In terms of revenue, the Global Meat Substitute Market is expected to reach 3,821.26 USD Million by 2028, growing at a CAGR of 12.90% from 2022 to 2028.
The global meat and dairy industry are currently going through vast competition and disruptions. To overcome this meat substitutes are generating quite an amount of interest in the global population. Rising health concerns are also driving the demand for Meat Substitute Market. The growth in the meat substitute sector has largely been driven by people who still consume meat and dairy but seek to reduce the levels they consume, as well as increased numbers of vegetarians and vegans, as consumers respond to a combination of ethical, and health concerns.
- The Chilled & Frozen sub-segment is anticipated to dominate the Product Type segment for Meat Substitute Market. This innovative product gives the consumer a wider choice of products and brands and allows meat substitutes products to gain increased shelf space and recognition.
- Source segment is accounted for the largest market share in 2021. The increasing awareness among buyers about the benefits gained by healthy food products and replacing meat meals with vegetarian diets have increased the demand for plant-based protein.
- North America is the largest regional segment. This surge is attributed to the rising demand for meat substitutes in developed economies such as U.S. and Canada.
Some of key players in Meat Substitute Market include, 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)..
Meat substitutes have been in top food trends since 2014. The global demand for food is expected to increase up to 75% in the next 25 years. The rising population and increasing demand for food products across the globe are expected to be generating huge potential for the food processing and agricultural industry. Meat and other animal-based proteins within the diet, highly processed foods also have a higher environmental footprint. The majority of key food processing are investing heavily in the R&D of meat alternatives to cope with the food demand. To aid in the transition to a plant-based dietary pattern, alternative protein sources are being explored as possible substitutes to conventional animal-based proteins. Rising health benefits for meat alternatives is also generating huge potential for the Meat Substitute Market.
North America is expected to dominate the global Meat Substitute Market in 2021 and is likely to continue the same trend during the forecast period. An increase in government initiatives and support in meat alternatives is likely to generate demand in this region for this market in near future. An increase in R&D for developing new products using modern chemistry in food technology in countries such as U.S. & Canada are further adding spotlight. Significant improvements in the agricultural infrastructure, especially in the developing economies, are providing a thrust to the Meat Substitute Market growth.