The global meat substitute products market was valued at USD 7.6 billion in 2021 and is projected to expand at a CAGR of 9.1% from 2022 to 2030. Meat substitutes are becoming increasingly popular among consumers, primarily due to the growing awareness of the environmental impact of animal-based food production and the health benefits associated with plant-based food. Moreover, the rising demand for vegan and vegetarian diets is driving the demand for these products. Additionally, the increasing popularity of flexitarian diets, which are primarily plant-based but also include animal products in moderation, is expected to provide a further boost to the market.

Moreover, the growing demand for convenience foods is another major factor driving the market. This is because meat substitutes are quick and easy to prepare, making them suitable for today’s busy lifestyles. Furthermore, manufacturers are launching innovative products to cater to the changing consumer preferences. For instance, in June 2021, Beyond Meat and KFC announced a collaboration to launch Beyond Fried Chicken, a plant-based version of the popular fried chicken, in the U.S.

In addition, the increasing number of new product launches is also expected to contribute to market growth. For instance, in March 2021, Nestlé launched the Awesome Burger, a vegan and vegetarian burger, in the U.S. The product is made from pea protein and is said to be a good source of fiber and protein. Furthermore, the rising disposable incomes in emerging countries and the increasing number of vegan and vegetarian restaurants are also expected to drive the market growth.

However, the availability of various substitutes for meat substitutes such as tofu, tempeh, and other plant-based proteins may act as a restraint for the market. Additionally, the high cost of these products is likely to hamper the growth of the market. Nevertheless, the emergence of new technologies and the growing investment in R&D are expected to create lucrative opportunities for the market in the coming years.

The plant-based meat substitutes segment dominated the market and accounted for a share of around 68.6% in 2022. Increasing awareness of the health benefits of meat substitutes among consumers is driving the demand for meat-alternatives products worldwide. According to an article published by the International Food Information Council Foundation, in December 2020, about 58% of US consumers said that plant-based diets are healthier than diets that include animal products. Furthermore, growing concerns regarding animal cruelty and environmental degradation are some of the primary factors driving the demand for meat substitutes.

The dairy-based meat substitutes segment is anticipated to expand at the fastest CAGR of 9.4% over the forecast period. Growing popularity of dairy-based meat substitutes among vegan and vegetarian consumers is driving the market growth. According to an article published by PETA, in December 2020, almost all of the major vegan milk brands use dairy-based ingredients in their products. Furthermore, rising demand for fortified dairy-based meat substitutes to boost nutrition is another factor contributing to the growth of the market.

The supermarkets and hypermarkets segment is expected to occupy the largest market share in 2022. Supermarkets and hypermarkets are preferred by most consumers to purchase meat substitute products due to their convenience and variety of products. Moreover, the majority of these stores have dedicated sections for vegan, vegetarian, and natural food products. In addition, supermarkets and hypermarkets offer discounts and deals, which attract consumers to purchase meat substitute products.

The online segment is projected to register the highest CAGR of 11.2% during the forecast period. The increasing number of online retailers offering meat substitute products has been a major factor driving the growth of the segment. The increasing use of smartphones and internet-enabled devices has made it easier for customers to purchase meat substitute products from online stores. Moreover, online retailers offer various discounts and deals to attract more customers. These factors are expected to drive the growth of the segment during the forecast period.

The plant-based meat substitute segment accounted for the highest revenue share of 53.2% in the year 2022. The growing concern for animal health and overall well-being, increasing awareness of health benefits associated with plant-based protein sources, and the increasing demand for vegan and vegetarian food products are some of the factors driving the growth of the plant-based meat substitute market. For instance, in November 2019, Beyond Meat Inc. launched a new range of vegan burgers in the U.K. These products are free from gluten, soy, and genetically modified organisms, making them suitable for vegan and vegetarian consumers.

