Meat Substitute Market Size, Trends and Insights By Source (Plant-based Chicken, Plant-based Fish and Plant-based Beef), By Product Type (Patties, Crumbles & Grounds, Hot Dogs, Sausages, Nuggets, Meatballs, and Other Product Types), By Functionality (Weight Management, Immunity Boosting Products, Gut Health/Digestive Health, Clinical Nutrition, and Others), By Product Format (Refrigerated, Frozen, and Shelf-stable), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Amy’s Kitchen
- BeyondMeat
- Cauldron Foods
- Garden Protein International Inc.
- Meatless B.V.
- Others
Reports Description
As per the current market research conducted by Custom Market Insight Market Research Team, the global Meat Substitute Market is expected to record a CAGR of 42.1% from 2023 to 2030. In 2023, the market size is projected to reach a valuation of US$ 10.1 billion. By 2030, the valuation is anticipated to reach US$ 233.87 billion.
The meat substitute market refers to the market for plant-based or lab-grown alternatives to traditional meat products. Meat substitutes are often marketed to consumers as healthier, more environmentally sustainable, and more ethical alternatives to meat. They can include products such as plant-based burgers, sausages, and chicken, as well as lab-grown meat products created through cellular agriculture techniques. The meat substitute market has seen significant growth in recent years as consumers increasingly seek out alternatives to traditional meat products for a variety of reasons, including health, environmental, and ethical concerns.
The meat substitute market is seeing a rise in popularity, with 11.9% of American families purchasing plant-based meat in 2019, up from 10.5% the previous year, according to the Good Food Institute. In December 2021, Tokyo-based Next Meats partnered with Vegan Meat India to introduce meat-free products in the country, offering consumers a diverse range of options and innovative flavors to meet their dietary needs.
Consumers who are not strictly vegetarian or vegan are also turning to plant-based alternatives for reasons such as nutrition, weight management, animal welfare, and environmental sustainability. The production of plant-based food is associated with a lower risk of contamination or spoilage, while cultured meat production offers laboratory-level control over the entire process. These factors have had a positive impact on the meat substitute market.
| Attributes | Value |
| Meat Substitute Market Expected Value (2023) | US$ 10.1 billion |
| Meat Substitute Market Forecast Value (2030) | US$ 233.87 billion |
| Meat Substitute Market Expected CAGR (2023 to 2030) | 42.1% |
Meat Substitute Market – Mergers and Acquisitions
The meat substitute market has seen several mergers and acquisitions in recent years as larger companies seek to capitalize on the growing demand for plant-based and lab-grown meat alternatives. One example of this trend is the acquisition of the plant-based meat producer Beyond Meat by Tyson Foods in 2016. Other notable acquisitions in the industry include:
- In 2020, Nestle acquired Sweet Earth, a California-based producer of plant-based meats and other vegan food products.
- In 2019, the Brazilian meatpacking giant JBS SA announced its acquisition of a 50% stake in the plant-based meat company Planterra Foods.
- In 2018, the Canadian meat processing company Maple Leaf Foods acquired Lightlife Foods, a producer of plant-based meats and other vegan food products.
- In 2017, the global ingredient solutions provider ADM acquired the producer of plant-based proteins, Harvest Innovations.
These mergers and acquisitions demonstrate the increasing interest in the meat substitute market among larger food industry players, as they seek to expand their offerings and diversify their product portfolios to meet the growing demand for alternative meat products.
Meat Substitute Market – Dynamics
The meat substitute market is driven by several key dynamics. One of the most significant factors is the growing demand for vegetarian and vegan diets, driven by concerns over animal welfare, health, and the environment. Consumers are increasingly looking for plant-based alternatives to meat, and manufacturers are responding by introducing a wide range of innovative products that mimic the taste and texture of real meat.
Another dynamic driving the meat substitute market is the increasing availability of plant-based proteins, including soy, wheat, and pea protein. These proteins are highly versatile and can be used in a variety of products, from burgers and sausages to meatballs and nuggets.
Technological advancements are also driving the growth of the meat substitute market, with manufacturers developing new techniques for producing plant-based proteins that closely resemble the taste and texture of meat. For example, some companies are using 3D printing technology to create meat-like structures from plant-based proteins.
Government initiatives to promote plant-based diets and reduce meat consumption are also playing a role in driving the meat substitute market. In some countries, governments are introducing regulations and incentives to encourage consumers to switch to plant-based diets.
