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The global meat substitute market size was valued at USD 4,340.5 million in 2018 and is projected to reach USD 8,155.8 million by 2026, exhibiting a CAGR of 8.4% during the forecast period.
Meat substitutes or meat analogs are the products designed and developed as a direct replacement for animal meat – they mimic sensory traits of meat products viz. flavor, texture, and appearance. They are exclusively labeled as alternatives or substitutes for animal meat. A wide variety of raw materials are increasingly utilized for the manufacture of meat alternative products, indicating the exponential growth trajectory of the market. Additionally, such products are considered healthier, sustainable, and eco-friendly.
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The meat substitute market share is driven by the growing popularity of the vegan diet, especially in the western markets of the U.S. and Europe. The rising prevalence of lifestyle disorders such as Coronary heart disease (CHD), Cardiovascular disease (CVD) which are linked to the consumption of high cholesterol diets has encouraged consumers world over to opt for healthy indulgence in the form of plant-based meat products.
“Robust Popularity of Veganism to Support the Growth of the Market”
The global market for meat substitutes is fueled by the growing inclination of consumers towards plant-based (vegan) dietary patterns. Meat consumption in the developed markets of Western Europe and North America is gradually declining amidst the publication of various studies linking overconsumption of red processed meat to a variety of non-communicable diseases such as cancer, heart disease, stroke, diabetes, liver disease, lung disease, and kidney disease.
The meat substitutes market has also witnessed popularity among ‘flexitarian’ consumers who still consume meat and dairy but seek to reduce the levels of animal meat. Such consumers are often driven to plant-based meat products because of ethical, environmental and health concerns.
“Meat Substitute are Emerging Options for Food Security, Food Safety, and Sustainability”
The other important rationale in the favor of meat substitutes is the growing concern for food security – the global population is projected to reach 9.8 billion in 2050 and sustaining such an enormous population on animal-meat is simply not feasible as the production of meat is highly resource-intensive as well as it has a seriously detrimental effect on the environment. Approximately 15% of anthropogenic greenhouse gas emissions come from livestock production. The livestock industry is the single largest driver of habitat loss worldwide. Moreover, 73% of all antibiotics are used in factory farming, which can have serious repercussions in the form of drug-resistant superbugs.
Plant-based substitutes of meat are thus emerging as a sustainable option for consumers that not only address food security but also ensure food safety. Globally the companies operating in the meat substitutes sector are putting robust checks and controls in the production and processing of these novel offerings.
“Soy-based Ingredients are dominating in Global Marketplace – Textured Vegetable Proteins Are Expected to witness Fastest Growth owing to their Superior Functionality.”
Globally, soy-based ingredients are leading sources of meat substitutes owing to their availability, economical production, and favorable organoleptic properties. The majority of soy-based products are further processed to resemble meats, tofu tempeh, poultry or fish products in taste, texture, color, and form. Moreover, such ingredients are a high-quality complete protein source containing all essential amino acids. The advanced processing technologies have to lead to the development of soy concentrates, and soy protein isolates which are in the close resemblance of the organoleptic properties of animal meat products.
Textured Vegetable Proteins (TVP) are expected to witness the fastest growth as it closely mimics the texture of ground beef which is one of the leading types of animal meat consumed globally. Furthermore, the foodservice sector is rapidly embracing textured vegetable protein in the development of a variety of vegan and meat-alternative recipes. The absorption of spices and flavoring by TVP is also very efficient making them an ideal source of raw materials for meat substitutes.
“Mass Merchandisers are leading the distribution scenario of Meat substitutes – Specialty Stores and Online Retails are Expected to Drive the Future Growth”
Mass merchandisers are the leading the distribution scenario in the meat substitutes sector owing to their wider reach, greater shelf-space, attractive discounts, and bundling strategies.
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The future growth trajectory is however expected to be driven by specialty stores that can cater to customized and specific requirements of consumers. Additionally, the robust growth in online-retail owing to their enhanced convenience is also expected to benefit e-commerce as one of the fastest-growing distribution channels in the global market.
“Asia Pacific is leading the Global Market with Fastest Growth Projection.”
