Leading brands are promoting new types of meat alternatives to meet the growing demand for healthy and delicious products.Veganism and desire for plant-based products are expected to drive the alternative meat market
NEWARK, Del., April 4, 2024 (Globe Newswire) — alternative meat market It is expected to increase from USD 18.8 billion in 2024 to USD 299 billion by 2034. This period was characterized by an impressive CAGR of 28.8%, driven by robust FDI by foreign companies in emerging economies. Develop meat substitutes.
Sales of meat imitation products are rapidly increasing as consumers become aware of the health risks posed by eating too much of certain meats. Along with this, people are becoming aware of the variety of healthy and sustainable foods available on the market that can replace meat in consistency, taste and flavour. Therefore, this transition will be very smooth.
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Increasing number of vegans and flexitarians is also a key factor predicted to drive market growth. Additionally, government agencies in many countries support the consumption of alternative meat products due to the health benefits they offer.
Market players are increasing their efforts by introducing new types of meat substitutes to meet the growing demand for healthy and delicious products that replace the role of meat in cooking and also offer high protein nutritional value. Contributing.
“Major companies are competing on price and e-commerce accessibility to increase product sales. Additionally, to capture hesitant consumers, players are offering unique flavors inspired by local cuisine. We are experimenting with the development of To tell nandini roy chowdhury (Food and Beverage Client Partner of Future Market Insights, Inc.)
Key takeaways from meat alternative market research
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Growth in the vegan population is being tracked in various countries such as the US and the UK, driving the market for alternative meats.
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The US market is expected to grow at a CAGR of 10.3% during the forecast period.
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The UK market is expected to grow at a CAGR of 8.1% until 2034.
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Demand for plant-based protein foods is increasing, mainly in the US, France, Germany, and the UK.
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Based on sources, tofu is expected to account for 14.2% market share in 2024.
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competitive environment
Several top players in the market are focusing on offering meat alternatives at competitive prices by lowering production costs. Prominent meat alternative companies are investing in research and development efforts to produce organic, non-GMO products from meat alternatives. Various hotel chains and restaurants also partner directly with meat alternative manufacturers and producers to source high-quality products for use in their dishes.
Alternative meat 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 employ multiple meat I am. Marketing strategies such as geographic expansion, new product launches, partnerships and collaborations, and mergers and acquisitions to identify potential buyer interest and build a larger customer base.
Key players in the meat alternative market
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beyond meat
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amy’s kitchen
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morning star farms
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tofurkey
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field roast
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V-byte
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maple leaf foods
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kellogg
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pinnacle foods
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Key market segmentation
By type:
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patty
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hot dog
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sausage
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meatball
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others
By nature:
By source type:
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Seitan or wheat flour
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Tofu
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Quorn
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Risov
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Tempe
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Algae/Mycoprotein
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insect
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textured vegetable protein
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fermented protein
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fish protein
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Cultured or “clean” meat
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Others (Yaso, Nato, Miso)
By application:
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frozen food
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bakery
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pet food
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supplement
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others
By distribution channel:
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supermarket
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Department store
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modern trading
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food chain service
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online store
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others
By region:
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North America
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latin america
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Europe
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middle east and africa
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east asia
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south asia
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Oceania
author:
nandini roy chowdhury (Future Market Insights, Inc. Food & Beverage Client Partner) has over 7 years of management consulting experience. She advises industry leaders and explores hidden opportunities and challenges. She implements processes and operating models to support business objectives.
She has excellent analytical skills and often provides thought leadership.
Nandini has extensive functional expertise in key niche areas including, but not limited to, food ingredients, nutrition and health solutions, animal nutrition, and marine nutrition. She also has expertise in the pharmaceutical, biotech, retail, and chemical sectors, advising market participants to develop methodologies and strategies that deliver results.
Her core expertise is in corporate growth strategy, sales and marketing effectiveness, acquisition and post-merger integration, and cost reduction. Nandini earned her MBA in Finance from MIT School of Business. She also holds a bachelor’s degree in electrical engineering from the University of Nagpur, India.
Nandini has written for several publications and has been quoted in magazines such as Beverage Industry, Bloomberg, and Wine Industry Advisor.
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Future Market Insights, Inc. (ESOMAR Certified, Stevie Award Winner, Greater New York Chamber of Commerce Member) provides deep insight into the drivers driving market demand. FMI is a leading global provider of market intelligence, advisory services, consulting, and events for the packaging, food and beverage, consumer technology, healthcare, industrial, and chemical markets. With a large team of over 400 analysts located around the world, FMI provides global, regional and local expertise on diverse sectors and industry trends in over 110 countries.
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