However, the meat substitute market is also facing several challenges, including the high cost of some plant-based products, concerns over the healthfulness of heavily processed foods, and the lack of widespread availability of some products. Additionally, some consumers may be hesitant to switch to meat substitutes due to cultural or personal preferences.
Meat Substitute Market – Key Trends
The meat substitute market has seen several key trends in recent years as consumers increasingly seek out plant-based and lab-grown alternatives to traditional meat products. Some of the key trends in the meat substitute market include:
- Increasing consumer interest: As consumers become more aware of the health, environmental, and ethical concerns associated with traditional meat production, they are increasingly turning to meat substitutes as a viable alternative.
- Product innovation: Companies in the meat substitute market are constantly developing new and innovative products to meet the evolving tastes and preferences of consumers. This includes new flavors, textures, and formats.
- Rise of lab-grown meat: In addition to plant-based meat substitutes, lab-grown meat products created through cellular agriculture techniques are also gaining popularity. These products offer the same taste and texture as traditional meat but are produced without the need for animal slaughter.
- Retail expansion: Meat substitutes are increasingly available in mainstream grocery stores and restaurants, making them more accessible to consumers.
- Investment in the industry: The meat substitute market is attracting significant investment from venture capital firms and large food industry players, indicating growing confidence in the long-term viability of the market.
These trends are expected to continue in the coming years as the meat substitute market continues to grow and evolve.
Meat Substitute Market – Restraining Factors
While the meat substitute market is growing rapidly, there are several factors that could potentially restrain its growth. Some of these factors include:
Price:
Meat substitutes are often more expensive than traditional meat products, which could limit their appeal to price-sensitive consumers.
Taste:
While many meat substitutes have improved their taste and texture in recent years, some consumers still find them less appealing than traditional meat products.
Availability:
Meat substitutes are not yet widely available in all regions, which could limit their adoption in certain markets.
Regulatory challenges:
The meat substitute market is still a relatively new and evolving industry, and regulatory challenges could arise as companies seek to scale up their operations.
Consumer perception:
Despite growing interest in meat substitutes, some consumers still view them as inferior or less nutritious than traditional meat products, which could limit their adoption.
These factors are important to consider when evaluating the potential growth and adoption of meat substitutes in the coming years. Companies in the industry will need to address these challenges in order to drive widespread adoption and continued growth
Report Scope
| Feature of the Report | Details |
| Market Size in 2023 | USD 10.1 Billion |
| Projected Market Size in 2030 | USD 233.87 Billion |
| Market Size in 2022 | USD 21.86 Billion |
| CAGR Growth Rate | 42.1% CAGR (2022-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Source, Product Type, Functionality, Product Format, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors, and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfill your requirements for research. |
Category-wise Insights:
The meat substitute market is expected to witness growth in the coming years, driven by increasing consumer interest in plant-based diets and growing awareness of animal rights, thanks to animal welfare organizations. Consumers are increasingly turning to veganism for ethical and health reasons, and vegetarianism is also gaining popularity as a sustainable food and beverage option that avoids animal cruelty.
Additionally, the market for chilled plant-based pork is expected to experience exponential growth over the forecast period. This growth can be attributed to a change in marketing tactics and product innovation within the plant-based pork segment.
The patties product category in the meat substitutes market is expected to exhibit significant growth during the forecast period from 2023 to 2030, with a projected CAGR of 20.7%. This follows the HCAGR of 19.3% observed in the patties segment throughout the historical period. The rapid growth of the patties segment can be attributed to increasing popularity, the introduction of new products, and their widespread availability in numerous restaurants. Meanwhile, the tofu category is expected to maintain a substantial share of the market by product type, due to its low cost, widespread availability, and accessibility in various forms and flavors.
Region-wise Insights:
| Country | The United States |
| HCAGR | 18.8% |
| CAGR | 22.3% |
| Country | India |
| HCAGR | 20.5% |
| CAGR | 25.9% |
| Country | China |
| HCAGR | 24.5% |
| CAGR | 26.1% |
| Country | Japan |
| HCAGR | 20.3% |
| CAGR | 25.8% |
| Country | South Korea |
| HCAGR | 15.7% |
| CAGR | 21.2% |
Market in the United States:
The consumption of fast food has increased in developed nations, such as the United States, leading to alarmingly high rates of obesity. Obesity is a chronic disease that affects a significant portion of the American population, from infants to adults, and is expected to become an epidemic, putting a tremendous burden on the public health sector. According to the United States Centers for Disease Control and Prevention (CDC), the number of obese Americans doubled from 2018 to 2020. Regulatory authorities like the Food and Drug Administration (FDA) are taking action to improve the nutritional value of processed meat products and enhance the food sector.
