Meat Substitutes Market Size (USD 11.6 Billion), Share, Growth (CAGR of 5.8%), and Trends Report 2024-2032

BROOKLYN, NY, UNITED STATES, September 17, 2024 /EINPresswire.com/ -- The latest report by IMARC Group, titled “Meat Substitutes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a comprehensive analysis of the meat substitutes market. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.

The global meat substitutes market size reached USD 6.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 11.6 Billion by 2032, exhibiting a growth rate (CAGR) of 5.8% during 2024-2032.

Meat Substitutes Market Trends:

The global market is majorly driven by the rising awareness of health benefits associated with plant-based diets that is encouraging consumers to shift away from traditional meat products. Moreover, rising concerns regarding animal welfare and sustainability are fueling the demand for alternatives that reduce environmental impact. Additionally, continual advancements in food technology are enhancing the taste, texture, and nutritional value of meat substitutes, making them more appealing to a broader audience.

Furthermore, growing investments in research and development by food manufacturers are leading to the innovation of new and improved products. Besides, the rising prevalence of chronic diseases, such as heart disease and diabetes, is prompting consumers to seek healthier food options, further supporting the market's expansion. Furthermore, an increase in flexitarian lifestyles, where consumers reduce meat intake without fully eliminating it, is broadening the market's consumer base.

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Meat Substitutes Market Scope & Growth Analysis:

The market scope is broadening due to the growing demand from younger generations, particularly millennials and Generation Z, who are more inclined toward sustainable and health-conscious consumption patterns. Moreover, the growing influence of social media and celebrity endorsements is driving awareness and adoption of plant-based products. Additionally, collaborations between food manufacturers and restaurants to introduce plant-based menu options are supporting market growth.

As per market analysis, a shift toward premium, high-protein alternatives is expected to open new opportunities in both developed and emerging economies. Furthermore, improvements in supply chain logistics are enhancing the distribution of meat substitutes globally, while partnerships with e-commerce platforms are providing an avenue for direct-to-consumer sales. Besides, increased consumer spending on alternative proteins is being driven by rising disposable incomes, particularly in regions such as Asia-Pacific and Latin America.

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Competitive Landscape With Key Players:

• The Nisshin Oillio Group
• Dupont
• Archer Daniels Midland
• Amy’s Kitchen
• Conagra Brands
• Quorn Foods
• Cauldron Foods
• Campbell Soup Company
• VBites
• Blue Chip Group
• Field Roast
• Garden Protein International
• LightLife
• Sweet Earth Foods
• MGP Ingredients
• Tofurky
• Meatless
• Sonic Biochem Limited

Meat Substitutes Market Segmentation:

Breakup by Type:

• Tofu & Tofu Ingredients
• Tempeh
• Textured Vegetable Protein (TVP)
• Seitan
• Quorn
• Others

Breakup by Source:

• Soy
• Wheat
• Mycoprotein
• Others

Breakup by Category:

• Frozen
• Refrigerated
• Shelf-Stable

Breakup by Distribution Channel:

• Supermarkets and Hypermarkets
• Health and Food Stores
• Convenience Stores
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:

• Market Performance
• Market Outlook
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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