Meat Substitutes Market to Grow at a CAGR of 10.53% over 2024 to 2032; Heightened Heath Awareness Among Millennials to Boost Market Growth

The global meat substitutes market size was valued at USD 6.71 billion in 2023. The market is projected to grow from USD 7.24 billion in 2024 to USD 16.13 billion by 2032, exhibiting a CAGR of 10.53% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Meat Substitutes Market Size, Share & Industry Analysis, By Source (Soy, Wheat, Pea, and Others), By Product Type (Burgers/Patties, Strips & Nuggets, Sausages, Ground, and Others), By Type (Beef, Pork, Chicken, Fish, and Others), By Distribution Channel (Food Service Channels and Retail Channels (Supermarkets/Hypermarkets, Specialty Stores, Online Retail Channels and Others)), By Storage Outlook (Frozen, Refrigerated, and Shelf-Stable), and Regional Forecast, 2024-2032”.

Meat substitute, also known as plant-based meat, imitate the flavor, texture, and appearance of traditional meat. These products appeal to consumers seeking to reduce or eliminate meat consumption for different reasons. The market is expanding due to the increasing popularity of vegan and vegetarian diets, heightened heath awareness among millennials, and growing environmental concerns.

The COVID-19 pandemic positively impacted the market growth as there was shutdown of meat processing facilities which resulted to drop in the supply of the meats. This in turn created the demand for plant-based alternatives as consumers looked for meat substitutes.

Switch Foods Launched A New Plant-Based Meat Production Facility In Abu Dhabi

In April 2023, Switch Foods launched a new state-of-the-art plant-based meat production facility in Abu Dhabi. The facility will produce vegan and halal food products such as kafta, kebab, minced meat, sujuk, and burger patties, which are 100% free of Genetically Modified Organisms (GMOs), soy, allergens, and gluten. The launch of new production facility by the company is set to widen its geographical presence in the market.

Increasing Demand for Animal Cruelty-Free Products to Amplify Product Demand

Growing consumer awareness about the ethical treatment of animals and health benefits of meat substitutes, such as cholesterol levels and lower fat, is driving demand for plant-based meat products. Moreover, the COVID-19 pandemic heightened concerns about zoonotic infections from traditional meat, leading consumers to seek safer, plant-based alternatives and increasing the demand for such products.  

However, complex production processes increase the overall cost of plant-based meat products, limiting meat substitutes market growth.

Industry Participants Focus on Expanding their Product Portfolio to Meet Consumer Needs

The global market is dominated by major players such as Impossible Foods, Kellogg's, Tyson Foods, JBS SA, Beyond Meat, who collectively hold a significant market share. These companies are expanding their product portfolio to meet growing consumer demands, exemplified by Kraft Heinz Co. and NotCo. Inc.'s recent launch of plant-based innovations such as NotSausages and NotHotDogs.

List of Key Players Mentioned in the Report:

• Beyond Meat (U.S.)


• Impossible Foods (U.S.)


• Kellogg Company (U.S.)


• Tyson Foods (U.S.)


• JBS SA (Brazil)


• Conagra Brands, Inc. (U.S.)


• Hain Celestial Group (U.S.)


• Unilever Group (U.K.)


• Nestle S.A. (Switzerland)


• Sunfed (New Zealand)

Key Industry Development:

• October 2023: Nestle S.A., introduced three new plant-based fish alternatives across Germany, Italy, Poland, Spain, and other European countries. The products incorporates marine-style crispy nuggets and marine-style crispy filets under the Garden Gourmet brand.

Further Report Findings:

• Europe’s meat substitutes market size reached at USD 2.84 billion in 2023 and secured the largest market share in 2023. Significant reductions in meat consumption in Germany as per German Agriculture Ministry, coupled with rising veganism, indicate a robust market potential for meat substitutes in Europe.


• Increasing awareness about environmental sustainability, health, and ethical considerations fuels the growing demand for such products in North America. These factors boost market expansion as key players focus on clean label options and product innovation.


• By distribution channel, the market is divided into food service channels and retail channels segment. The retail segment is touted to register the key meat substitutes market share. Established hypermarkets, specialty stores, and supermarkets provide efficient distribution network, enabling pant-based meat producers to reach a broad consumer base cost-effectively.


• By storage outlook, the market is trifurcated into frozen, refrigerated, and shelf-stable. The frozen segment is slated to secure a major market share. Lower cost compared to fresh alternatives makes frozen plant-based meat a budget-friendly option, appealing to a broader range of consumers.

Table of Segmentation