Meat Substitute Market Size Projected to Reach $18.0 Billion by 2035

The meat substitute market size was valued at $6.6 billion in 2023, and is estimated to reach $18.0 billion by 2035, growing at a CAGR of 8.9% from 2024 to 2035.

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Increase in the incidence of diabetes, cancer, and other health disorders boosts health and fitness consciousness among consumers. Consumers are projected to become selective in their food habits to avoid severe health issues. Moreover, awareness toward environmental sustainability and animal welfare is anticipated to increase further in the future, owing to the initiatives of governments and companies operating in the meat substitute industry. Consistent initiatives from companies, such as VBites Foods Ltd., have contributed significantly toward uplifting animal consciousness among individuals. Moreover, marketing and promotional initiatives of companies, such as Quorn Foods, are anticipated to increase consciousness toward sustainability among individuals in the coming years. 

The meat substitute market opportunities in Asia-Pacific offers lucrative growth for the operating players. Increase in adoption of the Western lifestyle and rise in disposable income of consumers majorly drive the meat substitute market growth. This region offers potential growth opportunities to the market players for launching innovative meat substitute products. Moreover, countries in Latin America, such as Brazil, are expected to unfold attractive business opportunities, owing to high prevalence of obesity in this region. However, a variety of low-fat meat substitutes are available in the market.  Leading players in the food and snack industry, such as Beyond Meat, Impossible Foods, and Quorn, offer a variety of meat-based, low-fat meal options and snack products. Lean meats have gained prominence among consumers, owing to increase in health and fitness consciousness. J.B.S. S.A. is amongst the leading players in the meat processing industry, offering a wide variety of innovative, low-fat beef, pork, lamb, and other meat products. 

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Attributed to the spread of COVID-19, the demand for meat substitutes, due to an increase in consumer spending on healthy food products and health consciousness, has experienced substantial growth. Furthermore, meat alternative manufacturers witnessed surge in demand for plant-based products due to shortage of meat products in retail stores and a limit on meat-based items purchased per customer. 

Furthermore, owing to positive consumer demand, numerous start-ups and established food companies have launched a wide range of plant-based meat, seafood, and dairy substitutes, which exhibit new flavors, textures, and improved nutritional profiles.  An increase in awareness among people to strengthen their immune system to prevent themselves from being infected easily is compelling them to maintain a healthy lifestyle and proper diet. 

The meat substitute market analysis is segmented into product type, source, category, and region. By product type, it is classified into tofu-based, tempeh-based, TVP-based, seitan–based, Quorn-based, and others. By source, it is divided into soy-based, wheat-based, mycoprotein, pea-based, and others. By category, it is categorized into frozen, refrigerated, and shelf stable. By region, it is studied across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. 

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