The global meat substitutes market size is expected to reach USD 4.36 billion by 2028 according to a new study by Polaris Market Research.
The consumption of substitutes has increased significantly, owing to the increasing disposable income of consumers, especially in developing regions, and a rising shift of consumers towards vegan and vegetarian diets has further increased the demand for substitutes.
Meal replacements and better-for-you products are being served with meat substitutes catering to health-conscious consumers.
Growing awareness regarding animal welfare, increasing occurrence of diseases associated with non-vegetarian food consumption, the need for enhanced food safety, and environmental concerns are some factors boosting the market growth.
An increase in demand for frozen meat substitute products is expected to be registered during the forecast period.
There has also been increased consumption of convenience food among consumers owing to the rising disposable income of consumers, hectic lifestyles, and increasing health awareness.
Global players are expanding their businesses, especially in emerging economies to increase their customer base and cater to the growing demand for premium, low-calorie meat substitute products, which is contributing to market growth.
Companies operating in this segment are developing healthy snacking products for specific demographics such as children and the ageing population.
The introduction of new food products containing meat substitutes focuses on providing nutritional benefits along with a good taste to cater to customer requirements.
The different distribution channels include supermarkets, grocery, and departmental stores, specialty retail stores, online sales, and others, all of which are also expected to grow at a rapid rate.