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

Cauldron Foods
Garden Protein International, Inc.
Amys Kitchen
BeyondMeat
Meatless B.V.
VBites Foods Ltd.
Kellogg Company
Sonic Biochem Extractions Limited
Archer-Daniels-Midland Company
MGP Ingredients
Other Prominent Players
Market Segmentation

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

By Product Type Outlook

Tofu-based
Tempeh-based
TVP-based
Seitan-based
Quorn-based
Others
By Source Outlook

Soy-based
Wheat-based
Mycoprotein
Others
By Category Outlook

Frozen
Refrigerated
Shelf Stable
By Regional Outlook

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