The global meat substitute market size was US$ 5899.4 million in 2021. The global meat substitute market size is forecast to reach US$ 11,430.1 million by 2030, growing at a compound annual growth rate (CAGR) of 7.7% during the forecast period from 2022 to 2030.

The meat substitute, also called meat analog, is a healthy food alternative to meat with similar chemical and aesthetic properties, such as appearance, taste, flavor, and texture. Substitute meat is also known as meat analog, mock meat, faux meat, or imitation meat. The consumption of vegetable proteins in food products has risen due to increasing animal diseases, a global shortage of animal protein, and rising religious food consumption. The aromatic qualities of meat substitutes typically resemble those of specific types of meat, such as their chemical characteristics. Their similarity to meat makes them a frequent addition to similar dishes. There are various kinds of analogs, such as soy-based (e.g., tofu, tempeh) or gluten-based, but now they may be made from pea protein and sometimes mycoprotein.

Factors Influencing Market Growth

• The major factor driving the global meat substitutes market is consumers seeking products that are ethical, healthy, low impact on the environment, cost-effective, and offer new food products, which will fuel the demand for meat alternatives and analogs.
• Reducing meat consumption is a way to combat environmental issues. As a result, a shift towards vegan and vegetarian diets is boosting the market for meat substitutes.
• There is a lack of awareness about meat substitutes availability, which may slow down the overall meat substitutes market. 
• The development of new technologies and government initiatives related to the extrusion process is forecast to create huge opportunities for the meat substitutes market.

Impact Analysis of COVID-19

COVID-19 caused a surge in the demand for meat substitutes. With the increase in consumer spending on healthy food products and growing health consciousness, the industry has experienced significant growth. In addition, meat alternative manufacturers experienced a rise in demand for their products due to the shortage of meat products at retail stores and the limit on the quantity of meat-based items per customer. As a result, COVID-19 has positively impacted the meat substitute market, with production and sales increasing in 2020.

Regional Insights

Europe held dominant in the market and is forecast to grow at a CAGR over the forecast period. Western consumers are increasingly turning towards meat alternatives, largely influenced by the millennial generation. When making a purchase decision, members of this group tend to consider animal welfare and environmental concerns. Some of the key factors facilitating the demand for meat substitutes include health consciousness, ethics related to safeguarding the environment, and the surging cost of meat, motivating consumers to seek alternative sources in Europe. 

Leading Competitors

The leading prominent companies profiled in the global meat substitute market are:

• Amy’s Kitchen
• BeyondMeat
• Cauldron Foods
• Garden Protein International, Incorporated
• Meatless B.V.
• VBites Foods Limited
• MGP Ingredients (U.S.)
• Sonic Biochem Extractions Limited
• Kellogg Company
• Archer-Daniels-Midland Company
• Other Prominent Players

Scope of the Report

The global meat substitute market segmentation focuses on Product Type, Source, Category, and Region.

Segmentation based on Product Type

• Tofu-based
• Tempeh-based
• TVP-based
• Seitan-based
• Quorn-based
• Others

Segmentation based on Source

• Soy-based
• Wheat-based
• Mycoprotein
• Others

Segmentation based on Category

• Frozen
• Refrigerated
• Shelf Stable

Segmentation based on Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America