Meat Alternative Market to Reach US$ 299 billion by 2034

Leading Brands Promote New Varieties of Meat Alternatives to Meet Growing Demand for Healthy and Tasty Products. Veganism and the desire for plant-based products are expected to drive the market for meat alternative

NEWARK, Del, April 04, 2024 (GLOBE NEWSWIRE) — The meat alternative market is expected to rise from US$ 18.8 billion in 2024 to US$ 299 billion by 2034. This period is marked by staggering growth of 28.8% CAGR, driven by robust FDIs by foreign companies in emerging countries with expansive availability of sources and raw materials to develop alternatives to meat.

Sales of meat mimicry products are ascending at a rapid speed, as consumers are becoming aware of the health risks posed by eating certain meats in excessive quantities. Along with this, people are becoming aware about the different healthy and sustainable foods that are available in the marketplace and can effectively replace meat in consistency, taste, and flavor. Thus, making this transition quite smooth.

Request Sample Report and Drive Impactful Decisions:

The growing number of vegans and flexitarians is another vital factor that is predicted to fuel the market growth. Additionally, government bodies across numerous countries are endorsing the consumption of meat alternatives, owing to the health benefits offered by these products.

Market players are making their contribution by introducing new varieties of meat alternatives to meet the growing demand for healthy and tasty products that replace the role of meat in a dish and provide a similar high protein nutritional value.

“Key players are competing on price and eCommerce accessibility to increase their product sales. Additionally, to capture the hesitant consumers, players are experimenting to develop unique flavors influenced by local cuisines,” says Nandini Roy Choudhury (client Partner for Food and Beverages at Future Market Insights, Inc.)

Key Takeaways from the Meat Alternative Market Study

  • Increasing vegan population tracked in various countries, such as the United States and the United Kingdom, is driving the market for meat alternatives.
  • The market in the United States is expected to grow at a CAGR of 10.3% over the forecast period.
  • The market in the United Kingdom is anticipated to expand at a CAGR of 8.1% through 2034.
  • Augmented demand for plant-based protein foods, predominantly in the United States, France, Germany, and the United Kingdom.
  • Based on the Source, the tofu is expected to account for a market share of 14.2% in 2024.

Embrace Smarter Choices With Our Methodology-Derived Insights:

Competitive Landscape

Several top market players are concentrating on providing meat alternatives at a competitive price by lowering their production costs. Prominent players of meat alternatives are investing in research and development activities to produce organic, non-GMO products from meat alternative. Various hotel chains and restaurants are also partnering directly with manufacturers or growers of meat alternatives for sourcing of high-quality products to be used in their dishes.

Meat alternative manufacturers such as Impossible Foods, Benson Hill, Meati, Beyond Meat, Good Catch, Motif FoodWorks, Good Dot, Nature’s Fynd, Evo Foods, Mister Veg, Greenest, Vezley, Wakao, and Imagine Meats, among others, are employing multiple marketing strategies such as geographical expansion, new product launches, partnerships and collaboration, and merger and acquisitions to identify the interest of potential buyers and create a larger customer base.

Key Companies in the Meat Alternative Market

  • Beyond Meat
  • Amy’s Kitchen
  • MorningStar Farms
  • Tofurky
  • Field Roast
  • VBites
  • Maple Leaf Foods
  • Kellogg
  • Pinnacle Foods

Gain Immediate Access to Detailed Market Insights Purchase Now:

Key Market Segmentation

By Type:

  • Patties
  • Hotdogs
  • Sausages
  • Meatballs
  • Others

By Nature:

By Source Type:

  • Seitan or Wheat gluten
  • Tofu
  • Quorn
  • Risofu
  • Tempeh
  • Algae/ Mycoprotein
  • Insects
  • Textured Vegetable Protein
  • Fermented proteins
  • Fish Protein
  • Cultured or ‘clean’ meat
  • Others (Yaso, Nato and Miso)

By Application:

  • Frozen Food
  • Bakeries
  • Pet Food
  • Supplements
  • Others

By Distribution Channel:

  • Supermarkets
  • Departmental Store
  • Modern Trade
  • Food Chain Services
  • Online Stores
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • Middle East and Africa
  • East Asia
  • South Asia
  • Oceania

Authored by:

Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.

She has exceptional analytical skills and often brings thought leadership to the table.

Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.

Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.

Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.

Explore FMI’s related ongoing Coverage in the Food and Beverage Domain:

The meat substitutes industry is poised to record a healthy CAGR of 23.0%. In 2033, the market is expected to be worth approximately US$ 8.5 billion.

The Global vegan fast food market is expected to be valued at US$ 18829.5 Million in 2023 and to reach a valuation of US$ 27980.2 Million by 2033.

The global fishmeal market is estimated to be valued at US$ 8325.6 million in 2024. It will likely exhibit a CAGR of 5.2% during the forecast period, totaling US$ 13,874.3 million by the end of 2034.

The plant-based protein market is poised for significant growth, with its size expected to increase from US$ 18.64 billion in 2024 to US$ 42.55 billion by 2034.

The women’s probiotic market is poised to reach US$ 1567 million in 2024, it is inclined to reach a staggering revenue of US$ 2991 million, covering a CAGR of 18.10% through 2034.

The probiotic for men market is poised to be worth US$ 2,379.0 million in 2024, the market is inclined to expand to US$ 4,914.6 million, covering a CAGR of 7.50% through 2034.

The citrus oil market projected to reach a valuation of US$ 6594.550 million by 2034.

The allulose market size is estimated at US$ 256.25 million in 2024. FMI projects the market to develop at 8.9% CAGR between 2024 and 2034, reaching a valuation of US$ 598.61 million by 2034.

The global probiotic infant formula market size is projected to increase from US$ 526.2 million in 2024 to US$ 1,281.2 million by 2034. 

The fishmeal & fish oil market size is projected to be valued at US$ 7.4 billion in 2023 and is expected to rise to US$ 13.0 billion by 2033.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact FMI:

Nandini Singh Sawlani
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: [email protected]
LinkedInTwitterBlogs | YouTube

Primary Logo

Originally published at

author avatar
SBS editor