In 2024, the market value of plant-based meat substitutes worldwide was estimated to be worth ***** billion U.S. dollars. This figure is estimated to steadily increase over the coming years and reach roughly ***** billion in 2028.
Meat substitutes
Meat substitutes are plant-based products that try to emulate meat products in taste, texture, smell, and appearance. These alternatives exist in a high variety of forms, like the diversity of meat products they are imitating. Plant-based products have achieved a strong position in the market and are now a mainstay in many grocery stores around the world. Currently, over *** million kilograms of meat substitutes are consumed globally. Consumer adoption varies significantly across the globe. *******, ********, and *************** show the highest rate of regular consumption of meat substitutes among their populations.
Meat Substitutes in the United States
In the United States, meat substitutes get regularly consumed by ** percent of consumers. To put this number into perspective, a comparison to other products is useful. In the same survey, about ** percent of consumers stated that they regularly consume bread and bakery products, and the same share of respondents eat potatoes regularly. Both categories show regular consumption levels of around **** times the level of meat substitutes. In total, the market in the U.S. alone generates an annual revenue of *** billion U.S. dollars.
