Global Meat Substitute Market Size will Reach $6673.27 Million in 2023

Global Meat Substitute Market Overview

According to Global Market Monitor, the global meat substitute market size will reach $6673.27 million in 2023 with a CAGR of 8.18% from 2023 to 2028. Meat substitutes are often based on soybeans (such as tofu and tempeh), gluten, or peas. The global market is fueled by consumers' growing inclination towards plant-based (vegan) dietary patterns.

Millennials are bringing about a transformation in many industries, and the food and beverage market is no exception. There are countless persuasive articles and videos on the Internet aimed at raising awareness about the environmental impact of meat and why meat alternatives are so important in the contemporary world. This has led to a huge mindset shift for those switching to plant-based proteins, leading to a huge impact on meat substitute market revenues.

The Focus on Physical Health Contributes to the Growth in the Consumption of MeatSubstitutes.

Meat consumption in the developed markets of Western Europe and North America has been gradually declining since various studies linked the overconsumption of red processed meat to a variety of non-communicable diseases such as cancer, heart disease, stroke, diabetes, liver disease, lung disease, and kidney disease. The meat substitutes market has also witnessed popularity among flexitarian consumers who still consume meat and dairy but seek to reduce the levels of animal meat. Such consumers are often driven to plant-based meat products because of ethical, environmental, and health concerns.

Soy is the most common source of meat substitutes in Asia-Pacific. Increasing demand for tofu from food service and beverage manufacturers depicts its popularity. Soy-based products are rich in amino acids, vitamins, fibers, omega-3, and flavones, in addition to being cholesterol-free and low in saturated fat. Soya meat is extremely rich in protein, with a content of over 50%. Owing to these advantages, soy-based meat substitutes are anticipated to increase their market presence. The transition from animal protein to plant protein can be possible only in a gradual, smooth, and orderly fashion by utilizing high protein mixture, isolated protein, and concentrated proteins from plant sources. Soy meat alternatives are closer to the taste and texture of meat than in the past because of new technology. These developments have led to increased demand for these substitutes from consumers.

	Market Share in 2022
North America	32.74%
Europe	37.26%
Asia-Pacific	21.61%
South America	4.14%
Middle East and Africa	4.26%