The global meat substitutes market was valued at USD 18.78 billion in 2023 and is expected to grow at an impressive compound annual growth rate (CAGR) of 42.4% from 2024 to 2030. The rise in popularity of diets that reduce or eliminate animal products is a significant factor driving this growth. A growing number of individuals are adopting vegan lifestyles due to heightened awareness of the health risks associated with meat consumption and the ethical and environmental consequences of animal agriculture. A 2023 study by Soylent revealed that 68.1% of vegans are motivated by animal welfare, while 17.4% adopt the lifestyle for health reasons, and 9.7% for environmental and sustainability concerns.

Moreover, concerns about animal-borne diseases have raised public awareness about the potential health risks of consuming animal products, resulting in a decline in their consumption. As consumers become more aware of meat substitutes, they are increasingly turning to these alternatives, recognizing their health benefits, which include reducing the risk of non-communicable diseases, improving digestion, and combating obesity.

The rising popularity of flexitarian diets—which focus on reducing meat consumption while still allowing for occasional meat intake—is also contributing to the growth of the meat substitutes market. This trend is driven by increased awareness of the cardiovascular risks associated with red meat and a growing focus on healthy, active lifestyles. As a result, the pea protein segment in the plant-based meat market is gaining traction. Pea proteins are widely regarded for their health benefits, such as supporting weight loss, muscle repair, and energy balance. For instance, Beyond Meat Inc. utilizes pea proteins to create products that mimic the chewy texture of meat, while Lightlife offers a burger featuring 20 grams of pea protein, 2.5 grams of saturated fat, and zero cholesterol—far healthier than a traditional beef patty, which contains 9.3 grams of saturated fat and 80 milligrams of cholesterol.

The environmental and ethical criticisms surrounding intensive animal farming have also encouraged companies to innovate with meat substitutes. For example, Planterra Foods expanded its plant-based protein offerings with the launch of True Bite Plant-Based Chicken Cutlet, the first of its kind. Their Ozo brand further introduced various flavored cutlets, such as Sea Salt & Pepper and Garlic & Herb, in 2021. These new product offerings are expected to stimulate growth in the cutlets segment. Similarly, Impossible Foods invested in developing plant-based tenders in 2020 as part of its larger mission to replace all animal agriculture with sustainable alternatives by 2035.

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Source Segmentation Insights

In 2023, the plant-based protein segment captured the largest share of the market and is expected to maintain this dominance throughout the forecast period. Interest in plant-based seafood has grown, with an increasing number of such products appearing in U.S. retail stores. This shift is driven by consumers’ desire for healthier, personalized alternatives that still deliver satisfying taste experiences. In December 2023, Konscious Foods, a plant-based seafood brand, announced plans to expand its food service offerings across North America by 2024. The company partnered with Affinity Group Canada to strengthen its presence in the Canadian market. Konscious Foods’ product lineup includes diverse offerings such as sushi varieties, poke cubes, sno' crab packs, and plant-forward onigiri options. In 2023, their frozen sushi, poke bowls, and onigiri gained popularity and were introduced to numerous retail stores across North America.

Plant protein and mycoprotein products replicate the texture, flavor, and nutritional benefits of meat while being derived from non-animal sources. Plant proteins are often processed through hydrolysis to improve their functionality and are then combined with other ingredients like food adhesives, oils, and flour to create a meat-like texture. The availability and affordability of plant-based protein inputs contribute to this segment’s high volume and market leadership.

The mycoprotein segment is anticipated to grow at a CAGR of 43.5% from 2024 to 2030. Mycoprotein is favored by consumers due to its high nutrient content, particularly fiber, which aids in regulating blood cholesterol and blood sugar levels. Compared to some animal proteins, mycoprotein also provides a sense of fullness, helping to prevent overeating and support weight management. Furthermore, mycoprotein is a complete protein source, offering all essential amino acids, which are often lacking in other plant-based proteins. Brands like Quorn have capitalized on this, offering mycoprotein-based meals that are popular among consumers.

Additionally, jackfruit has emerged as a promising new entrant in the market, gaining popularity due to its meat-like texture and nutritional benefits. Often hailed as a superfood, jackfruit is rich in health advantages, further contributing to the growing demand for meat substitutes.

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