In the United States meat substitutes market, there is a growing demand for high-quality dairy and meat alternatives. As a result, it is expected that numerous meat replacements will be developed in the country over the projection period.
Market in Asia Pacific:
The Asia Pacific region has witnessed significant industrialization leading to an increase in the discretionary income of the middle-class population. This rise in income has resulted in an increased demand for high-quality, protein-rich, and nutritious food products. There has been a shift in consumer eating habits, with more people eliminating meat from their diets. Inexpensive products such as wheat, soy, and pea can be conveniently incorporated into traditional Chinese dishes like dumplings and rolls. Consequently, the demand for meat substitutes in the region has surged, leading to a rise in meat substitute market trends.
Market in Japan:
The meat substitute market in India and Japan is experiencing a positive upswing due to the emergence of fast-food chains, lodging facilities, and restaurants that offer plant-based meat options such as burgers, nuggets, and other products. The growing influence of Western culture on local society has led to the increasing popularity of burgers and hot dogs. Moreover, the rise in consumer concerns over sustainability and health has resulted in a considerable and persistent increase in the market share of meat substitutes across India and Japan. This trend is expected to continue as the demand for plant-based foods increases in the region.
Market in Europe:
Europe is among the leading markets for meat substitute products, primarily due to the region’s increasing need to adopt a more sustainable food system that aligns with the objectives of the European Green Deal. Plant-based products are increasingly becoming a significant factor in the growth of sales at grocery stores across Europe.
France, Germany, and the United Kingdom are some of the major consumers of meat substitute products in the region. In France, the younger generation is driving the shift towards novel and creative plant-based meat alternatives. They are willing to pay a premium for products that offer appealing flavors and aesthetics, as well as natural and organic food items due to increased concerns about safety and hygiene. Consumers in France are also highly interested in vegan diets, gluten-free products, and nutritional supplements, which are in significant demand. The increasing awareness of the importance of healthy and sustainable food options is expected to drive the meat substitute market growth in Europe during the forecast period.
List of the prominent players in the global Meat Substitute Market:
- Amy’s Kitchen
- BeyondMeat
- Cauldron Foods
- Garden Protein International Inc.
- Meatless B.V.
- VBites Foods Ltd.
- MGP Ingredients (U.S.)
- Sonic Biochem Extractions Limited
- Kellogg Company
- Archer-Daniels-Midland Company
- Others
The global Meat Substitute Market is segmented as follows:
By Source
- Plant-based Chicken
- Plant-based Fish
- Plant-based Beef
By Product Type
- Patties
- Crumbles & Grounds
- Hot Dogs
- Sausages
- Nuggets
- Meatballs
- Other Product Types
By Functionality
- Weight Management
- Immunity Boosting Products
- Gut Health/Digestive Health
- Clinical Nutrition
- Others
By Product Format
- Refrigerated
- Frozen
- Shelf-stable
By Region
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market research methodology
- Chapter 2. Executive Summary
- 2.1 Global Meat Substitute Market, (2024 – 2030) (USD Billion)
- 2.2 Global Meat Substitute Market : snapshot
- Chapter 3. Global Meat Substitute Market – Industry Analysis
- 3.1 Meat Substitute Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Meat substitutes are often more expensive than traditional meat products, which could limit their appeal to price-sensitive consumers
