Meat Substitutes Market: Regional Growth Drivers and Challenges Across Key Regions

The global meat substitutes market was valued at USD 18.78 billion in 2023 and is expected to grow at an impressive compound annual growth rate (CAGR) of 42.4% from 2024 to 2030. This exponential growth can be attributed to several shifting global trends, such as an increasing preference for plant-based diets, growing awareness of the health risks associated with meat consumption, and the rise of ethical and environmental concerns related to animal agriculture. As more consumers adopt vegan and flexitarian lifestyles, the demand for plant-based meat substitutes has surged.

The primary driver of growth in the meat substitutes market is the increasing adoption of plant-based diets. More individuals are reducing or eliminating animal products from their diets due to concerns about health, animal welfare, and the environment. According to a 2023 study by Soylent, 68.1% of those adopting veganism are motivated by animal welfare, 17.4% for health reasons, and 9.7% for environmental sustainability.

Gather more insights about the market drivers, restrains and growth of the Meat Substitutes Market

US:

The U.S. is one of the largest markets for meat substitutes, with an expanding consumer base driven by increasing health consciousness and sustainability concerns. New product launches that replicate the taste and texture of meat are expected to further boost the growth of the meat substitutes market in the U.S. The success of plant-based alternatives in fast-food chains, restaurants, and grocery stores has also played a significant role in the growing demand. Products like Impossible Foods' Impossible Burger and Beyond Meat's plant-based sausages have gained wide acceptance among both vegans and non-vegans.

In the U.S., the popularity of plant-based substitutes has been particularly strong among younger generations, who are more likely to be open to trying plant-based foods. This trend is expected to continue as awareness of the health and environmental benefits of plant-based diets grows. As such, the U.S. is set to maintain a strong market share for meat substitutes during the forecast period.

Europe:

Europe accounted for the largest share of the global meat substitutes market in 2023. A significant portion of the European population, particularly flexitarians, is increasingly transitioning to vegan and vegetarian diets. According to Veganz, a Berlin-based plant-based supermarket chain, 8% of Europeans are planning to adopt a vegan diet, while 57% are aiming for a vegetarian lifestyle. Additionally, there is growing demand from meat eaters who are increasingly inclined toward plant-based foods.

In Europe, the trend toward plant-based eating is being driven by both health-conscious consumers and sustainability advocates. Plant-based alternatives to meat, such as plant-based burgers, sausages, and ready-to-eat meals, are gaining popularity in supermarkets and restaurants across the region. Europe is also home to some of the largest producers of plant-based foods, such as Oatly and Quorn, which continue to expand their product offerings to meet growing consumer demand.

Asia Pacific:

The Asia Pacific (APAC) region is expected to be the fastest-growing market for meat substitutes, with a projected CAGR of 47.1% from 2024 to 2030. The market's rapid expansion in this region can be attributed to the growing consumer awareness of health and environmental issues, alongside the influence of social media and celebrity endorsements promoting plant-based diets.

China and Australia are expected to be major contributors to this growth. In China, where the consumption of meat is traditionally high, there is a rising interest in healthier alternatives, partly driven by growing concerns about the health risks associated with excessive meat consumption. The shift toward plant-based meat substitutes is gaining momentum, with increasing availability of plant-based meat products in supermarkets and restaurants. In Australia, the growing popularity of plant-based diets, particularly among millennials and Gen Z, is expected to fuel demand for meat substitutes. The country's well-established food industry and robust e-commerce platforms are supporting the rapid adoption of plant-based products.

Key Meat Substitute Companies:

The following are the leading companies in the meat substitute market. These companies collectively hold the largest market share and dictate industry trends.