Meat Substitutes Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The Meat Substitutes Market is Segmented by Product Type (Tofu, Tempeh, Textured Vegetable Protein, Seitan, and Other Product Types), Distribution Channel (Supermarkets/ Hypermarkets, Convenience Stores, Online Stores, and Other Distribution Channels), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The report offers market size and forecast in value (USD million) for the above segments.

Market Snapshot

Meat Substitutes Market Summary
Study Period: 2016 -2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Europe
CAGR: 7.91 %
Meat Substitutes Market Major Players

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Market Overview

The meat substitutes market is projected to record a CAGR of 7.91% during the forecast period (2022-2027).

COVID-19 has also created opportunities for many private players to emerge in the markets and cater to the inflated demand. The demand for plant-based snack products has increased because they are a quick and convenient source of fit health and nutrition. For instance, in 2020, Kroger launched private-label vegan ground beef and burger patties to capitalize on the growing consumer demand for plant-based meatless substitutes. The company added 50 more products to its plant-based collection in 2020. Such initiatives are taken to attract consumers and boost revenue.

Over the long term, rising consumer awareness about the negative health effects associated with meat consumption may lead to a shift toward a vegan diet. This shift will most likely contribute to the evolution of meat substitutes globally. Additionally, the benefits of cholesterol-free protein, with a meat-like texture, are one of the key factors promoting the growth of meat substitute products.

Many restaurants, casual dining venues, and fast food chains introduced dedicated meat-free sections in their menus due to the rising popularity of a vegan or flexitarian diet. Furthermore, there is a significant improvement in terms of media coverage, primarily in line with the increasing product developments and demand for products.

Scope of the Report

A meat substitute is a meat-like substance made from plants. The meat substitutes market offers a range of products, including tofu, tempeh, textured vegetable protein, seitan, and other product types. Additionally, the report is segmented by distribution channels and geography. For each segment, the market sizing and forecast have been done based on value (USD million).

By Product Type
Tofu
Tempeh
TVP (Textured Vegetable Protein)
Seitan
Other Product Types
By Distribution Channel
Supermarkets/Hypermarkets
Convenience Stores
Online Stores
Other Distribution Channels
By Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
France
Russia
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
South Africa
United Arab Emirates
Rest of Middle-East and Africa

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Key Market Trends

Growing Preference for Plant-based Proteins

The rising awareness regarding healthy and sustainable foods led to an increase in the demand for plant protein-based meat alternatives globally. The increasing number of vegans and flexitarians is expected to drive the market’s growth. Most of the population is focusing on limiting or reducing the intake of animal proteins, and 60% intend to make this a permanent change. Research by DuPont established that the primary factor in meat alternatives is taste. The research also highlighted that about one-third of consumers want convenience, value, and variety, suggesting that the market is far from saturation and consumers have unmet needs. Moreover, government bodies across various countries are promoting the consumption of plant-based substitutes due to the health benefits offered by these products. This change in the eating patterns requires new products that cater to the demand for healthy and tasty products, which can replace the function of meat in a dish and contribute a similar high protein nutritional value. Such factors are expected to drive the market’s growth.

Meat Substitutes Market: Retail Sales of Plant Based Food Products, Growth Rate (%), United States, (2018-2021)

Europe Dominates the Global Market

The shift toward the consumption of meat alternatives in the western part of the world is largely driven by the growing millennial population, where the demographic considers the food source, animal welfare issues, and impact on the environment while making decisions related to purchasing. The UK market is one of the frontrunners in scaling the demand for meat substitutes, where consumers ate approximately more than 5 billion meat-free dinners, according to a survey by a supermarket. Besides meat-free products, consumers were also inclined toward purchasing free-from products, such as gluten-free. Some of the key factors facilitating the demand for meat substitutes include health consciousness, ethics related to safeguarding the environment, and surging costs of meat, thus motivating consumers in Europe to seek alternative sources.

Meat Substitute Market: Market Size (%), Global, 2021

Competitive Landscape

The meat substitutes market is highly competitive due to the presence of numerous small players. Key players, like Kellogg’s, Conagra Brands Inc., Nestle, and The Campbell Soup Company, entered the market by acquiring small meat substitute companies. For instance, Nestlé acquired Sweet Earth, a plant-based foods manufacturer based in Moss Landing, Calif. The acquisition gives Nestlé immediate entry into the plant-based foods segment. Sweet Earth’s portfolio spans all meal occasions, diversifying Nestlé’s offering beyond its existing category leadership in plant-based meals and snacks. Other major players, such as Amy's Kitchen Inc., Beyond Meat Inc., and Impossible Foods Inc., are focusing on gaining significant market shares in the meat substitutes market.

Recent Developments

  • In May 2021, Unilever partnered with the food tech company ENOUGH to develop new plant-based meat products, starting in the United Kingdom. The technology involves a unique zero-waste fermentation process to grow a high-quality protein. The raw materials include wheat and corn, which eventually produce mycoprotein, a complete food ingredient containing all essential amino acids.
  • In March 2021, Tiba Tempeh launched its online portal dedicated to Tempeh products to reach customers across the United Kingdom. Its product portfolio includes Curry Spiced pieces, Sweet Chilli pieces, Soy marinated pieces, and smoky BBQ Burgers.
  • In 2020, Conagra Brands expanded its Gardein meat-free portfolio in the United States by launching a new plant-based burger patty. The product comprises pea protein featuring 19 g of protein per serving.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products and Services

      5. 4.3.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Tofu

      2. 5.1.2 Tempeh

      3. 5.1.3 TVP (Textured Vegetable Protein)

      4. 5.1.4 Seitan

      5. 5.1.5 Other Product Types

    2. 5.2 By Distribution Channel

      1. 5.2.1 Supermarkets/Hypermarkets

      2. 5.2.2 Convenience Stores

      3. 5.2.3 Online Stores

      4. 5.2.4 Other Distribution Channels

    3. 5.3 By Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Russia

        5. 5.3.2.5 Italy

        6. 5.3.2.6 Spain

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 South Africa

        2. 5.3.5.2 United Arab Emirates

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. Competitive Landscape

    1. 6.1 Most Adopted Strategies

    2. 6.2 Market Share Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 Conagra Brands Inc.

      2. 6.3.2 Amy's Kitchen Inc.

      3. 6.3.3 The Kellogg Company

      4. 6.3.4 Beyond Meat Inc.

      5. 6.3.5 Impossible Foods

      6. 6.3.6 The Campbell Soup Company

      7. 6.3.7 The Tofurky Company

      8. 6.3.8 Vegabom Option Healthy

      9. 6.3.9 Superbom Alimentos

      10. 6.3.10 Quorn

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. IMPACT OF COVID-19 ON THE MARKET

**Subject to Availability

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Frequently Asked Questions

The Meat Substitutes Market market is studied from 2016 - 2027.

The Meat Substitutes Market is growing at a CAGR of 7.91% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Europe holds highest share in 2021.

Conagra Brand Inc., Amy's Kitchen Inc., Kellogg Company, Impossible Foods Inc., Beyond Meat are the major companies operating in Meat Substitutes Market.

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