Plant-based meat substitutes market are in high demand for nutritional and environmental reasons, with Australia being the world’s third-fastest growing vegan market. Plant-based meat is a type of food that is derived from vegan sources, does not contain any meat, yet functions and tastes similarly to meat. These products are meant to combat the large growth in meat consumption, which has a detrimental environmental impact.
Growing consumer interest in plant-based diets, as well as growing awareness of animal rights through various animal welfare organisations, are projected to propel the market. Vegan diets, in which people practise a vegetarian lifestyle free of animal products, are increasingly including plant-based meat. Customers who want to avoid animal cruelty and consume sustainable food and beverage products are increasingly turning to veganism for health and ethical reasons, while vegetarian ingredients are becoming more popular among customers who want to avoid animal cruelty and consume sustainable food and beverage products.
When compared to meat products, meat alternatives are less likely to cause food illness or contamination. Livestock production is frequently viewed as a complicated enterprise involving animal waste control and killing. Furthermore, the risk of food contamination is high throughout the supply chain, particularly when expensive refrigeration and unpredictable power supplies are used.
The global plant-based meat substitutes market size was valued at USD 5.06 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 19.3% from 2022 to 2030.
Global Plant-Based Meat Substitutes Market: Segmentation
Global Plant-Based Meat Substitutes Market: By Types
Global Plant-Based Meat Substitutes Market: By Application
Global Plant-Based Meat Substitutes Market: By Key Players
Gardein Protein International
Sonic Biochem Extractions
Archer Daniels Midland
Yves Veggie Cuisine
Global Plant-Based Meat Substitutes Market: By Regions
North America (United States, Canada and Mexico)
Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
South America (Brazil, Argentina, Colombia, and Rest of South America)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)
Consumer interest in and preference for non-meat-based protein sources is growing around the world. Plant-based meat alternatives are rapidly expanding around the world, thanks to a growing vegetarian population and increased demand for nutritious cuisine. Other factors driving demand for plant-based meat substitutes made from soy and wheat include an increasing vegan population, a shift in consumer perceptions toward sustainability, and an increase in the incidence of obesity and diabetes among the growing population. Excessive meat consumption can lead to diet-related ailments like obesity, type 2 diabetes, heart disease, and other chronic illnesses. Plant-based meat products are increasingly replacing conventionally processed meat products because they have less cholesterol, saturated fat, and calories than animal-based meat products. Plant-based meat replacements have a number of nutritional advantages.
Key Questions Answered in the Report
- How much is the meat alternative market current worth?
- At what CAGR is the market expected to grow?
- How was the performance in the last five years?
- What are the key trends boosting Meat alternative sales?
- How are market players reacting to the new developments in the market?
- How much share does the top 5 companies hold?
- Which are the major countries driving demand for meat alternatives?
- What outlook does East Asia provide?
- At what rate will the U.S. meat alternative market grow?
- At what level does the report reflect pricing analysis?
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