Meat Alternatives Market Overview 2023-2031: Estimated Market Size, Major Drivers and Lucrative Segments – By The Business Research Company

Wilmington, United States, 2024-Mar-01 — /EPR Network/ —

The global meat alternatives market, valued at US$ 42.6 Bn in 2022, is poised for significant growth, projected to reach US$ 73.8 Bn by 2031. This surge is propelled by increasing awareness of health risks associated with animal products, concerns about animal welfare, and the environmental impact of meat production. Additionally, the COVID-19 pandemic has accelerated the demand for safer, plant-based alternatives.

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Key Players and Market Developments
As per the latest meat alternatives market analysis, key players in the meat alternatives business are engaged in organic modes of expansion to consolidate their customer base. Leading manufacturers are following the latest market trends and focusing on research and development to launch meat substitutes in the global market. A few prominent entities operating in the global meat alternatives industry are Pinnacle Foods, Inc., Beyond Meat Inc., Pacific Foods of Oregon, Inc., Monde Nissin Corporation, Kellogg Company, Fry Group Foods (Pty) Ltd., Nutrisoy Pty Ltd., Nasoya Foods, Inc.

Driving Forces Behind Market Growth:

Health Awareness: Growing awareness of the health risks associated with consuming animal products, including obesity, non-communicable diseases, and digestive disorders, is driving consumers towards meat alternatives. Plant-based options offer a safer and healthier alternative, addressing concerns about diet-related health issues.

Resemblance to Traditional Meat: The development of meat alternatives that closely resemble the taste, texture, and aroma of traditional meat is driving consumer acceptance. As consumers become more ethically conscious, they seek products that mimic the experience of eating meat without the associated environmental and ethical concerns.

Market Introduction and Applications:
Meat alternatives, also known as plant-based meats or vegan meats, are derived from soy, legumes, wheat, or other plant sources. They offer a high-protein, environmentally sustainable alternative to traditional meat. These alternatives not only address health concerns but also cater to ethical considerations, as they are cruelty-free and environmentally friendly.

The rise in obesity levels worldwide has further propelled the demand for meat alternatives, as they offer a healthier option for protein intake. Additionally, the adoption of plant-based diets, driven by concerns about animal welfare and environmental sustainability, has contributed to the growing popularity of meat substitutes.

Addressing Obesity and Lifestyle Diseases:
Obesity levels are on the rise globally, fueled by rapid urbanization, changes in dietary patterns, and sedentary lifestyles. Plant-based diets, including meat alternatives, offer a solution to combat obesity and reduce the risk of chronic lifestyle diseases such as diabetes and heart-related ailments. By consuming plant-based substitutes, individuals can control weight gain and improve overall health.

Rise of Veganism and Environmental Consciousness:
The increase in veganism as a lifestyle choice has led to a surge in demand for plant-based foods, including meat alternatives. Consumers are choosing plant-based options for health, environmental, and ethical reasons. This shift is evident in the growing sales of vegan food products, which are expected to continue rising in the coming years.

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Regional Market Insights:

Asia Pacific: Leading the market, Asia Pacific is witnessing a rise in consciousness about healthy food alternatives and eco-friendly options. Countries like Australia, China, and ASEAN nations are driving the adoption of plant-based diets. The region’s influence of social media and government initiatives promoting meat alternatives are further fueling market growth.

Europe: Europe is experiencing a similar trend, with a growing preference for vegetarian and flexitarian lifestyles. Government initiatives aimed at reducing meat consumption and promoting plant-based diets are driving the demand for meat alternatives in the region. Initiatives like the BECA committee underscore the region’s commitment to promoting vegetarian protein sources.

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