The Rise Of The Meat Substitutes Market: Consumer Preferences And Growth Drivers

Meat Substitutes Industry Overview

The global meat substitutes market size was valued at USD 18.78 billion in 2023 and is expected to grow consumer-adoption-in-the-digital-diabetes-management-market-insights-and-trendsat a CAGR of 42.4% from 2024 to 2030. Diets that reduce or eliminate animal products are gaining popularity, which is expected to fuel the growth of the market. More people are adopting vegan lifestyles, driven by increased awareness of the health risks associated with meat consumption, as well as concerns about the ethical and environmental impacts of animal agriculture. A 2023 study by Soylent found that 68.1% of those who choose veganism are motivated by animal welfare, 17.4% by health reasons, and 9.7% by environmental and sustainability concerns.

Additionally, the fear of increasing animal-borne diseases has heightened health concerns, leading to a decline in animal product consumption. As awareness of meat substitutes grows, more consumers are turning to these alternatives, recognizing their potential health benefits, including the prevention of non-communicable diseases, digestive issues, and obesity.

Gather more insights about the market drivers, restrains and growth of the Meat Substitutes Market

The rising importance of a flexitarian diet, driven by increased awareness of the cardiovascular risks associated with red meat and a growing emphasis on health and active lifestyles, is expected to boost the growth of the pea protein segment in the plant-based meat market. Pea proteins, known for their benefits in weight loss, muscle repair, and energy balance, are gaining global popularity. For example, Beyond Meat Inc. uses pea proteins to develop products with a chewy, meat-like texture, and Lightlife offers its Lightlife Burger with pea proteins as a key ingredient. This burger contains 20 grams of pea protein, 2.5 grams of saturated fat, and zero cholesterol, compared to 9.3 grams of saturated fat and 80 milligrams of cholesterol in a traditional beef patty.

Intensive animal farming has faced criticism due to its environmental impact and ethical concerns, leading companies to offer meat substitutes. Planterra Foods, for instance, is expanding its plant-based protein line with True Bite Plant-Based Chicken Cutlet, the first of its kind on the market. Additionally, Planterra Foods' Ozo brand introduced cutlets in various flavors, such as Sea Salt & Pepper and Garlic & Herb, in 2021. These innovations in flavor offerings are expected to drive growth in the cutlets segment. Similarly, Impossible Foods invested in developing plant-based tenders in 2020 as part of its goal to replace all animal agriculture with sustainable alternatives by 2035.

The substantial growth in the meat alternatives market is fueled by a combination of consumer concerns and manufacturers' ability to create products with superior texture, flavor, and mouthfeel. This demand is particularly driven by Gen Z and Millennials, who are motivated by concerns about health, climate change, and animal welfare. To meet this demand, many manufacturers are partnering with brands to expand their offerings. For example, Tokyo-based Next Meats partnered with Vegan Meat India in December 2021 to introduce meat-free products in India.

Consumers now enjoy a wide variety of products that offer more choices and innovative flavors, catering to their dietary needs. Even non-vegetarian and non-vegan consumers are turning to plant-based alternatives for reasons such as improved nutrition, weight management, concern for animal welfare, and environmental sustainability.

Additionally, there is an emerging trend towards including whole vegetables and grains in ingredient lists. Health-conscious consumers increasingly prioritize recognizable ingredients on product labels and seek products with reputable third-party certifications. In response, meat substitute producers are offering products with transparent labeling, indicating attributes such as non-GMO, gluten-free, vegan, and kosher. The rising demand for plant-based alternatives, coupled with significant investments in innovative products, is expected to continue creating profitable opportunities for market expansion.

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• The global energy bar market size was valued at USD 6.02 billion in 2023 and is expected to grow at a CAGR of 7.6% from 2024 to 2030. As consumers increasingly prioritize health and wellness, they are driving demand for convenient, nutritious snacks that fit into busy lifestyles.

• The global mustard oil market size was estimated at USD 14.39 billion in 2023 and is expected to grow at a CAGR of 4.9% from 2024 to 2030. The market demand and consumption of mustard oil are on the rise, driven by several key factors and emerging trends. One of the primary drivers is the growing focus on health and wellness.

Key Companies profiled:

• Amy’s Kitchen Inc.

• Beyond Meat

• Impossible Foods Inc.

• Quorn Foods

• Kellogg Co.

• Unilever

• Meatless B.V.

• VBites Foods Ltd.

• Sunfed

• Tyson Foods, Inc.

Recent Developments

• In May 2024, Tofurky, a prominent producer of tasty plant-based meats in the U.S., is unveiled an enticing new product line for foodservice clients at the National Restaurant Association Show, booth #687: Next Generation Plant-Based Deli Slices.

• In March 2024, The Kraft Heinz Not Company LLC introduced NotHotDogs and NotSausages, marking the first plant-based offerings under the Oscar Mayer brand and the inaugural plant-based meat innovation from the collaboration between The Kraft Heinz Company and TheNotCompany, Inc. Their mission is to craft irresistible plant-based foods for everyone.

• In February 2024, Beyond Meat introduced its most recent advancement in plant-based beef products through the debut of the Beyond IV platform. This signifies the release of the fourth generation of its primary products, Beyond Burger and Beyond Beef, scheduled to launch exclusively at stores throughout the U.S. in spring.

• In December 2023, Quorn, the top meat-free brand in the U.K., reintroduced its vegetarian Quorn Fillet Pieces.

• In October 2023, Beyond Meat announced the inauguration of a unique dedicated concession stand at Madison Square Garden in New York City, known as the GO BEYOND GRILL. This collaboration with MSG Entertainment and MSG Sports marks a significant milestone as Beyond Meat becomes the primary vegan meat partner of the New York Knicks, Madison Square Garden, and the New York Rangers.

• In September 2023, MorningStar Farms introduced the MorningStar Farms Steakhouse Style Burger, a high-quality plant-based alternative that authentically captures the essence of its namesake with enhanced flavor.

• In August 2023, Beyond Meat, Inc. expanded its burger lineup by introducing its latest product innovation, the Beyond Stack Burger.

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