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GLOBAL MEAT SUBSTITUTE MARKET FORECAST 2023-2032

SCOPE OF THE REPORT

Global Meat Substitute Market by Product Type (Tofu-based, Tempeh-based, TVP-based, Seitan-based, Quorn-based, Other Product Types) Market by Category (Frozen, Refrigerated, Shelf Stable) Market by Source (Soy-based, Wheat-based, Mycoprotein, Other Sources) by Geography

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MARKET OVERVIEW

In terms of revenue, the global meat substitute market was valued at $xx billion in 2022, and is expected to reach $xx billion by 2032, growing at a CAGR of 14% during the forecast period, 2023-2032.

Meat substitutes are food products made from vegetarian or vegan ingredients. It typically mimics the mouthfeel, flavor, appearance, and chemical properties of specific types of meat. 

The term’ flexible vegetarian’ is gaining popularity and refers to people wanting to minimize their meat consumption by substituting plant-based alternatives for some, but not all, of the meat and dairy in their weekly diet. 

Furthermore, concerns about animal welfare, personal health, the environment, budget constraints, or simply a dislike of the taste of meat and/or fish are facilitating a shift to these substitutes among consumers.

Read our latest blog on the Meat Substitute Market

GROWTH ENABLERS

Key growth enablers of the global meat substitute market are:

  • Growing demand for plant-based proteins
    • There is a growing trend of vegan diets and the incorporation of plant proteins in processed foods.
    • Consumers are also drawn to plant proteins due to the abundance of nutrients and the allergies caused by animal proteins.
    • For instance, there is a preference for mycoprotein foods because they contain more nutrients, such as fiber that regulates blood cholesterol and sugar. In addition, it is more filling than animal-based proteins like chicken and supports the prevention of overeating and unwanted weight gain.
  • Rising health consciousness 
  • Increasing obese population
  • Product research and innovations

GROWTH RESTRAINTS

Key growth restraining factors of the global meat substitute market are:

  • Diverse availability of substitutes
  • High costs 
    • Meat alternatives cost 38% more than equivalent animal products.
    • Since the government subsidizes and maintains lower costs for meat products, it is difficult for these substitutes to achieve competitive pricing.
    • Small-scale manufacturing, supply chain challenges, and the ongoing need to create & reinvent goods to achieve that true meat experience further increase costs.

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KEY MARKET TRENDS

Global Meat Substitute Market | Top Trends

  • In 2022, Adamo Foods, a London-based food tech startup, raised $620k in funding and investment to develop Europe’s first mycelium-based steak alternative. Mycelia is a root-like structure that fungi grow from and is high in fiber and protein.
  • The market for plant-based sashimi is the focus of the Romanian start-up, Bluana foods. It seeks to contain components including kombu, shiitake mushrooms, moringa, and microalgae protein.

MARKET SEGMENTATION

Market Segmentation – Product Type, Category, and Source – 

Market by Product Type: 

  • Tofu-Based
  • Tempeh-Based
  • TVP-Based
    • TVP-based products have a wide range of uses and are available in the market in various forms. As a result, these goods can be applied to several food processes and procedures.
    • They are a healthy alternative since they are cholesterol-free and high in protein.
    • They come in chunks, strips, flakes, and granules with a consistency like cooked beef or minced meat.
    • They are most commonly used as substitutes for ground meat.
  • Seitan-Based
  • Quorn-Based
  • Other Products

Market by Category:

  • Frozen 
    • The frozen category includes frozen burgers, pizza, crumbles, sausages, and patties. They have a longer shelf life, which has increased their acceptance. 
    • Busy and sedentary lives have enhanced this segment’s sales.
  • Refrigerated 
  • Shelf Stable

Market by Source:

