The global meat substitute market is forecast to grow at an annual rate of 33.6% to reach USD235bn by the end of the 2022-2032 assessment period, concludes a recently published Fact.MR study. As of 2021, the market was valued at USD10bn. An increasing tilt towards consumption of meat analogues amid mounting environmental and health concerns is attributed as one of the primary reasons behind the market’s growth.
As per the study, sales of meat substitutes expanded at a CAGR of 38% from 2017-2021. The trend of healthy eating acquired massive momentum during the pandemic crisis, which is also one of the key reasons behind the industry’s rapid expansion. Prominent manufacturers are experimenting with different combinations, while simultaneously retaining the meaty texture and taste of traditional animal-based foods.
With the ever widening popularity of vegan foods, demand for meat substitutes is expected to take a turn for the better. According to the Vegan Society, over 60,000 products from more than 2,500 companies are registered globally, including 18,000 food & beverage items. In 2021 alone, the society registered over 16,000 products with the Vegan Trademark.
The global meat substitute landscape is highly competitive, characterized by the presence of established players as well as new entrants. Manufacturers are introducing multiple product lines while simultaneously maintaining the taste associated with consuming meat-based foods. Moreover, collaborations, mergers & acquisitions and partnerships are relied upon.