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The meat substitutes market size is projected to increase by USD 4.41 billion, at a CAGR of 11.98% between 2023 and 2028. The market growth in the meat substitute industry is influenced by several factors. Firstly, new product launches are driving innovation and expanding consumer choices, making meat substitutes more appealing and accessible. Secondly, there is a decline in global meat consumption, driven by health, environmental, and ethical concerns, which is increasing the demand for alternative protein sources. Additionally, the increased use of mycoprotein-based meat substitutes is gaining traction due to their nutritional benefits and sustainable production methods. These factors collectively highlight the dynamic shift towards plant-based and alternative proteins, shaping the future of the meat substitute market.
The market in the region is expected for substantial growth, fueled by the surging popularity of plant-based protein products and the growing health consciousness among consumers. The market will be further propelled by an influx of new players and an upswing in product launches during the forecast period. With an increasing number of individuals embracing vegan lifestyles, the demand for meat alternatives is on the rise in Europe. To meet this demand, vendors are strategically establishing new plants in the region, enhancing production capabilities. Notably, International Flavours and Fragrances Inc. introduced SUPRO TEX, a soy-based plant protein, in March 2023, offering versatile options for product formulation. Beyond Inc. expanded its product line in Germany in July 2023, introducing plant-based chicken alternatives, Beyond Nuggets and Beyond Tenders, available in over 1,600 REWE stores nationwide. These developments and investments are expected to drive the regional market growth during the forecast period.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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