Meat Substitute Market to Hit $234.7 Billion by 2030 - Grand View Research, Inc.

Moreover, an initiative such as Meatless Monday was highly adopted by the consumers that encouraged them to reduce meat consumption on a large scale. Based on this initiative, consumers constituted the dedication to consuming vegan or vegetarian food products for one day per week, thus driving the trend of maintaining a healthy lifestyle. Owing to this, there has been an increase in the purchase of meat substitutes by 5%, especially on every Monday. For instance, jackfruit is considered one of the most common substitutes for meat, and its intake every Monday resulted in the enhancement of its purchase by 33%, thus expanding the growth of the meat substitute market.

SAN FRANCISCO, 15/08/2022 (informazione.news - comunicati stampa - cibi e bevande)

Moreover, an initiative such as Meatless Monday was highly adopted by the consumers that encouraged them to reduce meat consumption on a large scale. Based on this initiative, consumers constituted the dedication to consuming vegan or vegetarian food products for one day per week, thus driving the trend of maintaining a healthy lifestyle. Owing to this, there has been an increase in the purchase of meat substitutes by 5%, especially on every Monday. For instance, jackfruit is considered one of the most common substitutes for meat, and its intake every Monday resulted in the enhancement of its purchase by 33%, thus expanding the growth of the meat substitute market.

Furthermore, meat substitute brands like Impossible Foods and Beyond Meat are readily available in restaurants and grocery stores with the aim to provide a similar texture and flavor of meat in the form of color, aroma, and sizzle. These brands are effectively targeting both vegetarians and vegans, as well as the consumers preferring to consume meat but require suitable alternatives to reduce the intake of saturated fat and high fiber. For instance, the brand Beyond Meat has estimated that 70% of its consumers are omnivores and not vegetarians, consuming both meat products and plant-based products. Therefore, all these trends are merely focusing on the fact of consumers being health conscious which is deliberately enhancing the market growth of meat substitute products.

There is no doubt that the outbreak of the COVID-19 pandemic has triggered a sense of having a healthy lifestyle and being free from any kind of disease. For instance, the fear of being affected by animal-borne diseases has resulted in concerns among consumers globally to reduce the intake of meat products. Hence, there has been an increase in the purchase and consumption of meat substitutes because of the health benefit factors that include protection from non-communicable diseases, obesity, and digestion issues.

The health factor is highly promoting the growth of meat substitute products in different regions globally. Hence, consumers are focusing not only on ordering meat substitutes online but also on purchasing them from grocery stores. For instance, there was a production of 140 meat substitute products in the United States by 2018 with an increase in sales by USD 5 billion in the year 2020, thus contributing to the market growth of meat substitutes.

In December 2021 , a Tokyo -based company, Next Meals established a partnership with Vegan Meat India with the purpose of introducing meat alternative products. Additionally, this partnership resulted in the provision of diverse products for consumers with the availability of unique flavors that successfully catered to the dietary requirements.

In January 2022 , KFC launched plant-based fried chicken with the addition of meat substitute products of Beyond Meat for a limited time. The aim of KFC is to promote healthy life choices based on the resolutions of consumers to intake plant-based proteins. Consumers are purposely reducing the consumption of meat and focusing on maintaining a healthy lifestyle, thus driving the growth of meat substitutes.

Grand View Research has segmented the global meat substitute market on the basis of source, distribution channel, and region:

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: +1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
Grand View Compass | Astra ESG Solutions
Follow Us: LinkedIn | Twitter

Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg