Report Overview

Global Meat Substitutes Market Size -Industry Trends & Forecast Report 2027

Global Meat Substitutes Market is growing at the CAGR of 9.57 % and touched USD 1.9Billion in 2020. The market is expected to reach USD 3.8 Billion by 2027. The demand for healthy protein foods has risen at an exponential rate, especially during the ongoing pandemic. People have become more health-conscious and shifting to a vegan diet due to rising intolerance for animal protein. Additionally, the availability of innovative meat substitutes, and new product launches by the manufacturers, along with increasing demand from the developing economies creates lucrative opportunities for the players operating in this market.

Source: BlueWeave Consulting

Global Meat Substitutes Market Overview:

Meat substitutes are products that are derived from plant-based and other organic sources. Meat substitutes include Tofu & Tofu Products, Tempeh, Seitan, and others. The incidence of health disorders like obesity, sugar, cardiovascular diseases has considerably increased over the past few years. Because of their unhealthy diet and lifestyle practices, developed countries such as North America and Western Europe have more cases of diabetes, cancer, and other critical health issues. Some factors contributing to meat substitutes' demand are the increasing cost of meat, health awareness, and ethics related to saving the environment. These factors are driving consumers to seek alternative sources for meat.

Global Meat Substitutes Market Forecast and Trends

Growth Drivers

Rising Health Consciousness among the consumers towards Health Dietary Habits Consumers are becoming more health-conscious due to the increasing incidences of health disorders like diabetes, obesity, cancer, and other critical diseases. Meat products are high in trans-fat and take a long time for the body to absorb, resulting in obesity and diseases.Plant-based protein products are superior to meat products in terms of nutrition, protein content, and taste, and texture.Soy and a gluten-free diet have quickly become the fastest-growing nutritional movements, gaining popularity for their health and therapeutic benefits.

Growing Consumer Preference for Vegan & Vegetarian Diet

The key factor driving the demand for meat substitutes is the growing preference for a vegan diet due to a variety of health benefits and environmental concerns. Consumers' decisions to go vegan are influenced by animal welfare concerns and moral values. Many vegans strongly believe that all animals have a right to life and freedom, which leads them to become vegan. Additionally, some people like to eat plant-based just because they do not like animal protein and dairy products, or they have sensitivities to them(lactose intolerance, for example).

Restraints

Preference for animal–based products and the expensive nature of meat substitutes

Meat alternatives are relatively expensive, which limits the market growth. Furthermore, a majority of foodies all over the world prefer animal-based products, which is also hindering the market growth. Also, consumer demand for gluten-free products is another primary factors which is obstructing the growth of the market to some extent. While soy is gluten-free when grown organically, some soy products can contain gluten-containing ingredients. Soy and soy products are fine to eat as long as they are gluten-free and if you do not have a soy sensitivity or allergy.

Impact of COVID-19 in the industry

With the outbreak of COVID-19, the concerns related to the consumption of meat products have been increased. Thus, consumers are giving more preference to plant-based products due to the rising health consciousness. The plant-based meat industry has made huge strides despite the coronavirus pandemic, with many new consumers trying its products for the first time. Disruptions in regional and global supply chains had a significant effect on the availability of fresh meat. Finally, it is commonly assumed that coronavirus was transmitted by animals – although more exotic animals than most people are familiar with. Nonetheless, this has raised concerns about the potential dangers of consuming animal-sourced animal products. Owing to these factors, the meat substitute market is probable to witness a growing demand throughout this pandemic.

Though the food and beverage industry is experiencing a drop in the production of food items as a result of the pandemic, the same global health crisis is one of the major factors driving the market demand for plant-based protein.

Global Meat Substitutes Market: By Type

Based on type, the global meat substitutes market is categorized into tofu & tofu products, tempeh, Seitan. Of these, Seiten  has emerged as the fastest-growing segment and is expected to grow at a healthy CAGR during the forecast period. Shaped masses, slices, marinated strips, and blocks are some forms in which this product is available in the market. Tofu-based products are also expected to hold a prominent share during the forecast period, but their growth rate is average. Nevertheless. because of its high protein content and low price, tofu is a healthier alternative to meat products.