- 3.2.2 Market is still a relatively new and evolving industry and regulatory challenges could arise as companies seek to scale up their operations
- 3.2.3 Despite growing interest in meat substitutes some consumers still view them as inferior or less nutritious than traditional meat products which could limit their adoption
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market attractiveness analysis By Source
- 3.7.2 Market attractiveness analysis By Product Type
- 3.7.3 Market attractiveness analysis By Functionality
- 3.7.4 Market attractiveness analysis By Product Format
- Chapter 4. Global Meat Substitute Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Meat Substitute Market: company market share, 2022
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Meat Substitute Market – Source Analysis
- 5.1 Global Meat Substitute Market overview: By Source
- 5.1.1 Global Meat Substitute Market share, By Source, 2022 and 2030
- 5.2 Plant-based Chicken
- 5.2.1 Global Meat Substitute Market by Plant-based Chicken, 2024 – 2030 (USD Billion)
- 5.3 Plant-based Fish
- 5.3.1 Global Meat Substitute Market by Plant-based Fish, 2024 – 2030 (USD Billion)
- 5.4 Plant-based Beef
- 5.4.1 Global Meat Substitute Market by Plant-based Beef, 2024 – 2030 (USD Billion)
- 5.1 Global Meat Substitute Market overview: By Source
- Chapter 6. Global Meat Substitute Market – Product Type Analysis
- 6.1 Global Meat Substitute Market overview: By Product Type
- 6.1.1 Global Meat Substitute Market share, By Product Type, 2022 and 2030
- 6.2 Patties
- 6.2.1 Global Meat Substitute Market by Patties, 2024 – 2030 (USD Billion)
- 6.3 Crumbles & Grounds
- 6.3.1 Global Meat Substitute Market by Crumbles & Grounds, 2024 – 2030 (USD Billion)
- 6.4 Hot Dogs
- 6.4.1 Global Meat Substitute Market by Hot Dogs, 2024 – 2030 (USD Billion)
- 6.5 Sausages
- 6.5.1 Global Meat Substitute Market by Sausages, 2024 – 2030 (USD Billion)
- 6.6 Nuggets
- 6.6.1 Global Meat Substitute Market by Nuggets, 2024 – 2030 (USD Billion)
- 6.7 Meatballs
- 6.7.1 Global Meat Substitute Market by Meatballs, 2024 – 2030 (USD Billion)
- 6.8 Other Product Types
- 6.8.1 Global Meat Substitute Market by Other Product Types, 2024 – 2030 (USD Billion)
- 6.1 Global Meat Substitute Market overview: By Product Type
- Chapter 7. Global Meat Substitute Market – Functionality Analysis
- 7.1 Global Meat Substitute Market overview: By Functionality
- 7.1.1 Global Meat Substitute Market share, By Functionality, 2022 and 2030
- 7.2 Weight Management
- 7.2.1 Global Meat Substitute Market by Weight Management, 2024 – 2030 (USD Billion)
- 7.3 Immunity Boosting Products
- 7.3.1 Global Meat Substitute Market by Immunity Boosting Products, 2024 – 2030 (USD Billion)
- 7.4 Gut Health/Digestive Health
- 7.4.1 Global Meat Substitute Market by Gut Health/Digestive Health, 2024 – 2030 (USD Billion)
- 7.5 Clinical Nutrition
- 7.5.1 Global Meat Substitute Market by Clinical Nutrition, 2024 – 2030 (USD Billion)
- 7.6 Others
- 7.6.1 Global Meat Substitute Market by Others, 2024 – 2030 (USD Billion)
- 7.1 Global Meat Substitute Market overview: By Functionality
- Chapter 8. Global Meat Substitute Market – Product Format Analysis
- 8.1 Global Meat Substitute Market overview: By Product Format
- 8.1.1 Global Meat Substitute Market share, By Product Format, 2022 and 2030
- 8.2 Refrigerated
- 8.2.1 Global Meat Substitute Market by Refrigerated, 2024 – 2030 (USD Billion)
- 8.3 Frozen
- 8.3.1 Global Meat Substitute Market by Frozen, 2024 – 2030 (USD Billion)
- 8.4 Shelf-stable
- 8.4.1 Global Meat Substitute Market by Shelf-stable, 2024 – 2030 (USD Billion)
- 8.1 Global Meat Substitute Market overview: By Product Format
- Chapter 9. Meat Substitutes Market – Regional Analysis
- 9.1 Global Meat Substitutes Market Regional Overview
