Mycoprotein Set to Lead Meat Substitutes Market Growth Through 2032

Meat Substitutes Market size is expected to be worth around USD 57.6 billion by 2033, from USD 14.65 billion in 2023, growing at a CAGR of 14.5% during the forecast period from 2023 to 2033.

The meat substitutes market refers to the industry that produces plant-based or lab-grown alternatives to traditional meat products. These substitutes aim to mimic the taste, texture, and nutritional value of meat while offering a more sustainable and ethical choice. The rise in popularity of these products is driven by increasing awareness of the negative impacts of intensive animal husbandry on animal welfare and the environment.

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In recent years, the COVID-19 pandemic has further influenced consumer behavior, leading many to reconsider their dietary choices and prioritize health. As a result, there has been a notable increase in demand for meat substitutes. Consumers are seeking healthier, plant-based options that are perceived to be lower in cholesterol and saturated fats compared to conventional meat. 

Additionally, the growing environmental consciousness and ethical concerns are pushing more people towards adopting diets that restrict or eliminate animal products. This trend is expected to drive significant growth in the meat substitutes market, as companies innovate and expand their product offerings to meet the evolving needs of health-conscious and environmentally-aware consumers.

Key Market Segments

By Source

• Plant-based Protein

• Soy-based

• Mycoprotein

• Other Sources

By Distribution Channel

• Retail

• Foodservice

In 2023, plant-based protein products dominated the market, holding 62.2% of the revenue. This trend is expected to continue as environmental concerns and a growing demand for healthier eating habits drive consumer preferences. Mycoprotein, known for its nutritional benefits and ability to keep consumers feeling fuller longer, is projected to have the highest CAGR between 2023 and 2032. Distribution through retail channels, including supermarkets and convenience stores, accounted for over 47.2% of the market share, benefiting from widespread availability and consumer-friendly offers. The food service sector is also poised for growth, driven by innovative and customizable menu options in restaurants and hotels. 

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• Amy’s Kitchen

• Impossible Foods Inc.

• Beyond Meat Inc.

• The Kellogg Company

• Quorn Foods

• Unilever Plc

• VBites Foods Ltd.

• Meatless B.V.

• Other Key Players

Driver: 

The growing preference for plant-based proteins is significantly influencing the meat substitutes market. Increasing health concerns related to meat consumption, particularly the associated cholesterol and related health issues, have driven a surge in demand for plant-based protein foods. Countries like the US, Germany, France, and the UK are witnessing substantial growth in veganism, contributing to the rising popularity of meat substitutes.

Restraint: 

Allergy concerns among consumers, particularly those related to soy products, pose a significant challenge. Soy, while rich in beneficial vitamins, minerals, and proteins, is one of the eight main allergenic food groups. Reactions to soy can include itchy skin rashes, gas, bloating, and other gastrointestinal issues, which can deter some consumers from choosing soy-based meat substitutes.

Opportunity: 

Technological advancements in the extrusion and processing of plant-based proteins present significant opportunities. Innovations such as Coasun's extrudable fat technology and Prolamin technology from the University of Guelph are improving the texture and functionality of plant-based meats and cheeses, making them more comparable to their animal-based counterparts. 

Challenge: 

The production of pea protein is becoming increasingly costly due to climate change-induced shortages. This has led to higher raw material costs, making pea protein-based meat substitutes more expensive and positioning them as premium products in many markets. Manufacturers are looking to advanced extraction and processing technologies to boost production efficiency and cope with these challenges.