"We Envision Growth Strategies Most Suited
to Your Business"
The global meat substitutes market size is estimated to rise from USD 5.88 billion in 2022 to USD 12.30 billion by 2029. The trend for plant-based products will play an instrumental role in minimizing carbon emissions. Adopting a vegan and vegetarian diet will encourage the production of meat substitutes products. The Economist noted that the number of vegans in the U.S. rose from 0.4% to 3.5% in 2021. A notable uptick in vegan population will serve as a catalyst in driving the industry growth.
According to the latest research report by Fortune Business Insights™ titled, “Meat Substitutes Market Size, Share & COVID-19 Impact Analysis, By Source (Soy-based Ingredients, Wheat-based Ingredients, Other Grain-based Ingredients, and Textured Vegetable Proteins), By Distribution Channel (Mass Merchandisers, Specialty Stores, Online Retail, Other Retail Channels, and Food Service), and Regional Forecast, 2022 – 2029,” the market stood at USD 5.41 billion in 2021. It is expected to witness an 11.11% CAGR during the forecast period.
Bullish Demand for Plant-based Meat Products amidst COVID-19 Pandemic to Drive Growth
The prevalence of the COVID-19 pandemic triggered the need for food security as the outbreak jolted the supply chain of plant-based meat substitutes. The demand-supply gap of soy and pea grappled with labor shortages. Meanwhile, the rising penetration of the e-commerce sector triggered the demand for clean meat across online stores. Leading companies spurred investments to streamline distribution channel through online portals.
Kellogg's, Benson Hill Collaborate to Supply Raw Materials to Manufacture Alternative Meat Products
Leading companies have upped investments in organic and inorganic strategies to tap into the market. Some of the leading companies, such as Impossible Foods, Beyond Meat and Kellogg's, are poised to invest in innovations and product development. To illustrate, in April 2022, Benson Hill teamed up with Kellogg's to supply the raw materials to manufacture alternative meat products. It partnered with Morningstar Farms, owned by Kellogg's, to provide soy components that are used to manufacture alternative meat product. Prevailing trends suggest that the meat substitutes market share will witness a considerable gain during the assessment period.
To get a detailed report summary and research scope of this market, click here:
Heightened Demand for Plant-based Protein Foods to Underpin Industry Growth
Stakeholders expect plant-based meat products to gain considerable traction following the need for a sustainable and environment-friendly alternative to meat. An uptick in the health-conscious consumers and escalating risk of cardiovascular disease, cancer, and diabetes due to consumption of red meat could foster the meat substitutes market growth during the forecast period. Health-conscious consumers have exhibited a profound inclination for tofu, deflated soy chunks, seitan, and tempeh, auguring well for the industry growth. However, difficulty in mirroring the meat color and challenges with respect to manufacturing meat flavor could dent the market growth.
Stakeholders Invest in Product Launches to Bolster Footprint
Leading companies are likely to invest in product launches, innovations, R&D activities, and mergers & acquisitions to tap into global markets. Moreover, an increased focus on technological advancements will also augur well for the industry outlook.
Notable Industry Developments
List of the Companies Profiled in the Report
Further Report Findings
Table of Segmentation
Value (USD Billion)
By Distribution Channel