Global Meat Substitutes Market: By Source

Based on source, the global meat substitutes market is categorized into soy protein, wheat protein, mycoprotein, and other sources. Soy-Based products hold the largest market share and are likely to dominate the market during the forecast period. Soy-based meat substitutes are currently the most successful in the market. Unlike animal-based protein, soy-based products are fully cholesterol-free and a good source of fiber. Soy-based meat substitutes are a full protein source that is used in a variety of recipes. The substitutes of soy-based products are made to resemble the texture, form, color, and taste of numerous meat products. These factors are likely to drive the growth of the soy protein segment during the forecast period.

Global Meat Substitutes Market: By Distribution Channel

Based on the distribution channel, the meat substitutes market is divided into store-based, and non-store segments. The store-based segment is the major contributor to the growth of the meat substitutes market. The development of retail channels in hypermarkets, supermarkets, and convenience stores has driven and funded the global expansion of this market. The large share of this market mainly contributes to the rising number of supermarkets & hypermarkets, consumers' likes for shopping from brick-and-mortar groceries, and increasing consumer preference for vegan food products.

Global Meat Substitutes Market – Regional Insights

Based on region, the meat substitutes market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Geographically, Europe captured a  significant share of the global meat substitute market in 2020. High awareness of protein-based food items and increasing vegan & vegetarian populations are the major factors driving the European meat substitutes market. However, the Asia-Pacific market is predicted to grow at the highest CAGR during the forecast period due to increasing government initiatives in the food R&D sector and the rising demand for meat substitutes. Health benefits, animal welfare, environmental welfare, affordability, and the growing variety of plant-based meat products are all driving growth of the market in the Asia Pacific region.

Source: Blueweave Consulting

Recent Developments

In March 2021, Triton Algae Innovations revealed that it would soon launch plant-based tuna to showcase algae's alternative protein potential.

In March 2021, Loryma, a company that develops and manufactures wheat-based food ingredients, came up with a new concept for vegan fish foods. Multiple functional wheat components, such as proteins and starches, work together to accurately replicate fish muscle meat and provide a familiar taste in the mouth.

In December 2020, Axiom Foods Launchednew versions of VegOtein TX Texturized Pea Protein for Vegan and Processed Meats. “From cereals and snacks to baking biscuits, cookies, and vegan or vegetarian ready meals, the additional functional possibilities are endless for Axiom”.

Competitive Landscape

The key players in the Global Meat Substitutes Market 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 other key manufacturers. To retain a competitive advantage in the market, industry players participate in extensions, partnerships, new product launches, and acquisitions regularly. The top global players control the majority of the market share. The presence of numerous substitutes in the market makes it moderately difficult for new entrants to break into the market.

Scope

By Type

·         Tofu & Tofu Products

·         Tempeh

·         Seitan

·         Others

By Source

·         Soy

·         Wheat

·         Mycoprotein

·         Others

By Category

·         Frozen

·         Refrigerated

·         Ambient

·         Others

By Distribution Channels

·         Store-based

·         Non-store-based

By Region

·         North America

·         Europe

·         The Asia Pacific

·         The Middle East & Africa

·         Latin America

FAQs:

1.    What is the current size of the Global Meat Substitutes Market?

Answer: The global meat substitutes market reached USD 1.9 Billion in 2020.

2.    What are the major factors driving the growth of Global Meat Substitutes Market?

Answer: The major factors driving the growth of the global meat substitutes market are increasing cost of meat, health awareness, and ethics related to saving the environment, which are driving consumers to seek alternative sources for meat.

3. Who are the key players in the Global Meat Substitutes Market?

Answer: The key players in the Global Meat Substitutes Market 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 other key manufacturers.

4. Which type accounted for the largest share in the Global Meat Substitutes Market?

Answer: Seitanaccounted for the largest share in the Global Meat Substitutes Market.

5. Which Distribution segment accounted for the largest share in Global Meat Substitutes Market?

Answer: The store-based sector is growing at a higher rate in the global meat substitutes market.