- 9.2 Global Meat Substitutes Market Share, by Region, 2022 & 2030 (USD Billion)
- 9.3. North America
- 9.3.1 North America Meat Substitutes Market, 2024 – 2030 (USD Billion)
- 9.3.1.1 North America Meat Substitutes Market, by Country, 2024 – 2030 (USD Billion)
- 9.3.1 North America Meat Substitutes Market, 2024 – 2030 (USD Billion)
- 9.4 North America Meat Substitutes Market, by Source, 2024 – 2030
- 9.4.1 North America Meat Substitutes Market, by Source, 2024 – 2030 (USD Billion)
- 9.5 North America Meat Substitutes Market, by Product Type, 2024 – 2030
- 9.5.1 North America Meat Substitutes Market, by Product Type, 2024 – 2030 (USD Billion)
- 9.6 North America Meat Substitutes Market, by Functionality, 2024 – 2030
- 9.6.1 North America Meat Substitutes Market, by Functionality, 2024 – 2030 (USD Billion)
- 9.7 North America Meat Substitutes Market, by Product Format, 2024 – 2030
- 9.7.1 North America Meat Substitutes Market, by Product Format, 2024 – 2030 (USD Billion)
- 9.8. Europe
- 9.8.1 Europe Meat Substitutes Market, 2024 – 2030 (USD Billion)
- 9.8.1.1 Europe Meat Substitutes Market, by Country, 2024 – 2030 (USD Billion)
- 9.8.1 Europe Meat Substitutes Market, 2024 – 2030 (USD Billion)
- 9.9 Europe Meat Substitutes Market, by Source, 2024 – 2030
- 9.9.1 Europe Meat Substitutes Market, by Source, 2024 – 2030 (USD Billion)
- 9.10 Europe Meat Substitutes Market, by Product Type, 2024 – 2030
- 9.10.1 Europe Meat Substitutes Market, by Product Type, 2024 – 2030 (USD Billion)
- 9.11 Europe Meat Substitutes Market, by Functionality, 2024 – 2030
- 9.11.1 Europe Meat Substitutes Market, by Functionality, 2024 – 2030 (USD Billion)
- 9.12 Europe Meat Substitutes Market, by Product Format, 2024 – 2030
- 9.12.1 Europe Meat Substitutes Market, by Product Format, 2024 – 2030 (USD Billion)
- 9.13. Asia Pacific
- 9.13.1 Asia Pacific Meat Substitutes Market, 2024 – 2030 (USD Billion)
- 9.13.1.1 Asia Pacific Meat Substitutes Market, by Country, 2024 – 2030 (USD Billion)
- 9.13.1 Asia Pacific Meat Substitutes Market, 2024 – 2030 (USD Billion)
- 9.14 Asia Pacific Meat Substitutes Market, by Source, 2024 – 2030
- 9.14.1 Asia Pacific Meat Substitutes Market, by Source, 2024 – 2030 (USD Billion)
- 9.15 Asia Pacific Meat Substitutes Market, by Product Type, 2024 – 2030
- 9.15.1 Asia Pacific Meat Substitutes Market, by Product Type, 2024 – 2030 (USD Billion)
- 9.16 Asia Pacific Meat Substitutes Market, by Functionality, 2024 – 2030
- 9.16.1 Asia Pacific Meat Substitutes Market, by Functionality, 2024 – 2030 (USD Billion)
- 9.17 Asia Pacific Meat Substitutes Market, by Product Format, 2024 – 2030
- 9.17.1 Asia Pacific Meat Substitutes Market, by Product Format, 2024 – 2030 (USD Billion)
- 9.18. Latin America
- 9.18.1 Latin America Meat Substitutes Market, 2024 – 2030 (USD Billion)
- 9.18.1.1 Latin America Meat Substitutes Market, by Country, 2024 – 2030 (USD Billion)
- 9.18.1 Latin America Meat Substitutes Market, 2024 – 2030 (USD Billion)
- 9.19 Latin America Meat Substitutes Market, by Source, 2024 – 2030
- 9.19.1 Latin America Meat Substitutes Market, by Source, 2024 – 2030 (USD Billion)
- 9.20 Latin America Meat Substitutes Market, by Product Type, 2024 – 2030
- 9.20.1 Latin America Meat Substitutes Market, by Product Type, 2024 – 2030 (USD Billion)
- 9.21 Latin America Meat Substitutes Market, by Functionality, 2024 – 2030
- 9.21.1 Latin America Meat Substitutes Market, by Functionality, 2024 – 2030 (USD Billion)
- 9.22 Latin America Meat Substitutes Market, by Product Format, 2024 – 2030
- 9.22.1 Latin America Meat Substitutes Market, by Product Format, 2024 – 2030 (USD Billion)
- 9.23. The Middle-East and Africa
- 9.23.1 The Middle-East and Africa Meat Substitutes Market, 2024 – 2030 (USD Billion)
- 9.23.1.1 The Middle-East and Africa Meat Substitutes Market, by Country, 2024 – 2030 (USD Billion)
