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Meat Substitute Market Size worth $235 bn by 2032, CAGR: of 33.6%
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Friday, 01 July, 2022, 08 : 00 AM [IST]
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Ireland
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The global meat substitute market is forecast to flourish at a stupendous CAGR of 33.6% to reach $235 billion by the end of the 2022-2032 assessment period, concludes a recently published Fact.MR study. As of 2021, the market was valued at $10 billion. An increasing tilt towards consumption of meat analogues amid mounting environmental and health concerns is attributed as one of the primary reasons behind the market’s growth.
As per the study, sales of meat substitutes expanded at a CAGR of 38% from 2017-2021. The trend of healthy eating acquired massive momentum during the pandemic crisis, which is also one of the key reasons behind the industry’s rapid expansion. Prominent manufacturers are experimenting with different combinations, while simultaneously retaining the meaty texture and taste of traditional animal-based foods.
With the ever widening popularity of vegan foods, demand for meat substitutes is expected to take a turn for the better. According to the Vegan Society, over 60,000 products from more than 2,500 companies are registered globally, including 18,000 food and beverage items. In 2021 alone, the society registered over 16,000 products with the Vegan Trademark.
Key Takeaways from the Market Study
By source, plant-based protein meat substitutes to account for 34% market revenue in 2022
Mycoprotein meat substitutes to register an astronomical 44% value CAGR until 2032
Retail meat substitute products to account for over 3 out of 5 global sales through 2022
Foodservice channels to push meat substitute sales at a CAGR of 42% from 2022-2032
Europe to emerge as the most opportunistic meat substitute market, capturing over 40% revenue
APAC to experience a surge of around 45% in value CAGR terms from 2022 to 2032
“Mounting apprehensions about contracting zoonotic diseases, especially in the wake of the pandemic crisis, combined with an overall shift towards more sustainable diets, are setting the stage for various meat substitute products, with plant-based proteins emerging as the apex category,” remarks a Fact.MR analyst.
Competitive Landscape
The global meat substitute landscape is highly competitive, characterized by the presence of established players as well as new entrants. Manufacturers are introducing multiple product lines while simultaneously maintaining the taste associated with consuming meat-based foods. Moreover, collaborations, mergers and acquisitions and partnerships are relied upon.
· In January 2022, Beyond Meat Inc. and Pizza Hut announced the launch of plant-based Beyond Italian Sausage Crumbles as a permanent offering at Pizza Hut Canada locations nationwide. These crumbles are designed to offer the meaty texture and savory taste associated with Pizza Hut’s traditional Italian pork sausage, but sourced from plant-based ingredients.
· In March 2022, Impossible Foods Inc. introduced its flagship Impossible Beef Made from Plants in supermarkets throughout Australia and Aotearoa New Zealand. This marks the first time Impossible Beef can be purchased in supermarkets in both regions- a mere four months since the company initially landed in restaurants across ANZ.
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