The Asia Pacific meat substitute industry will register the fastest compound annual growth rate of 9.6% during 2019-2026 owing to the well-established consumption patterns for soy-based products and the growing popularity of novel plant-based diets especially in the markets of India, Sri Lanka, and Thailand. Western Markets, on the other hand are also experiencing promising growth which is propelled by “enlightened” consumers that are gradually reducing their reliance on animal-based food products.
There have been a mixed sentiment in the global food and beverage industry regarding the meat substitutes, the proponents refer them as "slaughter-free," or "clean" meat whereas the conventional meat industry tagged it as "fake" meat. According to the United States Cattlemen's Association (USCA), meat substitutes are the 'foods produced using cell-cultured technology'.
The regulatory complexities regarding the lack of widely accepted definition and scope of meat substitutes are clearly hampering the growth of the market. Countries should take a cue from Germany, where the terms "Fleischersatz" (meat substitute) and "Fleischimitat" (meat imitation) are widespread. The agriculture ministry of Germany went ahead and published in late 2018 recommendations that packaging clearly indicates "vegetarian" or "vegan" when applicable, as well as what substitutes are used.
North America Meat Substitute Market Size , 2018
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The substitutes for meat products have been available in the market for years, the recent evolution is that the manufacturers are strongly emphasizing the need to eliminate animal-based ingredients without compromising on the sensory properties of such novel foods, especially the "meaty" flavor. This has stimulated mainstream consumers to switch occasionally from animal meat to plant-based meat.
The meat substitute market in North America is witnessing a distinct trend of consumers adopting these plant-based options by not eliminating the meat-based products but by partially replacing them - consumers are increasingly trying out various plant-based meat alternatives, the full-scale adaptation of which will rely on eating experience mimicking the meat products.
The United States market for meat substitutes is witnessing a strong year-on-year growth rate with exceptional sales performance put up by brands such as Beyond Meat, Field Roast and Gardein. Consumers are intensively cutting down their meat consumption. The plant-based meat category is expected to witness growth trajectory akin to plant-based milk in the United States, by strongly emerging as substitutes household staple.
Plant-based meat substitute growth stems from the broader concept of sustainability in our dietary habits - consumers nowadays are looking for different ways to reduce their impact on the environment. Meat alternatives that were considered as a domain for only vegetarians and vegan have found wider acceptance among the "conscious consumers" that support ethical concerns over animal welfare and the environment.
“Moderately Consolidated Industry Structure in Global Meat Substitute Market”
Private label brands such as Beyond Meat, Just and Impossible Foods in the meat substitutes market have set new standards for innovation, quality and aesthetic appeal that has nudged well-established players to follow the suit.
Key giants in the U.S. meat and meat products are also entering into the plant-protein market. Recently Tyson Foods, Inc. introduced its first plant-based and blended products, along with its new Raised & Rooted brand making it the largest U.S. meat producer to enter the growing alternative protein segment with its own products. The focus on strengthening the distribution network is ever-increasing. Tyson Foods, Inc., for instance, rolled out its plant protein products through multiple customers and sales channels.
The processed food industry has witnessed a rapid increase in sales growth of plant-based diets. Consumers nowadays are increasingly seeking healthy and sustainable sources of protein in novel formats such as plant-based meat. The market report provides qualitative and quantitative insights and detailed analysis of market size and growth rate for all possible segments in the market.
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Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are the overview of related sprouts farmers market protein meat substitute, recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, and key industry trends.
Value (USD Million)
By Distribution Channel
Fortune Business Insights says that the global meat substitute market size was valued at USD 4,340.5 million in 2018 and is projected to reach USD 8,155.8 million by 2026
Growing at a CAGR of 8.39%, the market will exhibit steady growth in the forecast period (2019-2026)
Soy-based Ingredients segment is expected to be the leading segment in the market during the forecast period.
Favorable consumption patterns for plant-based diet and ethical consumerism are driving the growth of this market.
Tyson Foods, Inc., Conagra Brands, Inc., Unilever NV, and Kerry Group Plc are few of the key players in this market
Asia Pacific is expected to hold the highest market share in this market in 2018.
Online retail is expected to grow at the fastest pace during the forecast period.
Robust popularity of veganism, Increased investments by key players of the meat processing industry in the meat substitutes sector, and enabling policy & regulatory framework are the key market trends that are driving the growth.
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