Meat Substitute Market to Hit US$ 235 Billion by 2032 | Fact.MR Report

Rockville , June 15, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the Meat substitute market is expected to witness a valuation of US$ 13 Billion by the end of 2022 and is expected to witness an annual increase of worth 30%.

Sales of meat substitutes are predicted to rise astonishingly between 2022 and 2032, growing at a CAGR of 33.6% to reach US$ 235 billion.

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Recent Developments:

• 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

Key Companies Profiled in This report

• Amy’s Kitchen
• Beyond Meat
• Impossible Foods Inc.
• Quorn Foods
• The Kellogg Company
• Unilever
• Meatless B.V
• VBites Foods Ltd.
• Sunfed
• Tyson Foods Inc.

Key Driving Forces Accelerating the Market Growth

• Growing awareness about the health risks associated with excessive meat consumption, such as heart diseases, obesity, and certain types of cancer, has led to a shift in consumer preferences towards healthier alternatives. Meat substitutes offer a plant-based protein source that is lower in saturated fats and cholesterol, appealing to health-conscious individuals.
• The North American region has witnessed a significant rise in the number of individuals adopting vegetarian, vegan, or flexitarian diets. These dietary choices are driven by various factors, including ethical concerns about animal welfare, environmental sustainability, and personal health. Meat substitutes provide a convenient and accessible way for individuals to adhere to their chosen dietary preferences.
• The livestock industry is a significant contributor to greenhouse gas emissions, deforestation, and water pollution. Consumers are becoming more aware of the environmental impact associated with traditional meat production and are seeking alternatives that have a lower carbon footprint. Meat substitutes, which are often made from plant-based ingredients, require fewer resources and generate fewer greenhouse gas emissions compared to traditional meat production.
  

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Vital Indicators Shaping The Future Of The Industry

• The growth of the meat substitute market depends on sustained consumer demand and acceptance. The future will be shaped by the extent to which consumers continue to embrace meat substitutes as viable alternatives to traditional meat. Factors such as taste, texture, price, and product variety will play crucial roles in determining consumer acceptance and overall market growth.
• Continued advancements in food science and technology will have a significant impact on the future of the meat substitute market. Improvements in ingredient sourcing, processing techniques, and product formulation will result in better-tasting and more realistic meat substitutes. Technological innovations such as cell-based or cultured meat may also reshape the market landscape.
• Government regulations and policies will play a vital role in shaping the future of the meat substitute market. Policies related to food labeling, health claims, production standards, and sustainability may impact the growth and market penetration of meat substitutes. Supportive regulations that promote the development and adoption of alternative protein sources can foster market expansion.
  

Challenges Hindering The Market Growth

• One significant challenge is the price competitiveness of meat substitutes compared to traditional meat products. Currently, meat substitutes tend to be more expensive, primarily due to the higher cost of plant-based ingredients and production processes. Price sensitivity among consumers can limit the market's growth, especially among price-conscious consumers who may be hesitant to switch to more expensive alternatives.
• Consumers have high expectations regarding the taste and texture of meat substitutes. While significant advancements have been made, replicating the exact sensory experience of traditional meat remains a challenge. Some consumers may find the taste, texture, or overall eating experience of meat substitutes to be dissimilar, which can hinder their adoption and market growth.

How Competition Influences The Market

• Competition encourages companies to invest in research and development (R&D) to differentiate themselves and create innovative meat substitute products. In a competitive market, companies strive to offer unique formulations, flavors, and textures that can attract consumers and set their products apart from competitors. This focus on innovation drives the expansion of the product range and improves the overall quality of meat substitutes.
  • For instance, In March 2022, Impossible Foods Inc. introduced its flagship beef made from plants in supermarkets throughout Australia and New Zealand.
• Competition among meat substitute manufacturers drives market penetration efforts. Companies compete to secure distribution agreements with retailers, food service providers, and e-commerce platforms to expand their reach.
  

Strategies For Manufacturers/Suppliers To Scale In The Market

• Increasing production capacity is crucial for meeting growing demand. Manufacturers can invest in infrastructure, equipment, and production facilities to scale up their operations. This may involve expanding existing facilities or establishing new ones in strategic locations to ensure efficient distribution.
• Collaborating with strategic partners can accelerate growth in the meat substitute market. Manufacturers can enter into partnerships with retailers, food service providers, and distributors to expand their distribution networks and gain access to new customer segments.

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Key Segments Covered in the Meat Substitute Industry Report

• By Source :
  • Plant-based Protein
  • Mycoprotein
  • Soy-based
  • Other Meat Substitutes
• By Distribution Channel :
  • Foodservice Channels
  • Retail Channels

Explore More Related Studies Published by Fact.MR Research: 

The rise in awareness about the health benefits associated with the consumption of meatless meat drives market growth.

Mycoprotein Products Market: It is estimated to reach more than us$ 500 mn by 2027 end according to a recent study.

Processed meat demand is forecasted to rise at 4.5% CAGR through 2033.

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