Plant Based Protein Meat Substitutes to Accrue over 1/3rd Revenue Share in 2022 & Beyond: Fact.MR Report
Meat Substitute Market Analysis by Source (Plant-based Protein, Mycoprotein, Soy-based Meat Substitutes), by Distribution Channel (Foodservice, Retail), by Region – Global Forecast 2022 to 2032
ROCKVILLE, Md., March 23, 2022 (GLOBE NEWSWIRE) — The global meat substitute market is forecast to flourish at a stupendous CAGR of 33.6% to reach US$ 235 Bn by the end of the 2022-2032 assessment period, concludes a recently published Fact.MR study. As of 2021, the market was valued at US$ 10 Bn. 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.
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| Report Attributes | Details | |
| Anticipated Base Year Value (2021) | US$ 10 Billion | |
| Projected Market Value (2022) | US$ 13 Billion | |
| Expected Forecast Value (2032) | US$ 235 Billion | |
| Global Growth Rate (2022-2032) | 33.6% CAGR | |
| Market Share of Europe (2022) | 40 | % |
| Growth Rate of APAC (2022-2032) | 45% CAGR | |
| Key Companies Profiled |
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Key Takeaways from the Market Study
- By source, plant-based protein meat substitutes to account for 34% market revenue in 2022
- Mycoprotein meat substitutes to register an astronomical 44% value CAGR until 2032
- Retail meat substitute products to account for over 3 out of 5 global sales through 2022
- Foodservice channels to push meat substitute sales at a CAGR of 42% from 2022-2032
- Europe to emerge as the most opportunistic meat substitute market, capturing over 40% revenue
- APAC to experience a surge of around 45% in value CAGR terms from 2022 to 2032
“Mounting apprehensions about contracting zoonotic diseases, especially in the wake of the pandemic crisis, combined with an overall shift towards more sustainable diets, are setting the stage for various meat substitute products, with plant-based proteins emerging as the apex category,” remarks a Fact.MR analyst.
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Competitive Landscape
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.
- 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 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
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Meat Substitute Demand Analysis 2017-2021 vs. Future Outlook 2022-2032
According to market research and competitive intelligence provider Fact.MR, sales of meat substitute food products experienced significant growth, registering a CAGR of 38% from 2017 to 2021. Growth 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.
By source, demand for plant-based protein meat substitutes is poised emerge the strongest, accumulating over 1/3rd revenue share in 2022 and beyond. However, mycoprotein meat substitutes are expected to reflect highest growth, surging at almost 44% CAGR until 2032.
Key Segments Covered in the Meat Substitute Industry Survey
- By Source :
- Plant-based Protein Meat Substitutes
- Mycoprotein Meat Substitutes
- Soy-based Meat Substitutes
- Other Meat Substitutes
- By Distribution Channel :
- Meat Substitute Sales through Foodservice Channels
- Meat Substitute Sales through Retail Channels
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Fact.MR’s Domain Knowledge in Food & Beverages
Our food and beverages consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the food and beverages sector. Our expertise in recognizing the challenges and trends impacting the global food and beverages industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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