Veganism and the desire for plant-based products are expected to drive the market for meat alternatives.
Wilmington, Delaware, United States, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The meat alternatives market was valued at US$ 42.6 billion in 2022. A CAGR of 6.3% is predicted between 2023 and 2031, resulting in a market size of US$ 73.8 billion. Continuing advancements in the field of nutritional technology, which include extraction of plant-based proteins, the development of fermentation processes, and the use of 3D printing are likely to result in more sustainable and realistic meat substitutes than ever before.
Meat alternatives could be developed in future iterations to gain nutritional value that matches or exceeds that of traditional meat. Health-conscious consumers may find it more appealing to purchase plant-based products that are fortified with nutrition, vitamins, and minerals.
Developing and commercializing cell-based or cultivated meat products will become increasingly important. As an alternative to traditional animal farming, the technique involves growing animal cells in the lab, which could improve sustainability and animal welfare. Governments can support open-source research, transparent and streamlined regulatory processes can be implemented, and subsidies to industrial animal agriculture can be reduced or redistributed in order to reduce food prices.
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Global Meat Alternatives Market: Key Players
A global analysis of the meat alternatives market found that key players in the business were expanding organically to consolidate their customer base. To launch meat substitutes globally, leading manufacturers follow market trends and invest heavily in research and development.
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Pinnacle Foods, Inc.
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Beyond Meat Inc.
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Pacific Foods of Oregon Inc.
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Monde Nissin Corporation
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Kellogg Company
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Fry Group Foods (Pty) Ltd.
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Nutrisoy Pty Ltd
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Nasoya Foods Inc.
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Others
Key Findings of the Market Report
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Protein consumption and tofu's health benefits are driving demand for meat alternatives.
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The Asia Pacific region dominates the meat alternatives market.
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Based on source, soy-based segment to drive market demand for meat alternatives.
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Frozen food products will likely create a market for meat alternatives in the coming years.
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In terms of distribution channels, the demand for indirect meat alternatives is predicted to increase in the coming year.
Global Meat Alternatives Market: Growth Drivers
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Plant-based diets are becoming increasingly popular as health and wellness awareness increases. Consumers seek alternatives to traditional meat products to reduce saturated fat, cholesterol, and calories. In addition to deforestation and greenhouse gas emissions, the meat industry contributes to water pollution.
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Consumers criticize the conventional meat industry for its unethical treatment of animals. Alternatives to meat provide those opposed to mistreating animals with a cruelty-free option. Technological advancements in food have led to realistic and tasty plant-based alternatives. Improved texture, taste, and nutritional profiles drive consumer acceptance and adoption of meat substitutes.
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Burgers, nuggets, sausages, and other meat alternatives have flooded the market in recent years. Because of this diversity, a wide range of dietary requirements and preferences are catered to, thus expanding the market. The popularity of meat alternatives has been influenced by celebrity endorsements and influencer promotions. Celebrities advocating for the diet influence the perceptions and choices of consumers regarding plant-based diets.
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Veganism and vegetarianism are rapidly becoming more popular, whether for health, environmental, or ethical reasons. Restaurants, food chains, and supermarkets carry more meat alternatives than ever before. These products are more accessible to consumers because they are available in mainstream outlets. Innovation and product development have accelerated in the alternative protein space as research and development investments have increased.