Market Size of Meat Substitutes Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.00 % |
| Fastest Growing Market | Europe |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Meat Substitutes Market Analysis
The global gluten-free meat substitutes market is growing at a CAGR of 7.0% during the forecast period (2019-2024).
- The market is driven by the rising consumer awareness on adverse effects associated with the consumption of meat such as increased risk of total mortality, cardiovascular disease, colorectal cancer and type 2 diabetes, in both men and women according to NIH, is leading to a shift toward a vegan diet. In addition, the benefits of cholesterol-free protein, with meat-like texture, is one of the key factors promoting the growth of meat substitute products.
- However, the major challenge in this sector is the high processing cost involved in the production of gluten-free meat substitutes as compared to natural meat, has led to a high price of meat substitute products like tofu and mycoprotein, which is restraining the market growth, especially in low-income regions, like India, Brazil, Africa, etc.
Meat Substitutes Industry Segmentation
The global gluten-free meat substitutes market has been segmented by source (which includes Soy and Mycoprotein); by category (which includes Frozen/Refrigerated and unfrozen) and by geography (which includes North America, Europe, Asia-Pacific, South America and Middle East and Africa).
| By Source | |
| Soy | |
| Mycoprotein |
| By Category | |
| Frozen/Refrigerated | |
| Unfrozen |
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Meat Substitutes Market Size Summary
The gluten-free meat substitutes market is experiencing significant growth, driven by increasing consumer awareness of the health risks associated with traditional meat consumption, such as cardiovascular diseases and certain cancers. This shift towards vegan diets is further supported by the appeal of cholesterol-free protein options that mimic meat textures. However, the market faces challenges due to the high processing costs of gluten-free substitutes compared to natural meat, which results in higher prices for products like tofu and mycoprotein. This pricing issue is particularly impactful in low-income regions, limiting market expansion in areas such as India, Brazil, and Africa.
Consumer demand for healthier food options has spurred interest in vegetarian and vegan products, with the soy segment showing notable growth due to its health benefits and versatility in food applications. Innovations in the sector, such as ADM's expansion of non-GMO soybean processing capabilities and strategic acquisitions, have further propelled market growth. The United States leads in meat substitute consumption, with significant contributions from companies like Impossible Foods and Beyond Meat, which have partnered with major burger chains. The market is highly competitive, with numerous domestic and multinational players employing strategies like product innovation, mergers, and partnerships to enhance their market presence.
Meat Substitutes Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Source
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2.1.1 Soy
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2.1.2 Mycoprotein
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2.2 By Category
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2.2.1 Frozen/Refrigerated
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2.2.2 Unfrozen
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 Spain
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2.3.2.2 United Kingdom
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2.3.2.3 Germany
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2.3.2.4 France
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2.3.2.5 Italy
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2.3.2.6 Russia
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2.3.2.7 Rest of Europe
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2.3.3 Asia Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East and Africa
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2.3.5.1 South Africa
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2.3.5.2 United Arab Emirates
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2.3.5.3 Rest of Middle East and Africa
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Meat Substitutes Market Size FAQs
What is the current Meat Substitutes Market size?
The Meat Substitutes Market is projected to register a CAGR of 7% during the forecast period (2024-2029)
Who are the key players in Meat Substitutes Market?
General Mills, Inc., The Hain Celestial Group, Inc., Nasoya Foods USA, LLC, Conagra Brands, Inc. and Kellogg Company are the major companies operating in the Meat Substitutes Market.
