The meat substitute market was valued at USD 1.89 billion in 2021 and it is expected to grow at a CAGR of 13.5% during the forecast period. The global market for meat substitutes is projected to reach USD 4.04 billion by 2027. According to MarketsandMarkets, the meat substitutes market would see highest growth in Asia Pacific at a CAGR of 14.3%.
The meat substitutes market is a rapidly growing industry, driven by a variety of factors. Here are some of the key drivers, trends, challenges, and opportunities shaping the market:
Meat Substitutes Market Key Drivers:
1. Health and Wellness: Growing consumer awareness and concerns about the health risks associated with meat consumption are driving the demand for plant-based meat alternatives.
2. Environmental Concerns: Consumers are becoming more aware of the environmental impact of meat production, which is contributing to the growth of the meat substitutes market.
3. Animal Welfare: The increasing concern over animal welfare is also driving the demand for plant-based alternatives.
4. Innovation: Technological advancements in food science are enabling the development of more realistic and appealing meat substitutes.
Meat Substitutes Market Trends:
1. Rise in Veganism: The increasing popularity of veganism is a key trend driving the meat substitutes market, as more people are choosing to eliminate animal products from their diets.
2. Product Expansion: Meat substitutes are no longer limited to burgers and sausages. There is a growing range of plant-based alternatives to meat products, such as chicken, fish, and dairy products.
3. Retail Expansion: The meat substitutes market is expanding beyond specialty health food stores and into mainstream retail outlets.
4. Celebrity Endorsements: The growing popularity of plant-based diets is being supported by celebrity endorsements, which is driving more consumers to try meat substitutes.
Meat Substitutes Market Challenges:
1. Price: Meat substitutes are often more expensive than their meat counterparts, which can be a barrier to entry for some consumers.
2. Taste and Texture: While the taste and texture of meat substitutes have improved, some consumers may still find them less appealing than meat.
3. Labeling and Marketing: There is a lack of clarity and consistency in labeling and marketing of meat substitutes, which can be confusing for consumers.
Meat Substitutes Market Opportunities:
1. Health and Wellness: The increasing interest in health and wellness is creating opportunities for meat substitutes as a healthier alternative to meat products.
2. Convenience: The convenience of meat substitutes is a key advantage over meat products, which require more preparation and cooking time.
3. Sustainability: As consumers become more aware of the environmental impact of meat production, there is a growing opportunity for meat substitutes as a more sustainable alternative.
4. Innovation: There is a vast opportunity for innovation in the meat substitutes market, including the development of new products and improved taste and texture.
North America is projected to reach USD 1,536.6 million in 2027.
In 2021, North America accounted for a market share of 38.8% in the meat substitutes market. The US was one of the highest consumers of plant-based products across the globe, according to the Good Food Institute in 2018. The adoption of dairy and meat alternatives has been a major trend in the country, owing to the rising awareness of a sustainable environment and inclination toward a healthy lifestyle. Hence, globally, the North American region is estimated to lead the global meat substitutes market in 2021. Numerous established companies, such as Cargill (US), DuPont (US), Archer Daniels Midland Company (US), and startups, have been investing in the meat substitutes market across the region. Consumers in the region are adopting a flexitarian lifestyle and are incorporating plant-based foods into their daily routine diets. For instance, in Mexoci the consumers are opting for meatless versions of their popular traditional cuisines, such as tacos.
The key players in the market are ADM (US), Ingredion Incorporated (US), DuPont (US), Kerry Group (Ireland), and Roquette Frères (France).
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