  • Soy-Based
  • Wheat-Based
  • Mycoprotein
  • Other Sources

GEOGRAPHICAL STUDY

Geographical Study Based on Four Major Regions:
  • North America: The United States and Canada
  • Europe: The United Kingdom, France, Germany, Spain, Italy, and Rest of Europe
    • The rising demand for protein-rich and high-fiber meals is propelling the growth of meat substitutes in the United Kingdom.
    • Also, Generation Z accounts for 15% of the total population in the United Kingdom. They are eager to experiment with new trends like plant-based eating and veganism. As a result, the United Kingdom is expected to have the highest growth rate in the European Union.
    • The Plant-Based Treaty, which outlines a shift to a more sustainable and plant-based food system, has been signed by Edinburgh, Scotland, becoming the first capital city in Europe to do so. The philosophy aims to assist governments in moving their communities away from animal agriculture, which is a major contributor to climate catastrophe.
    • Furthermore, Germany’s government is finalizing its National Nutrition Strategy, which includes a plant-based shift within its food system to improve population health while reducing climate impact.
  • Asia-Pacific: China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific 
  • Rest of World: Latin America, the Middle East & Africa

MAJOR PLAYERS

The major players in the global meat substitute market are:

  • DuPont (US)
  • ADM (US)
  • Kerry Group (Ireland)
  • Ingredion Incorporated (US)
  • Roquette Freres (France)
  • Puris (US)
  • Cargill (US)
  • Axiom Foods (US)
  • Sonic Biochem Limited (India)
  • Crespel and Deiters (Germany)
  • Wilmar International Limited (Singapore)
  • Shandong Jianyuan Group (China)
  • The Nisshin OilliO Group Ltd (Japan)
  • A&B Ingredients (Canada)
  • Beneo (Germany)

Key strategies adopted by some of these companies:

  • December 2021: Quorn, the British plant-based luminary, announced five new Veganuary releases. Each employs the company’s signature mycoprotein meat substitute. The new products are centered on chicken-style alternatives in various flavor profiles.
  • January 2022: Danish Crown, one of Europe’s largest meat processors, introduced an eight-item plant-based alternative lineup. The items are made without soy and primarily contain Nordic or organic vegetables.
  • April 2022: Cauldron Foods introduced two new tofu flavors, Quick & Tasty Smoky BBQ Block and Hoisin Tofu.
  • January 2023: Beneo to take a 14% stake in a German start-up business, Grillido, to understand consumer preferences for plant-based meat solutions.

REPORT SYNOPSIS

REPORT SCOPEDETAILS
Market Forecast Years2023-2032
Base Year2022
Market Historical Years2018-2022
Forecast UnitsRevenue ($ Million)
Segments AnalyzedProduct type, Source, Category
Geographies AnalyzedNorth America, Europe, Asia-Pacific, and Rest of World
Companies AnalyzedDuPont, ADM, Kerry Group, Ingredion Incorporated, Roquette Freres, Puris, Cargill, Axiom Foods, Sonic Biochem Limited, Crespel and Deiters, Wilmar International Limited, Shandong Jianyuan Group, The Nisshin OilliO Group Ltd, A&B Ingredients, Beneo

