Meat Substitute Market

Market Snapshot

Meat Substitute Market

Market Synopsis:

Global Meat Substitute Market is valued at 1,845.20 USD Million in 2021 and is projected to reach a value of 3,821.26 USD Million by 2028 at a CAGR of 12.90% over the forecast period. The increasing awareness about the benefits of a vegan diet among consumers is one of the major factors boosting the demand for plant-sourced meat products globally. At the present time, consumers are very cautious about their health owing to the growth in obesity cases and other diseases like diabetes, and cardiac diseases, so the consumers are changing their daily food habits and are including a healthy diet in their day-to-day life which is expected to fuel the growth of Meat Substitute market during the forecast period. Moreover, the increasing health concerns and the changing consumer awareness have increased the demand for Meat Substitute products during the forecast period. Furthermore, the increasing flexitarian and vegan population across the world and the rising adoption of plant-based food among consumers are the other major factors expected to drive the growth of the Meat Substitute market in the coming years. The increasing investments done by the major food industry pioneers and the growth in government initiatives in the plant-based protein ingredients have a positive impact on the Meat Substitute market and are driving the market growth during the forecast period. Moreover, the growing surge in the demand for natural products and clean labels, increasing development, innovations, and product diversity are the other major factors expected to drive the Meat Substitute market growth in the upcoming years.

Market Segmentation:

The Meat Substitute market is segmented based on product, source, type, and form. On the basis of product, the market is segmented as Tofu, Tempeh, Seitan, Quorn, and other types (risofu, valess, and lupine). On the basis of source, the market is segmented as Soy protein, Wheat protein, Pea protein, and other sources. On the basis of type, the market is segmented as Isolates, Concentrates, and Textured. On the basis of form, the market is segmented as Solid, and Liquid.

The tempeh segment is expected to grow at the highest CAGR during the forecast period

By product type, the tempeh segment is estimated to acquire the second-largest share in the Meat Substitute market during the forecast period. Tempeh is a wide source of protein and is also popular for Indonesian dishes, it has cake-like consistency and is prepared from slightly fragmented and cooked soybeans. Moreover, the fragmentation supports in breaking the phytic acid in soybeans which further makes the starch available in tempeh much easier to digest which increases the demand for tempeh products in the Meat Substitute market during the forecast period. In industrial production, tough tempeh is highly consumable and it can be stored by freezing or drying which increases its consuming time. As tempeh is generally made from nuts, it is rich in proteins, calories, potassium, iron, and fibers which are expected to increase the demand and growth of tempeh products in the Meat Substitute market in upcoming years. Moreover, the demand for tempeh is cumulative as it is a low-price product among all the other Meat Substitute, which are rich in protein.

The pea protein segment is expected to grow at the highest CAGR by the year 2024

On the basis of source, the pea protein segment is expected to grow at a considerable CAGR during the forecast period. The increasing awareness among the consumers about the advantages provided by the healthy food products and substituting meat meals with vegetarian diets have increased the demand for plant-based protein sources during the forecast period. Moreover, in recent times, the pea is known as the rich source of protein, and it has been a preferred choice among consumers as the Meat Substitute which is expected to increase its demand in the Meat Substitute market in upcoming years.

Asia Pacific region is projected to grow at a considerable CAGR during the forecast period.

The growth in the Asia Pacific region is primarily attributed to increasing awareness among consumers about healthy dietary habits and maintaining fitness during the forecast period. The increasing environmental safety, animal welfare, health benefits, cost affordability, and increase in the variety of plant-based meat products are the major factors driving the growth of the Meat Substitute market in the Asia Pacific region. The growth in awareness about global animal welfare organizations like peoples coming for the Ethical Treatment for Animals (PETA) which has led the people to consider a meat-free diet in daily meals has expected to affect the market in a positive way and therefore increase the growth of the market in coming years. Whereas the non-meat-based meal is previously popular in Asia, along with tofu which is extensively used in Asian cuisines, and bean-based congees are extensively consumed in countries like China, this is the reason for the Asia Pacific region for becoming the fastest-growing potential market for the Meat Substitute.

Competitive Landscape:

The Meat Substitute market is highly fragmented in nature due to the presence of numerous small and medium enterprises in the market. Some of the key players in the market are DuPont (US), ADM (US), Kerry Group (Ireland), Ingredion Incorporated (US), Roquette Frères (France), PURIS (US), Axiom Foods (US), Cargill (US), Sonic Biochem Ltd (India), Crespel & Deiters (Germany), Sotexpro S.A (France), Wilmar International Limited (Singapore), the Nisshin OilliO Group, Ltd (Japan), A&B Ingredients (Canada), Batory Foods (US), the Green Labs LLC (US), All Organic Treasures GMBH (Germany), Shandong Jianyuan Group (China), ET Chem (China), and Beneo (Germany).

Meat Substitute Market is segmentated as follows:

Meat Substitute Market is tabulated as follows: