Market Size of north america meat substitutes Industry
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 2.77 Billion |
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Market Size (2029) | USD 4.62 Billion |
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Largest Share by Type | Textured Vegetable Protein |
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CAGR (2024 - 2029) | 10.75 % |
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Largest Share by Country | United States |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
North America Meat Substitutes Market Analysis
The North America Meat Substitutes Market size is estimated at 2.77 billion USD in 2024, and is expected to reach 4.62 billion USD by 2029, growing at a CAGR of 10.75% during the forecast period (2024-2029).
2.77 Billion
Market Size in 2024 (USD)
4.62 Billion
Market Size in 2029 (USD)
6.29 %
CAGR (2017-2023)
10.75 %
CAGR (2024-2029)
Largest Segment by Type
58.72 %
value share, Textured Vegetable Protein, 2023
Increasing inclination towards a plant-based diet and the product's similar texture and taste to meat are the factors boosting the market.
Largest Segment by Country
80.99 %
value share, United States, 2023
The higher sales of TVP and tofu contributed to the growth due to consumers' shifting preferences for meat alternatives amid environmental and animal welfare concerns.
Fastest-growing Segment by Type
12.45 %
Projected CAGR, Tempeh, 2024-2029
Tempeh is a highly nutritious and protein-rich alternative to meat making it an attractive and appealing option to vegetarians, vegans, and health-conscious consumers.
Fastest-growing Segment by Country
10.88 %
Projected CAGR, United States, 2024-2029
Since 2020, due to COVID-19, the rising plant-protein consumption has been boosting the market, which may grow further due to the steadily rising local vegan population.
Leading Market Player
14.80 %
market share, Beyond Meat Inc., 2022
The company's broad distribution network in both the retail and foodservice sectors, through partnerships with industrial giants, supports its largest market share.
Demand for high-protein ingredients is driving the market
- Textured vegetable proteins accounted for the majority of the tofu market's revenue share in North America, with a 22.98% increase in value over 2018-2022. The increasing demand can be attributed to many reasons, as most of the ingredients used to make textured protein meat substitutes come from plant sources. Of US consumers aged between 16 and 40 years, 66% plan to spend more on plant-based meat alternatives in the future. The demand for meat substitutes is increasing due to their texture and flavor. Since TVP is mostly bought by large corporations as a texturant for the production of plant-based meat alternatives, its sales are only expected to rise in the future.
- Tempeh is the fastest-growing meat substitute type. It is projected to record a CAGR of 12.08% during the forecast period (2023-2029). In 2022, an estimated 4.3 billion bushels of soybeans were produced in the United States. In recent years, tempeh has become a key export product from Indonesia to the United States. With the rising demand for tempeh, the United States imports soybeans primarily from India, Canada, and Turkey due to the limited local output.
- Meat substitutes in the region are consumed majorly through the off-trade distribution channel. Supermarkets hold the major share of the market among all other off-trade segments, and the segment is projected to record a value CAGR of 10.42% during the forecast period. Owing to the significant discounts, specials, and bulk purchasing available at supermarkets and hypermarkets, shopping there is seen to be more cost-effective. Around 6 in 10 US households purchased plant-based foods in 2022. Supermarkets are dominant in the market because they offer a large variety of brands, have a large amount of shelf space, and frequently run price reductions.
Increased government investments in plant-based foods are driving the market’s growth
- The United States is the leading market for plant-based products in North America. It is also projected to record the fastest CAGR of 10.53% by value during the forecast period. The higher demand is due to the higher purchasing power and surging health and environmental awareness. Constant product launches are among the key factors promoting the sales of plant-based products in the country, as American consumers are highly open to trying new products.
- Canada is the second-leading market for meat substitutes. Governmental support is the primary factor boosting the sales of plant-based products in the country. The Government of Canada identified plant-based foods as an important and growing industry and invested USD 150 million in its development in 2021. The Canadian meat substitute market is expected to register a CAGR of 10.36% by volume during the forecast period.
- There has been an upsurge in the number of alternative meat products in the region in recent years. Investors have recently invested more than USD 11.1 billion in alternative protein startups. Customer demand and abundant investment have fostered a favorable environment for research and development, with more startups and major food corporations offering a variety of plant-based meat alternatives. New investors like Bloom8, Precision Capital, and CPT Capital have invested in alternative meat startups like Impossible Foods, Beyond Meat, and Upside Foods.
- Concerns about health fuel market expansion and various health benefits from textured vegetable protein promote market growth. In the United States alone, around 65% of consumers consumed plant-based alternatives in 2022 compared to the previous year. Approximately 61% of consumers in North America have switched to meat alternatives due to health concerns.