TABLE OF CONTENT

  1. RESEARCH SCOPE & METHODOLOGY
    1. STUDY OBJECTIVES
    2. SCOPE OF STUDY
    3. METHODOLOGY
    4. ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    1. MARKET SIZE & ESTIMATES
    2. MARKET OVERVIEW
  3. MARKET DYNAMICS
    1. KEY DRIVERS
      1. GROWING DEMAND FOR PLANT-BASED PROTEINS
      2. RISING HEALTH CONSCIOUSNESS 
      3. INCREASING OBESE POPULATION
      4. PRODUCT RESEARCH AND INNOVATIONS
    2. KEY RESTRAINTS
      1. DIVERSE AVAILABILITY OF SUBSTITUTES
      2. HIGH COSTS 
  4. KEY ANALYTICS
    1. IMPACT OF COVID-19 ON MEAT SUBSTITUTE MARKET
    2. KEY MARKET TRENDS
    3. PORTER’S FIVE FORCES ANALYSIS
      1. BUYERS POWER
      2. SUPPLIERS POWER
      3. SUBSTITUTION
      4. NEW ENTRANTS
      5. INDUSTRY RIVALRY
    4. OPPORTUNITY MATRIX
    5. VENDOR LANDSCAPE
    6. KEY BUYING CRITERIA
    7. REGULATORY FRAMEWORK
  5. MARKET BY PRODUCT TYPE
    1. TOFU-BASED
    2. TEMPEH-BASED
    3. TVP-BASED
    4. SEITAN-BASED
    5. QUORN-BASED
    6. OTHER PRODUCT TYPES
  6. MARKET BY CATEGORY
    1. FROZEN
    2. REFRIGERATED 
    3. SHELF STABLE
  7. MARKET BY SOURCE
    1. SOY-BASED 
    2. WHEAT-BASED
    3. MYCOPROTEIN
    4. OTHER SOURCES
  8. GEOGRAPHICAL ANALYSIS 
    1. NORTH AMERICA
      1. MARKET SIZE & ESTIMATES
      2. KEY GROWTH ENABLERS
      3. KEY CHALLENGES
      4. KEY PLAYERS
      5. COUNTRY ANALYSIS
        1. UNITED STATES
        2. CANADA
    2. EUROPE
      1. MARKET SIZE & ESTIMATES
      2. KEY GROWTH ENABLERS
      3. KEY CHALLENGES
      4. KEY PLAYERS
      5. COUNTRY ANALYSIS
        1. UNITED KINGDOM
        2. GERMANY
        3. FRANCE
        4. ITALY
        5. SPAIN
        6. REST OF EUROPE
    3. ASIA-PACIFIC
      1. MARKET SIZE & ESTIMATES
      2. KEY GROWTH ENABLERS
      3. KEY CHALLENGES
      4. KEY PLAYERS
      5. COUNTRY ANALYSIS
        1. CHINA
        2. JAPAN
        3. INDIA
        4. SOUTH KOREA
        5. AUSTRALIA 
        6. REST OF ASIA-PACIFIC
    4. REST OF WORLD
      1. MARKET SIZE & ESTIMATES
      2. KEY GROWTH ENABLERS
      3. KEY CHALLENGES
      4. KEY PLAYERS
      5. REGIONAL ANALYSIS
        1. LATIN AMERICA
        2. MIDDLE EAST & AFRICA
  9. COMPETITIVE LANDSCAPE
    1. KEY STRATEGIC DEVELOPMENTS
      1. MERGERS & ACQUISITIONS
      2. PRODUCT LAUNCHES & DEVELOPMENTS
      3. PARTNERSHIPS & AGREEMENTS
      4. BUSINESS EXPANSIONS & DIVESTITURES
    2. COMPANY PROFILES
      1. A&B INGREDIENTS 
      2. ADM 
      3. AXIOM FOODS 
      4. BENEO 
      5. CARGILL 
      6. CRESPEL AND DEITERS 
      7. DUPONT 
      8. INGREDION INCORPORATED 
      9. KERRY GROUP 
      10. PURIS 
      11. ROQUETTE FRERES 
      12. SHANDONG JIANYUAN GROUP 
      13. SONIC BIOCHEM LIMITED 
      14. THE NISSHIN OILLIO GROUP LTD
      15. WILMAR INTERNATIONAL LIMITED 