- 9.23.1 The Middle-East and Africa Meat Substitutes Market, 2024 – 2030 (USD Billion)
- 9.24 The Middle-East and Africa Meat Substitutes Market, by Source, 2024 – 2030
- 9.24.1 The Middle-East and Africa Meat Substitutes Market, by Source, 2024 – 2030 (USD Billion)
- 9.25 The Middle-East and Africa Meat Substitutes Market, by Product Type, 2024 – 2030
- 9.25.1 The Middle-East and Africa Meat Substitutes Market, by Product Type, 2024 – 2030 (USD Billion)
- 9.26 The Middle-East and Africa Meat Substitutes Market, by Functionality, 2024 – 2030
- 9.26.1 The Middle-East and Africa Meat Substitutess Market, by Functionality, 2024 – 2030 (USD Billion)
- 9.27 The Middle-East and Africa Meat Substitutes Market, by Product Format, 2024 – 2030
- 9.27.1 The Middle-East and Africa Meat Substitutes Market, by Product Format, 2024 – 2030 (USD Billion)
- Chapter 10. Company Profiles
- 10.1 Amy’s Kitchen
- 10.1.1 Overview
- 10.1.2 Financials
- 10.1.3 Product Portfolio
- 10.1.4 Business Strategy
- 10.1.5 Recent Developments
- 10.2 BeyondMeat
- 10.2.1 Overview
- 10.2.2 Financials
- 10.2.3 Product Portfolio
- 10.2.4 Business Strategy
- 10.2.5 Recent Developments
- 10.3 Cauldron Foods
- 10.3.1 Overview
- 10.3.2 Financials
- 10.3.3 Product Portfolio
- 10.3.4 Business Strategy
- 10.3.5 Recent Developments
- 10.4 Garden Protein International Inc.
- 10.4.1 Overview
- 10.4.2 Financials
- 10.4.3 Product Portfolio
- 10.4.4 Business Strategy
- 10.4.5 Recent Developments
- 10.5 Meatless B.V.
- 10.5.1 Overview
- 10.5.2 Financials
- 10.5.3 Product Portfolio
- 10.5.4 Business Strategy
- 10.5.5 Recent Developments
- 10.6 VBites Foods Ltd.
- 10.6.1 Overview
- 10.6.2 Financials
- 10.6.3 Product Portfolio
- 10.6.4 Business Strategy
- 10.6.5 Recent Developments
- 10.7 MGP Ingredients (U.S.)
- 10.7.1 Overview
- 10.7.2 Financials
- 10.7.3 Product Portfolio
- 10.7.4 Business Strategy
- 10.7.5 Recent Developments
- 10.8 Sonic Biochem Extractions Limited
- 10.8.1 Overview
- 10.8.2 Financials
- 10.8.3 Product Portfolio
- 10.8.4 Business Strategy
- 10.8.5 Recent Developments
- 10.9 Kellogg Company
- 10.9.1 Overview
- 10.9.2 Financials
- 10.9.3 Product Portfolio
- 10.9.4 Business Strategy
- 10.9.5 Recent Developments
- 10.10 Archer-Daniels-Midland Company.
- 10.10.1 Overview
- 10.10.2 Financials
- 10.10.3 Product Portfolio
- 10.10.4 Business Strategy
- 10.10.5 Recent Developments
- 10.1 Amy’s Kitchen
List Of Figures
Figures No 1 to 36
List Of Tables
Tables No 1 to 102
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2030
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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FAQs
“Asia Pacific” region will lead the global Meat Substitute market during the forecast period 2023 to 2030.
The key factors driving the market are Meat substitutes are often more expensive than traditional meat products, which could limit their appeal to price-sensitive consumers, market is still a relatively new and evolving industry, and regulatory challenges could arise as companies seek to scale up their operations and Despite growing interest in meat substitutes, some consumers still view them as inferior or less nutritious than traditional meat products, which could limit their adoption.
The key players operating in the Meat Substitute market are Amy’s Kitchen, BeyondMeat, Cauldron Foods, Garden Protein International Inc., Meatless B.V., VBites Foods Ltd., MGP Ingredients (U.S.), Sonic Biochem Extractions Limited, Kellogg Company, Archer-Daniels-Midland Company.
The global Meat Substitute market is expanding growth with a CAGR of approximately 42.1% during the forecast period (2023 to 2030).
The global Meat Substitute market size was valued at USD 19.99 Billion in 2021 and it is projected to reach around USD 233.87 Billion by 2030.