North America Meat Substitutes Industry Segmentation
Tempeh, Textured Vegetable Protein, Tofu are covered as segments by Type. Off-Trade, On-Trade are covered as segments by Distribution Channel. Canada, Mexico, United States are covered as segments by Country.
- Textured vegetable proteins accounted for the majority of the tofu market's revenue share in North America, with a 22.98% increase in value over 2018-2022. The increasing demand can be attributed to many reasons, as most of the ingredients used to make textured protein meat substitutes come from plant sources. Of US consumers aged between 16 and 40 years, 66% plan to spend more on plant-based meat alternatives in the future. The demand for meat substitutes is increasing due to their texture and flavor. Since TVP is mostly bought by large corporations as a texturant for the production of plant-based meat alternatives, its sales are only expected to rise in the future.
- Tempeh is the fastest-growing meat substitute type. It is projected to record a CAGR of 12.08% during the forecast period (2023-2029). In 2022, an estimated 4.3 billion bushels of soybeans were produced in the United States. In recent years, tempeh has become a key export product from Indonesia to the United States. With the rising demand for tempeh, the United States imports soybeans primarily from India, Canada, and Turkey due to the limited local output.
- Meat substitutes in the region are consumed majorly through the off-trade distribution channel. Supermarkets hold the major share of the market among all other off-trade segments, and the segment is projected to record a value CAGR of 10.42% during the forecast period. Owing to the significant discounts, specials, and bulk purchasing available at supermarkets and hypermarkets, shopping there is seen to be more cost-effective. Around 6 in 10 US households purchased plant-based foods in 2022. Supermarkets are dominant in the market because they offer a large variety of brands, have a large amount of shelf space, and frequently run price reductions.
| Type | |
| Tempeh | |
| Textured Vegetable Protein | |
| Tofu | |
| Other Meat Substitutes |
| Distribution Channel | ||||||
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| On-Trade |
| Country | |
| Canada | |
| Mexico | |
| United States | |
| Rest of North America |
North America Meat Substitutes Market Size Summary
The North America Meat Substitutes Market is experiencing significant growth, driven by increasing consumer demand for plant-based alternatives. This surge is largely attributed to the rising awareness of health and environmental benefits associated with plant-based diets. Textured vegetable proteins, particularly tempeh, are gaining popularity due to their appealing texture and flavor, with tempeh emerging as the fastest-growing meat substitute. The market is predominantly supported by off-trade distribution channels, with supermarkets playing a crucial role due to their extensive product offerings and competitive pricing. The United States leads the market, bolstered by high consumer purchasing power and a willingness to explore new products, while Canada follows closely, supported by governmental initiatives promoting plant-based industries.
The market landscape is characterized by a fragmented structure, with major players like Amy's Kitchen Inc., Beyond Meat Inc., Conagra Brands Inc., Impossible Foods Inc., and The Kellogg Company holding significant shares. The market's expansion is further fueled by substantial investments in alternative protein startups, fostering innovation and variety in plant-based products. However, the market's future is closely tied to soybean prices, a key ingredient in many meat substitutes, including tempeh. Fluctuations in soybean prices, influenced by global supply and demand dynamics, pose challenges to pricing stability. Despite these challenges, the market continues to thrive, with ongoing product launches and a growing consumer base increasingly opting for meat alternatives.
North America Meat Substitutes Market Size - Table of Contents
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1. MARKET SEGMENTATION (includes market size in Value in USD, Forecasts up to 2029 and analysis of growth prospects)
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1.1 Type
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1.1.1 Tempeh
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1.1.2 Textured Vegetable Protein
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1.1.3 Tofu
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1.1.4 Other Meat Substitutes
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1.2 Distribution Channel
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1.2.1 Off-Trade
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1.2.1.1 Convenience Stores
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1.2.1.2 Online Channel
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1.2.1.3 Supermarkets and Hypermarkets
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1.2.1.4 Others
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1.2.2 On-Trade
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1.3 Country
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1.3.1 Canada
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1.3.2 Mexico
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1.3.3 United States
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1.3.4 Rest of North America
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North America Meat Substitutes Market Size FAQs
How big is the North America Meat Substitutes Market?
The North America Meat Substitutes Market size is expected to reach USD 2.77 billion in 2024 and grow at a CAGR of 10.75% to reach USD 4.62 billion by 2029.
What is the current North America Meat Substitutes Market size?
In 2024, the North America Meat Substitutes Market size is expected to reach USD 2.77 billion.
