Animal foods, red and processed meat, are one of the highest contributors toward greenhouse gases (GHGs) and pose risks of non-communicable diseases such as heart disease, diabetes, and cancer. Alternatives like cultured meat and PBMA answer many questions about sustainability, environmental pollution, and dietary health. Mycoprotein and soy-based PBMAs are particularly profitable since they are low-saturated, have a high fiber level, and contain micronutrients. Minimizing harmful environmental effects while maximizing nutrition seems possible with cultured meat cultivated in a controlled environment. According to research, there is evidence that a larger focus on plant-based products and less consumption of red meat could save lives and help the environment. There are several challenges concerning the development and acceptance of meat substitutes: cost, distribution, and cultural embeddedness within meat eating. Meat substitutes still do not have widespread acknowledgement as it all comes down to flavor, consistency, price, and knowledge. Moreover, subsidies, regulatory frameworks, and campaigns would all effectively make meat substitutes more affordable. Countries such as Singapore, the USA, and the EU lead the regulation and promotion of meat alternatives on a global scale. With an emerging market, India has tremendous opportunities to develop its plant-based meat industry backed by policies, research, and infrastructure. Nonetheless, ultra-processing and nutritional concerns continue to be pressing issues. To overcome these obstacles, there is a need for continuous development and public and private partnerships that intersect with the SDGs of climate, zero hunger, and good health. Replacing meat products with substitutes is an important advancement toward establishing an inclusive, environmentally friendly, and health-guaranteeing international food system.