Market Overview

The global meat substitutes market size was valued at USD 6.42 billion in 2023 and is projected to grow from USD 7.06 billion in 2024 to USD 17.79 billion by 2032, exhibiting a CAGR of 12.25% during the forecast period (2024-2032). Fortune Business Insights™ has deep-dived these inputs in its latest research report, titled, “Meat Substitutes Market, 2024-2032.”

According to the study, plant-based products have become sought-after in minimizing the issues of dependence on livestock production for meat products. Clean meat substitutes will gain further traction with the rising trend of vegan and vegetarian diets. Environment-friendly food products will continue to be sought globally. The Economist asserted that the number of vegans in the U.S. rose from 0.4% to 3.5% in 2021.

Major Players Profiled in the Report:

• Beyond Meat (U.S.)
• Impossible Foods (U.S.)
• Kellogg Company (U.S.)
• Tyson Foods (U.S.)
• JBS SA (Brazil)
• Conagra Brands, Inc. (U.S.)
• Hain Celestial Group (U.S.)
• Unilever Group (U.K.)
• Nestle S.A. (Switzerland)
• Sunfed (New Zealand)

Source: https://www.fortunebusinessinsights.com/industry-reports/meat-substitutes-market-100239

Segments

Soy-based Ingredients to Remain Dominant with Growing Demand from Vegan Population

With respect to source, the market is segregated into wheat-based ingredients, soy-based ingredients, other grain-based ingredients, and textured vegetable proteins. The soy-based ingredients segment could remain dominant due to growing traction among the vegan and vegetarian population. Moreover, the soaring popularity of tofu and tempeh across North America and Europe will boost ingredient adoption.

Mass Merchandiser to Grow with Easy Product Availability

With respect to distribution channel, the market is segmented into other retail channels, mass merchandisers, online retail, specialty stores, and food service. The mass merchandisers segment will exhibit notable growth due to easy availability and prevalence of discounts.