Meat Substitute Market Market is expected to grow with a CAGR of 12.90% from 2022 to 2028
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A meat substitute, also called a meat analog, approximates certain aesthetic qualities (primarily texture, flavor, and appearance) or chemical characteristics of specific meat. Substitutes are often based on soybeans (such as tofu and tempeh), gluten, or peas.
The rising health tensions and the changing perception of consumers have augmented the meat substitute products demand. A healthy lifestyle, backed by the assimilation of plant-centric alternatives, has come out to be a popular notion among people who are open to the concept of plant-based items. Nowadays, people are extremely careful about their health owing to rising obesity cases and diseases, such as diabetes and cardiac diseases. Hence, people are developing their food habits which include focusing on a healthy diet. The rising awareness among people about the advantages of a vegan diet is a key factor facilitating the demand for plant-based meat products across the globe. However, the increasing market of insect protein and cultured meat may hinder the growth of the Meat Substitute Market Market.
Innovations in proteins that are plant-based have had a positive authority on the growth of meat substitute items. Manufacturers are imparting ingredients that are plant-based to produce meat substitutes, which has acquired widespread acceptance among people. According to the Regional Development Fund in Europe, 22% of consumers in the UK convey that they consume protein from other areas rather than meat. For iGeneration and millennials, the numbers have risen to 25%, indicating huge growth of the protein substitutes market in the nation. This determinant proves positive for Meat Substitute Market Market owing to the changing preferences of consumers and huge adaptability among people. The expanding investments made by manufacturers of ingredients are propelling the growth of the market.
North America is the largest market. The swift growth in urbanization, increasing awareness about the advantages of a protein diet, and rising income levels are the drivers for Meat Substitute Market Market.
Developing nations, such as India and China, in the forecast period, will experience a powerful upsurge in meat substitute demand. This demand is majorly driven by a rise in convenience food and processed food production. In the Asia Pacific, emerging nations, such as India and China, are exhibiting huge growth. The region also provides a cost-benefit in terms of processing and production. High demand, combined with low production cost, is a key property which will aid meat alternative manufacturers and suppliers target Meat Substitute Market market. Developing nations are changing consumption patterns of food and experiencing busier lifestyles, leading to a rise in demand for ready-to-cook, processed, and ready-to-eat food, which is likely to push the meat substitute demand in these regions.
Some of the prominent players operating in the Global Meat Substitute Market Market are DuPont (US), ADM (US), Kerry Group (Ireland), Ingredion Incorporated (US), Roquette Frères (France), PURIS (US), Cargill (US), Axiom Foods (US), Sonic Biochem Ltd (India), Crespel & Deiters (Germany), Wilmar International Limited (Singapore), Sotexpro S.A (France), The Nisshin OilliO Group, Ltd (Japan), A&B Ingredients (Canada), Batory Foods (US), All Organic Treasures GMBH (Germany), The Green Labs LLC (US), Shandong Jianyuan Group (China), ET Chem (China), Beneo (Germany)..
Browse the full Report - Meat Substitute Market Size, Share & Trends Analysis Report by Product (Tofu, Tempeh, Seitan, Quorn), by Source (Wheat protein, Pea protein, Other sources), by Type (Isolates, Concentrates, Textured), by Form (Solid, Liquid), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)