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Meat Substitutes Market to Exhibit 11.11% CAGR from 2022 to 2029; Tyson Foods’ Raised & Rooted Launched its Plant Based Bites in Buffalo and Sweet Barbecue Flavors

August 09, 2022 | Food & Beverages

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:


https://www.fortunebusinessinsights.com/industry-reports/meat-substitutes-market-100239


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



  • November 2021: Tyson Foods Inc. announced the launch of its plant-based protein brand Raised & Rooted in Europe. 

  • July 2019: Gardein, a Conagra Brand which manufactures meatless food, invested heavily on expanding its plant-based meat production capacity. The company invested USD 16.1million in developing two new production lines.


List of the Companies Profiled in the Report



  • Beyond Meat (U.S.)

  • Impossible Foods (U.S.)

  • Kellogg Company (U.S.)

  • Tyson Foods (U.S.)

  • JBS SA (Brazil)

  • Conagra Brands, Inc. (U.S.)

  • Hain Celestial Group (U.S.)

  • Unilever Group (U.K.)

  • Nestle S.A. (Switzerland)

  • Sunfed (New Zealand)


Further Report Findings



  • In terms of source, the soy-based ingredients segment could account for a considerable share of the global market due to its rising popularity across North America and Europe.

  • The Europe market forecast will be strong due to the rising trend for vegan diet.

  • Asia Pacific will account for a significant share of the global market with growing demand for sustainable food products.


Table of Segmentation












































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD Billion)



Segmentation



By Source



  • Soy-based Ingredients

  • Wheat-based Ingredients

  • Other Grain-based Ingredients

  • Textured Vegetable Proteins



By Distribution Channel



  • Mass Merchandisers

  • Specialty Stores

  • Online Retail

  • Other Retail Channels

  • Foodservice



By Geography



  • North America (By Source, Distribution Channel, and Country)

    • U.S. (By Source)

    • Canada (By Source)

    • Mexico (By Source)



  • Europe (By Source, Distribution Channel, and Country)

    • U.K. (By Source)

    • France (By Source)

    • Germany (By Source)

    • Italy (By Source)

    • Spain (By Source)

    • Rest of Europe (By Source)



  • Asia Pacific (By Source, Distribution Channel, and Country)

    • China (By Source)

    • India (By Source)

    • Japan (By Source)

    • Australia (By Source)

    • Rest of Asia Pacific (By Source)



  • South America (By Source, Distribution Channel, and Country)

    • Brazil (By Source)

    • Argentina (By Source)

    • Rest of South America (By Source)



  • Middle East and Africa (By Source, Distribution Channel, and Country)

    • South Africa (By Source)

    • UAE (By Source)

    • Rest of Middle East & Africa (By Source)




Meat Substitutes Market
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  • 2018-2020
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