LIST OF TABLES

TABLE 1: MARKET SNAPSHOT – MEAT SUBSTITUTE

TABLE 2: REGULATORY FRAMEWORK

TABLE 3: GLOBAL MEAT SUBSTITUTE MARKET, BY PRODUCT TYPE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 4: GLOBAL MEAT SUBSTITUTE MARKET, BY PRODUCT TYPE, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 5: GLOBAL TOFU-BASED MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 6: GLOBAL TOFU-BASED MARKET, BY REGION, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 7: GLOBAL TEMPEH-BASED MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 8: GLOBAL TEMPEH-BASED MARKET, BY REGION, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 9: GLOBAL TVP-BASED MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 10: GLOBAL TVP-BASED MARKET, BY REGION, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 11: GLOBAL SEITAN-BASED MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 12: GLOBAL SEITAN-BASED MARKET, BY REGION, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 13: GLOBAL QUORN-BASED MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 14: GLOBAL QUORN-BASED MARKET, BY REGION, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 15: GLOBAL OTHER PRODUCT TYPES MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 16: GLOBAL OTHER PRODUCT TYPES MARKET, BY REGION, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 17: GLOBAL MEAT SUBSTITUTE MARKET, BY CATEGORY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 18: GLOBAL MEAT SUBSTITUTE MARKET, BY CATEGORY, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 19: GLOBAL FROZEN MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 20: GLOBAL FROZEN MARKET, BY REGION, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 21: GLOBAL REFRIGERATED MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 22: GLOBAL REFRIGERATED MARKET, BY REGION, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 23: GLOBAL SHELF STABLE MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 24: GLOBAL SHELF STABLE MARKET, BY REGION, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 25: GLOBAL MEAT SUBSTITUTE MARKET, BY SOURCE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 26: GLOBAL MEAT SUBSTITUTE MARKET, BY SOURCE, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 27: GLOBAL SOY-BASED MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 28: GLOBAL SOY-BASED MARKET, BY REGION, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 29: GLOBAL WHEAT-BASED MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 30: GLOBAL WHEAT-BASED MARKET, BY REGION, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 31: GLOBAL MYCOPROTEIN MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 32: GLOBAL MYCOPROTEIN MARKET, BY REGION, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 33: GLOBAL OTHER SOURCES MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 34: GLOBAL OTHER SOURCES MARKET, BY REGION, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 35: GLOBAL MEAT SUBSTITUTE MARKET, BY GEOGRAPHY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 36: GLOBAL MEAT SUBSTITUTE MARKET, BY GEOGRAPHY, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 37: NORTH AMERICA MEAT SUBSTITUTE MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 38: NORTH AMERICA MEAT SUBSTITUTE MARKET, BY COUNTRY, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 39: LEADING PLAYERS OPERATING IN NORTH AMERICA MEAT SUBSTITUTE MARKET

TABLE 40: EUROPE MEAT SUBSTITUTE MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 41: EUROPE MEAT SUBSTITUTE MARKET, BY COUNTRY, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 42: LEADING PLAYERS OPERATING IN EUROPE MEAT SUBSTITUTE MARKET

TABLE 43: ASIA-PACIFIC MEAT SUBSTITUTE MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 44: ASIA-PACIFIC MEAT SUBSTITUTE MARKET, BY COUNTRY, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 45: LEADING PLAYERS OPERATING IN ASIA-PACIFIC MEAT SUBSTITUTE MARKET

TABLE 46: REST OF WORLD MEAT SUBSTITUTE MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 47: REST OF WORLD MEAT SUBSTITUTE MARKET, BY REGION, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 48: LEADING PLAYERS OPERATING IN REST OF WORLD MEAT SUBSTITUTE MARKET

TABLE 49: LIST OF MERGERS & ACQUISITIONS

TABLE 50: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

TABLE 51: LIST OF PARTNERSHIPS & AGREEMENTS

TABLE 52: LIST OF BUSINESS EXPANSIONS & DIVESTITURES

LIST OF FIGURES 

FIGURE 1: KEY MARKET TRENDS

FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

FIGURE 3: OPPORTUNITY MATRIX

FIGURE 4: VENDOR LANDSCAPE

FIGURE 5: KEY BUYING CRITERIA

FIGURE 6: GLOBAL MEAT SUBSTITUTE MARKET, GROWTH POTENTIAL, BY PRODUCT TYPE, IN 2022

FIGURE 7: GLOBAL MEAT SUBSTITUTE MARKET, BY TOFU-BASED, 2023-2032 (IN $ MILLION)

FIGURE 8: GLOBAL MEAT SUBSTITUTE MARKET, BY TEMPEH-BASED, 2023-2032 (IN $ MILLION)

FIGURE 9: GLOBAL MEAT SUBSTITUTE MARKET, BY TVP-BASED, 2023-2032 (IN $ MILLION)

FIGURE 10: GLOBAL MEAT SUBSTITUTE MARKET, BY SEITAN-BASED, 2023-2032 (IN $ MILLION)

FIGURE 11: GLOBAL MEAT SUBSTITUTE MARKET, BY QUORN-BASED, 2023-2032 (IN $ MILLION)

FIGURE 12: GLOBAL MEAT SUBSTITUTE MARKET, BY OTHER PRODUCT TYPES, 2023-2032 (IN $ MILLION)

FIGURE 13: GLOBAL MEAT SUBSTITUTE MARKET, GROWTH POTENTIAL, BY CATEGORY, IN 2022 

FIGURE 14: GLOBAL MEAT SUBSTITUTE MARKET, BY FROZEN, 2023-2032 (IN $ MILLION)

