Meat Substitutes Market size is projected to reach $2,651 million by 2026, growing at a CAGR of 5.1% over 2021-2026. Meat substitutes are meat analogues or meat alternatives, such as textured vegetable protein, Mycoprotein, Tofu Ingredients, and soy protein, which have a meat-like look and include nutrients present in meat. Frozen, refrigerated, and shelf-stable foods are examples of these options. Frozen meat substitutes are the most common use. When compared to meat products, meat alternatives are less likely to cause food illness or contamination. Livestock farming is typically viewed as a complicated enterprise including animal waste control and killing. Further, meat alternatives are becoming much more prevalent as a clean eating trend, with customers wanting to know and comprehend what they are consuming. Consumers across the world are looking for commodities with essential components originating from minimally processed foods, while producers are looking for ingredients that offer great performance and applicability, where emerging countries accounting for the majority of the worldwide rise is set to further enhance the overall market demand for meat substitutes market for the period 2021-2026. However, the Meat Substitutes Market is expected to be limited by a lack of understanding about the meat substitutes available on the market. In addition, developing new products that are attractive to the consumer is new challenge in the front of Meat Substitutes Market.
Meat Substitutes Market Segment Analysis – By Product Type
The Meat Substitutes Market based on product type can be further segmented into Tofu & Tofu Ingredients, Tempeh, Textured Vegetable Protein, Other Soy Products, Seitan, Quorn and Others. The tofu segment is the major segment generating revenue in 2020 as it is available in a variety of forms including marinated strips, shaped masses, slices, and blocks. Also, the growth rate is poised to show upsurge owing to the variation in regional consumption patterns of tofu and tofu-based products. On the other hand, the Textured Vegetable Protein segment is estimated to register the fastest CAGR of 7.5% for the period 2021-2026. As it is cheaper than actual meat, which is another major factor driving the segment growth. Above all rising cases of lifestyle diseases, such as obesity and diabetes, is anticipated to support the segment growth over the forecast period2021-2026.
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Meat Substitutes Market Segment Analysis – By Source
The Meat Substitutes Market based on the source can be further segmented into Soy Protein, Wheat Protein, Pea Protein, Almond Protein, Rice Protein and Others. The Soy Protein segment registers for the highest Meat Substitutes market share in 2020. This is mainly owing to Soy which is the best-known meat substitute so far. It's a well-known complete protein source that has already been incorporated in a range of foods. It also includes no cholesterol and little or no saturated fat, making it the perfect source of vital fatty acids. On the contrary, the Wheat Protein segment is forecasted to register the fastest CAGR of 6.7% over 2021-2026. This is mainly owing to the fact that it is more prevalent in the Asia Pacific region while soy-based products are more prevalent toward the west. Also, they have a stringy or chewy texture, identical to meat which makes it perfect for meat substitutes.
Meat Substitutes Market Segment Analysis – By Geography
Europe dominated the Meat Substitutes Market with a major share of 42.6% in 2020. This is owing to the increasing millennial generation in the western globe and is driving a move toward meat alternatives consumption. When making purchase selections, millennials are particularly concerned with knowing the food source, animal welfare concerns, and environmental effect. Apart from this, the increasingly growing health conscious population in the U.K. would largely expand the regional demand. Rising rates of digestive disorders in the U.K. population would also raise demand during the projected period for Meat Substitutes.
However, Asia Pacific is estimated to outpace all the regions by clocking the highest CAGR of 6.05% during the forecast period 2021-2026. The highest CAGR can be attributed to the fact that Asian countries such as Japan, China, India and South Korea are undergoing growth in the sectors of the awareness created through global animal welfare organizations, such as PETA (People for the Ethical Treatment for Animals), people are opting for a meat-free diet as a result of this. Apart from this, rapid growth in urbanization, rising income levels, and growing awareness about the benefits of protein diet in daily nutrition are the drivers for this market.
Meat Substitutes Market Drivers
Increase Global Demand for Meat Substitute in Future
The Meat Substitutes market driver can be attributed to the increase in the number of health-conscious consumers who are now resorting to purchasing food products that offer various meat substitutes nutritional and health benefits. In order to meet such demand, food manufacturers are using innovation that provides a wider choice of products and brands to consumers, and allows meat substitute products to gain improved shelf space and recognition.
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Meat Substitutes Market Challenges
Growing Awareness at a Gradual Pace
The major challenge in the meat substitutes market is that the awareness about the impact of meat on the environment is increasing at a very gradual pace. Even though a lot of health and fitness forums document the benefits of meat substitutes, some of them offer an oppositional reading. So, a fraction of target customers is dithering to opt for meat substitutes. However, the future demand for meat supplements that are part of the challenges in the sustainable development goals (SDGs) of the United Nations is going to bring more prospects in the meat substitutes market.
Meat Substitutes Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Meat Substitutes market. In 2020, Meat Substitutes market share is fragmented by the top ten players present in the market. The Meat Substitutes market top 10 companies are Wilmar International Limited, CRESPEL & DEITERS, CHS INC., Suedzucker AG, MGP Ingredient INC., Puris, Sonic Biochem Ltd., The Top Health Ingredients, The Emsland Group, Cargill, Roquette Frère, Kerry, Ingredion, The Nisshin OilliO Group Ltd, Axiom Foods, Sotexpro S.A, Archer Daniels Midland Company, DuPont Nutrition and Bioscience and others.
Acquisitions/Product Launches
In June 2021, US meat processor Tyson Foods Inc launched its plant-based food in select Asia-Pacific markets starting this month, as it looks to cash in on the burgeoning demand for meat substitutes in the region its rivals have set out to capture.
Key Takeaways
In 2020, Europe dominated the Meat Substitutes Market.
Growing awareness about the health among people and opting for food products with clean labels and recognizable ingredients are enhancing the growth of the Meat Substitutes Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent manufacturers operating in the market will be provided in the Meat Substitutes Market report.
Lack of awareness regarding meat alternatives is set to create hurdles for the Meat Substitutes Market.
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