The global meat substitute market size was US$ 5,777.7 million in 2021. The global meat substitute market is forecast to grow to US$ 9,823.6 million by 2030 by registering a compound annual growth rate (CAGR) of 7.9% during the forecast period from 2022 to 2030.
Meat contains a high amount of protein, cholesterol, and saturated fats. Thus, the high consumption of meat may result in health problems, such as obesity and atherosclerosis. Meat substitutes, on the other hand, taste similar to meat but are a healthier option than conventional meat. Tofu is a widely used meat substitute.
Factors Influencing the Market
The growing rate of obesity cases and associated health problems, such as diabetes, asthma, high blood pressure, heart diseases, etc., will drive the global meat substitute market forward. Furthermore, rising demand for food with high nutritional content and good taste will contribute to the growth of the meat substitute market.
Growing disposable income and the rising health and fitness industry will also boost the growth of the meat substitute market.
The increasing number of launches focusing on plant-based meat, seafood, and dairy substitutes, will fuel the growth of the market.
COVID-19 Impact Analysis
The food & beverages industry witnessed substantial opportunities to boost its revenue during the COVID-19 pandemic. The market observed a surge in the demand for healthy food options. Online food delivery platforms recorded a substantial hike, which has been beneficial for the meat substitute market.
Furthermore, lockdown restrictions forced people to shop online. The availability of a large variety of meat substitutes online has boosted the growth of the meat substitute market. Furthermore, the pandemic highlighted the demand to look over health and hygiene, which ultimately propelled the meat substitute market forward.
Regional Analysis
The Asia-Pacific market for meat substitutes is forecast to grow at a significant growth rate. Tofu and tempeh are considered among the popular traditional foods in China, Japan, and Indonesia. It is one of the crucial ingredients used in the making of Kicap, Bakso Martabak, and other popular foods. As a result, it will boost the growth of the meat substitute market.
Furthermore, the growing inclination of users towards plant-based food will benefit this regional market. The market may also witness lucrative opportunities due to the growing rate of obesity in the region. Furthermore, changing living standards and the rising focus of citizens on health and hygiene will contribute to the growth of the meat substitute market during the forecast period.
Competitors in the Market
Market Segmentation
The global meat substitute market segmentation focuses on Product, Source, Category, and Region.
By Product Type Outlook
By Source Outlook
By Category Outlook
By Regional Outlook
