Meat substitutes are primarily made from plant-based ingredients as an alternative to meat. They mimic the texture and flavor of different meat products and are a rich source of proteins, vitamins, and minerals. The growing vegan and flexitarian consumer base is a major driver behind the demand for meat substitutes. These products offer the same taste and texture as meat while addressing health, ethical, and environmental concerns associated with meat consumption.
The global meat substitute market is estimated to be valued at US$ 2.48 Mn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One key driver behind the growth of the meat substitute market is rising health consciousness among consumers. With growing awareness about the health risks associated with red and processed meat consumption such as heart disease, diabetes, and some forms of cancer, more people are reducing their meat intake. Meat substitutes are considered healthier alternatives as they are low in saturated fat, cholesterol-free, and rich in fiber, vitamins, and minerals. Another major factor fueling the demand is increasing concerns over animal welfare and sustainable food production. The carbon footprint of meatsubstitute production is significantly lower than conventionally produced meat. Rising environmental awareness is encouraging consumers to switch to more plant-based and sustainable protein options.
SWOT Analysis
Strength: The meat substitute market offers various health benefits. Plant-based meat substitutes are usually lower in fat, cholesterol, and calories compared to meat. They are also a good source of protein, fibers, vitamins, and minerals. Some meat substitutes aim to replicate the taste and texture of meat, satisfying consumer cravings.
Weakness: Meat substitutes are generally more expensive than regular meat products. The production of some plant-based meat substitutes involves a complex manufacturing process that drives up costs. Many consumers still prefer the taste and cooking experience of real meat over meat alternatives.
Opportunity: Rising health concerns regarding the consumption of red meat and growing preference for vegan and vegetarian diets present an opportunity for meat substitutes. Younger consumers, in particular, are increasingly adopting flexitarian diets that limit meat intake. There is an increased focus on sustainability which benefits plant-based meat substitutes.
Threats: Traditional meat producers may intensify competition by launching their own branded meat alternative product lines. Rising raw material costs from supply chain disruptions can squeeze profit margins for meat substitute producers. Negative publicity around processing methods and high sodium content of some meat substitutes risks backlash from health-conscious consumers.
Key Takeaways
The Global Meat Substitute Market Size is expected to witness high growth over the forecast period from 2024 to 2031. Favorable changes in consumer dietary habits are aiding the expansion of meat alternatives worldwide. The global meat substitute market is estimated to be valued at US$ 2.48 Mn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031.
Regional analysis related content: North America currently dominates the global meat substitute market, accounting for over 40% revenue share in 2024. The large vegan and vegetarian consumer base in countries like the U.S. and Canada is driving heavy demand. Asia Pacific is poised to become the fastest growing regional market for meat substitutes. Growing health awareness and expanding middle class in nations like China and India will aid market growth.
Key players related content: Key players operating in the meat substitute market are Sanofi, Teva Pharmaceutical Industries, Taro Pharmaceuticals, Mylan N.V., and Perrigo Company PLC. Sanofi is a global healthcare leader and manufactures over-the-counter painkiller brands like Advil and Aleve. Teva Pharmaceutical Industries is an Israeli pharmaceutical company with a large portfolio of generic medicines. Taro Pharmaceuticals formulates, manufactures and markets generic and semi-generic prescription and over-the-counter pharmaceutical products. Mylan N.V is a global pharmaceutical company and produces several generic medicines and branded generics. Perrigo Company PLC is an American healthcare company and supplier of over-the-counter pharmaceutical products.
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