Meat substitute products such as tofu, tempeh, and seitan offer similar taste and texture as compared to meat but are usually prepared with plant-based ingredients like soy, wheat, or pea protein. These substitutes can help fulfill nutritional requirements of individuals without consuming meat. They are widely considered healthier and more environment-friendly options.

The global Meat Substitute Market is estimated to be valued at US$ 2.48 Mn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The adoption of healthy and sustainable lifestyles has been rising significantly over the past few years. There is growing awareness among consumers about issues like animal welfare, environmental protection, and personal health. This trend is one of the major factors driving the growth of the global meat substitute market. As people seek alternatives to animal-based meat products, the demand for plant-based substitutes like tofu, tempeh, and wheat-based fake meats has been increasing considerably. Various startups are innovating highly realistic meat imitations using ingredients like pea protein, which further appeals to health-conscious people. This rising trend is expected to propel the meat substitute market substantially over the forecast period.

Segment Analysis
The global meat substitute market is segmented into tofu & tofu ingredients, tempeh, textured vegetable protein, other soy products and seitan and quorn. Tofu & tofu ingredients dominates the global meat substitute market and accounts for a market share of over 30% in 2024. Tofu is widely used as a meat substitute owing to its texture and protein content similar to several types of meats such as beef, pork and chicken. It is considered a rich source of plant-based proteins and has lower fat content than meat.

Key Takeaways
The Global Meat Substitute Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The global Meat Substitute Market is estimated to be valued at US$ 2.48 Mn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031.

Regional analysis European region dominates the global meat substitute market with a share of over 35% in 2024. The high demand for meat substitutes in countries such as Germany and United Kingdom is driving the market growth in the region.

Key players operating in the meat substitute market are Sanofi, Teva Pharmaceutical Industries, and Perrigo Company PLC. Sanofi is a leading players in the market with wide product portfolio of meat substitute products such as tofu, tempeh, and textured vegetable protein. Major players are focusing on strategic partnerships and new product launches to consolidate their market position.

 

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