FIGURE 15: GLOBAL MEAT SUBSTITUTE MARKET, BY REFRIGERATED, 2023-2032 (IN $ MILLION)

FIGURE 16: GLOBAL MEAT SUBSTITUTE MARKET, BY SHELF STABLE , 2023-2032 (IN $ MILLION)

FIGURE 17: GLOBAL MEAT SUBSTITUTE MARKET, GROWTH POTENTIAL, BY SOURCE, IN 2022 

FIGURE 18: GLOBAL MEAT SUBSTITUTE MARKET, BY SOY-BASED, 2023-2032 (IN $ MILLION)

FIGURE 19: GLOBAL MEAT SUBSTITUTE MARKET, BY WHEAT-BASED, 2023-2032 (IN $ MILLION)

FIGURE 20: GLOBAL MEAT SUBSTITUTE MARKET, BY MYCOPROTEIN, 2023-2032 (IN $ MILLION)

FIGURE 21: GLOBAL MEAT SUBSTITUTE MARKET, BY OTHER SOURCES, 2023-2032 (IN $ MILLION)

FIGURE 22: NORTH AMERICA MEAT SUBSTITUTE MARKET, COUNTRY OUTLOOK, 2022 & 2032 (IN %)

FIGURE 23: UNITED STATES MEAT SUBSTITUTE MARKET, 2023-2032 (IN $ MILLION)

FIGURE 24: CANADA MEAT SUBSTITUTE MARKET, 2023-2032 (IN $ MILLION)

FIGURE 25: EUROPE MEAT SUBSTITUTE MARKET, COUNTRY OUTLOOK, 2022 & 2032 (IN %)

FIGURE 26: UNITED KINGDOM MEAT SUBSTITUTE MARKET, 2023-2032 (IN $ MILLION)

FIGURE 27: GERMANY MEAT SUBSTITUTE MARKET, 2023-2032 (IN $ MILLION)

FIGURE 28: FRANCE MEAT SUBSTITUTE MARKET, 2023-2032 (IN $ MILLION)

FIGURE 29: ITALY MEAT SUBSTITUTE MARKET, 2023-2032 (IN $ MILLION)

FIGURE 30: SPAIN MEAT SUBSTITUTE MARKET, 2023-2032 (IN $ MILLION)

FIGURE 31: REST OF EUROPE MEAT SUBSTITUTE MARKET, 2023-2032 (IN $ MILLION)

FIGURE 32: ASIA-PACIFIC MEAT SUBSTITUTE MARKET, COUNTRY OUTLOOK, 2022 & 2032 (IN %)

FIGURE 33: CHINA MEAT SUBSTITUTE MARKET, 2023-2032 (IN $ MILLION)

FIGURE 34: JAPAN MEAT SUBSTITUTE MARKET, 2023-2032 (IN $ MILLION)

FIGURE 35: INDIA MEAT SUBSTITUTE MARKET, 2023-2032 (IN $ MILLION)

FIGURE 36: SOUTH KOREA MEAT SUBSTITUTE MARKET, 2023-2032 (IN $ MILLION)

FIGURE 37: AUSTRALIA MEAT SUBSTITUTE MARKET, 2023-2032 (IN $ MILLION)

FIGURE 38: REST OF ASIA-PACIFIC MEAT SUBSTITUTE MARKET, 2023-2032 (IN $ MILLION)

FIGURE 39: REST OF WORLD MEAT SUBSTITUTE MARKET, REGIONAL OUTLOOK, 2022 & 2032 (IN %)

FIGURE 40: LATIN AMERICA MEAT SUBSTITUTE MARKET, 2023-2032 (IN $ MILLION)

FIGURE 41: MIDDLE EAST & AFRICA MEAT SUBSTITUTE MARKET, 2023-2032 (IN $ MILLION)

FAQ’s

FAQs

The category breakdown of the Europe meat substitute market includes frozen, refrigerated, and shelf stable.

High costs compared to meat products are the major growth restraining factor of the global meat substitute market.

Meat substitutes like tofu, seiten, tempeh, and pea protein are in popular demand.

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