Meat Substitutes Market: By Source (Wheat-based, Soy-based, Mycoprotein meat substitutes, Others), By Type (Tofu, Textured vegetable protein, Tempeh, Soy products, Quorn, Seitan, Others) and Geography  

Meat Substitutes Market size was valued at USD 5.49 billion in 2022 and is poised to grow at a CAGR of 6.6% from 2023-2029. Meat substitutes are the products that resemble the actual meat in flavor, taste, and appearance, and are healthier as compared to the original meat. Many products are being used as substitutes for regular meat and meat products. These meat substitutes are composed of various ingredients like wheat, soy and others. Tofu is one of the most popular substitutes of meat which is widely used across the globe. Increase in prevalence rate of obesity across the globe and growing health problems like cardiac issues, hypertension, asthma and others are the major factors that are driving the growth of the market. Declining per capita consumption of meat especially in developed economies in recent years owing to growing health concerns is expected to create demand for the market. High nutritional food products and similar tastes to meat are witnessed to gain traction towards the market. However, alternatives such as lean meats and low cholesterol meat available in the market are the few restraints for the growth of the meat substitutes market. They are widely used in meat-like dishes due to their resemblance to flesh. Various analogs include soy-based (e.g. tofu, tempeh) or gluten-based, but now may also be made from pea protein and sometimes Mycoprotein-like ingredients. The consumer gets full satisfaction after consuming meat analogs because of their meaty texture, appearance, and flavor which is being imparted during the production of meat substitutes. The supplement of the protein in a vegetarian diet through meat-like substances can be fulfilled by vegetables that are rich in protein and also by adopting meat substitutes.