From 2022 to 2032, Meat Alternative Market Sales are expected to flourish at a CAGR of 33.6% | Future Market Insights, Inc.
NEWARK, Del., Sept. 21, 2022
Plant-based Protein to constitute 34% of the Meat Alternative Market in 2022. Growing Demand for Plant-based Ingredients Contributing to Meat Alternative Market Growth. Rising demand for plant-based ingredients is expected to drive the Meat Alternatives Market
NEWARK, Del., Sept. 21, 2022 /PRNewswire/ -- The global meat alternative market size is expected to be valued at US$ 13 Billion in 2022. With the increasing sale of innovative goods and appealing marketing, coupled with the health benefits associated with meat alternatives, the overall demand for meat alternatives is projected to grow at a CAGR of 33.6% between 2022 and 2032, totaling around US$ 235 Billion by 2032.
The rising awareness regarding healthy and sustainable foods is one of the major factors that is expected to boost the growth of the meat alternative market during the forecast period. The increasing number of vegans and flexitarians is another factor that is anticipated to fuel the market's growth. Moreover, government bodies across various countries are promoting the consumption of meat alternatives, owing 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.
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The growth of the meat alternative market is primarily attributed to a widening vegan customer base, in the light of rising awareness about the adverse impact resulting from meat consumption on the environment. Because of its negative effects on the environment and animal welfare, the intensive animal husbandry has been criticized by some sections of society. This in turn has led to a shift towards diets which exclude or limit the use of animal products. In addition, growing apprehension about contracting zoonotic diseases has further led to a reduction in consuming meat products.
Consumer awareness of plant-based meat substitutes is rapidly growing, with more people demanding these because of their stated health benefits, such as the prevention of non-communicable disorders, digestive issues, and obesity. As a result, consumers are changing their eating habits and incorporating a healthy diet, which is expected to boost the demand for meat alternatives. Based on all these trends, the global meat alternative market is expected to surge at a high pace during the analysis period.
The Meat Alternative Market in North America is expected to accumulate the highest market share of 56% in 2022. The growth in North America is attributed to 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 US market is one of the frontrunners in scaling the demand for meat alternatives, where consumers eat approximately more than 5 billion meat-free dinners, according to a survey by a supermarket.
Key Takeaways from the Market Study
- From 2017 to 2021, the market demand expanded at a CAGR of 14.2%
- By Product Type, the Tofu segment of the market constitutes the bulk of the market with a market share of 60%
- By Source, the Plant-based Protein segment dominates the market with a share of 34%
- From 2022 to 2032, Meat Alternative sales are expected to flourish at a CAGR of 33.6%.
Due to growing global population as well as increasing interest in both vegetarian and vegan diet, companies in the meat alternative market are increasing the availability of substitutes to animal protein, remarks an FMI analyst.
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Players in the global Meat Alternative Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In March 2022, Impossible Foods Inc. introduced its flagship Impossible Beef Made from Plants in supermarkets throughout Australia and Aotearoa New Zealand. This marks the first time Impossible Beef can be purchased in supermarkets in both regions- a mere four months since the company initially landed in restaurants across ANZ.
- In January 2022, Beyond Meat Inc. and Pizza Hut announced the launch of plant-based Beyond Italian Sausage Crumbles as a permanent offering at Pizza Hut Canada locations nationwide. These crumbles are designed to offer the meaty texture and savory taste associated with Pizza Hut's traditional Italian pork sausage, but sourced from plant-based ingredients.
- 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.
Key Segments Covered In the Meat Alternative Industry Analysis
Meat Alternative Market by Product Type:
- Seitan or Wheat gluten
- Algae/ Mycoprotein
- Textured Vegetable Protein
- Fermented proteins
- Fish Protein
- Cultured or 'clean' meat
- Others (Yaso, Nato and Miso)
Meat Alternative Market by Nature:
Meat Alternative Market by Source:
- Plant-based Protein
- Insect Protein
Meat Alternative Market by Storage:
Meat Alternative Market by Distribution Channel:
- HoReCa (Foodservice Sector)
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Table of Content
1. Market Overview
1.1. Market Coverage / Taxonomy
1.2. Market Definition / Scope / Limitations
2. The Massive Impact of the Crisis
2.1. Global Meat Alternatives Market Forecast Scenario Comparison of Annual Growth Rates for short Term (2022-2026) and Long Term (2027-2032)
2.1.1. Optimistic Scenario
2.1.2. Likely Scenario
2.1.3. Pessimistic Scenario
2.2. Key Factors Impacting the Market
3. Market Dynamics
3.4. Market trends By Region
3.5. Product Launches
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