Theglobal meatsubstitutes market is set to gain traction from the surging shift of peopletowards vegan diets, especially in North America and Western Europe. The VeganSociety, for instance, declared that if the world went vegan, it could reducegreenhouse gas emissions by two-thirds, save around 8 million human lives, andsave healthcare expenditure by 2050. This information is given by FortuneBusiness Insights™ in a report, titled, “MeatSubstitutes Market, 2021 – 2028.” As per the report, the marketsize was USD 4.98 billion in 2020. It is projected to grow from USD 5.37billion in 2021 to USD 10.80 billion by 2028, exhibiting a CAGR of 10.48%during the forecast period.
Unavailability of Fresh Meat amid COVID-19 Pandemic to BolsterGrowth of Market
TheCOVID-19 pandemic has accelerated the demand for meat substitutes across theglobe because of disruptions in the supply chain, the absence of employees inmeat-processing plants, and the unavailability of fresh meat. At the same time,several types of research conducted amid the pandemic, such as one from theFood and Agriculture Organization, stated that multiple diseases are directlyassociated with animal-based food items.
Segments:
Soy-based Ingredients Segment Held 63.65% Share in 2020: FortuneBusiness Insights™
Basedon the source, the soy-based ingredients segment generated 63.65% in termsof the meat substitutes market share in 2020. It is expected to remain dominantin the near future because of the presence of essential amino acids andhigh-quality protein. Also, the emergence of soy protein isolates that have aclose resemblance with the organoleptic properties of meat and animal productswould propel the segment’s growth.
Report Coverage
Theresearch report offers a comprehensive analysis of organizations that canaffect the outlook throughout the forthcoming years. Besides, it provides anauthentic assessment by highlighting information on several aspects that mayinclude growth drivers, opportunities, trends, and hindrances. It alsorepresents the size of the meat analogs industry from a global perspective byanalyzing qualitative insights and historical data.
Drivers & Restraints
Increasing Demand for Allergen-free Alternatives to PropelGrowth
Plant-basedmeat made from peas and soy has high protein content. Hence, people arechoosing them over chicken, beef, and pork. They also have a meat-like texture.Besides, the rising vegetarian populations and surging trend of health andfitness worldwide would propel the market in the upcoming years. People arenowadays looking for allergen-free alternatives, especially chickpeas becauseof rising health consciousness. Therefore, various companies are striving tocome up with products infused with pea protein. However, meat substitutes arevery expensive and it may hamper growth.
Regional Insights
Presence of Flexitarian Consumers to Help Europe Grow inFuture
Geographically,Europe procured USD 1.62 billion in terms of revenue in 2020. The surgingethical focus of consumers, high demand from millenials, and the presence offlexitarian consumers would drive growth in this region. Asia Pacific, on theother hand, is expected to be the fastest-growing region on account of the highpopularity of unique diet patterns and demand for soy-based meat analogs.
Competitive Landscape
Key Players Focus on Introducing Novel Products to Meet Consumers’Demand
Theglobal market for meat substitutes houses a large number of companies that arecurrently striving to keep up with the high consumer demand. To do so, they arelaunching innovative products or are collaborating with government agencies forsetting up R&D centers.
Browse Summary of this Premium Research Report:
https://www.fortunebusinessinsights.com/industry-reports/meat-substitutes-market-100239