The wheat-based meat substitute segment is anticipated to register the highest CAGR of 14.1% during the forecast period. Wheat-based meat substitutes are gaining popularity due to their low fat content and high protein percentage. Additionally, the growing prevalence of allergies and food intolerance has resulted in the increased demand for wheat-based meat substitutes as they are gluten-free. Several companies are launching new wheat-based meat substitutes to capitalize on the growing demand. For instance, in March 2021, Beyond Meat Inc. introduced a new wheat-based meat substitute product called Beyond Burger.

Europe accounted for the largest market share in 2021, owing to the increasing vegan and vegetarian population in the region. Furthermore, the presence of a large number of market players, such as Quorn and Beyond Meat, is driving the market in this region. According to the European Vegetarian Union, the number of vegans in Europe increased from 1.2 million in 2018 to 3.7 million in 2020.

North America is expected to witness the fastest growth in the coming years. The presence of a large number of health-conscious consumers and the increasing awareness regarding the health benefits of meat substitutes is expected to drive the regional market. Moreover, the presence of several established players, such as Beyond Meat, MorningStar Farms, and Impossible Foods, is expected to further boost the growth of the market. For instance, in April 2021, Beyond Meat launched its plant-based bacon in the U.S. and Canada.

In this part of the meat substitute products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your meat substitute products business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenues for a meat substitute products business comes from sales of the products, as well as from associated services such as workshops, seminars, and consulting. Here you will find a list with a description of each of them and other possible sources of profit such as sponsorships and partnerships, online sales, and distribution networks.

Projecting Expenses
In this section, all the regular expenses related to keeping the meat substitute products business running will be described. The list of operating expenses includes wages, rent, marketing expenses, insurance policies, research and development costs, and others.

Some of the key companies operating in the meat substitute products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, Impossible Foods launched Impossible Pork Made From Plants.

– In August 2022, Beyond Meat launched Beyond Beef, a plant-based product designed to replicate the texture and taste of beef.

– In October 2022, Morningstar Farms launched the Veggie Lovers Burger, a plant-based burger patty that contains 10 grams of protein.

Some of the prominent players in the meat substitute products market include:

– Beyond Meat
– Impossible Foods
– Garden Protein International (GPIPL)
– Quorn Foods
– Kellogg Co.
– Amy’s Kitchen
– Morningstar Farms
– Tofurky
– Field Roast Grain Meat Co.
– BOCA Foods

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global meat substitute products market based on product, distribution channel, type, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– Soy Products
– Wheat Products
– Pea Products
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Online
– Others

3. Type Outlook (Revenue, USD Million, 2017 – 2030)

– Natural
– Organic

4. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What are the Key Drivers for the Meat Substitute Products Market?
[A]: Several factors are driving the growth of the meat substitute products market. These include growing health consciousness among consumers, changing dietary preferences, rising demand for plant-based proteins, increasing vegan population, and growing awareness about animal cruelty and environmental protection.

[Q]: What are the Major Companies Operating in the Meat Substitute Products Market?
[A]: Major companies operating in the meat substitute products market include Quorn Foods, Beyond Meat, Impossible Foods, Amy’s Kitchen, MorningStar Farms, Garden Protein International, The Kraft Heinz Company, Marlow Foods, Tofurky, and VBites.

[Q]: What are the Different Types of Meat Substitutes Available in the Market?
[A]: The different types of meat substitutes available in the market include vegan meats, vegetarian meats, and processed meats. Vegan meats are made from plant-based ingredients such as soy, wheat, and pea proteins. Vegetarian meats are made from dairy-based ingredients such as cheese and eggs. Processed meats are made from plant-based ingredients such as wheat gluten and textured vegetable protein.

[Q]: What are the Growth Opportunities for the Meat Substitute Products Market?
[A]: The increasing demand for convenience foods, the increasing focus on health and wellness, and the growing demand for vegan and organic products are expected to provide potential growth opportunities for the meat substitute products market.

[Q]: What are the Major Regions Dominating the Meat Substitute Products Market?
[A]: North America and Europe are the major regions dominating the meat substitute products market. North America is the largest market, followed by Europe. This is due to the presence of a large number of vegan and vegetarian consumers in the region. Asia Pacific is also expected to be a major consumer of meat substitute products.