stores, which is boosting the demand. They're leveraging their size to increase distribution while also collaborating with retailers on promotions and marketing.
The retail segment dominated the market and accounted for a significant revenue share in 2021. As more consumers have stopped eating meat or drastically reduced their consumption, supermarket companies have more room to attract customers to buy goods other than meat in their stores. Consumers in the U.S. are going meat-free because of the wide availability of the product on both online and offline retail stores. The market is fragmented in different regions/countries owing to the presence of a large number of players including Amy's Kitchen, Beyond Meat, Impossible Foods Inc., The Kellogg Company, Unilever, Quorn Foods, Meatless B.V., Tyson Foods, Inc., and Sunfed.
Meat Substitute Market Segmentation
Grand View Research has segmented the global meat substitute market on the basis of source, distribution channel, and region:
Meat Substitute Source Outlook (Revenue, USD Million, 2017 - 2030)
- Plant-based Protein
- Mycoprotein
- Soy-based
- Others
Meat Substitute Distribution channel Outlook (Revenue, USD Million, 2017 - 2030)
- Foodservice
- Retail
Meat Substitute Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- Australia
- Central & South America
- Brazil
- Middle East & Africa
List of Key Players of Meat Substitute Market
- Amy's Kitchen
- Beyond Meat
- Impossible Foods Inc.
- Quorn Foods
- The Kellogg Company
- Unilever
- Meatless B.V.
- VBites Foods Ltd.
- Sunfed
- Tyson Foods, Inc.
Check out more related studies published by Grand View Research:
- Meat Extract Market - The global meat extract market size is expected to reach USD 21.72 billion by 2028, registering a CAGR of 5.2% over the forecast period, according to a new report by Grand View Research, Inc. The increasing health consciousness among consumers coupled with growing awareness about the importance of protein-rich diets is expected to propel the product demand over the forecast period.
- Meat Stabilizers Blends Market - The global meat stabilizers blends market size is expected to reach USD 3.25 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 7.2% during the forecast period. Growing demand for ready to cook and processed food has been driving the growth.
- Frozen Meat Market - The global frozen meat market size is anticipated to reach USD 99.2 billion by 2025, expanding at a CAGR of 4.4% over the forecast period, according to a new report by Grand View Research, Inc. The market is driven by increase in adoption of ready to eat food and change in lifestyle and food preference, where seasonality remains the major factor.
Browse through Grand View Research's Consumer F&B Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: +1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
Grand View Compass | Grand View Pipeline
Follow Us: LinkedIn | Twitter
Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg
