Newark, April 25, 2022 (GLOBE NEWSWIRE) -- According to the new report published by The Brainy Insights the global meat substitutes market is expected to grow from USD 1.56 Billion in 2020 to USD 4.17 Billion by 2028 at a CAGR of 11.99% during the forecast period 2021-2028.
Meat substitutes are products designed and developed as direct animal meat substitutes – they mimic the sensory properties of meat products i.e., taste, texture, and appearance. Various raw materials are increasingly used in the manufacture of meat substitute products that show an exponential growth trajectory in the market. Also, such products are considered healthier, sustainable, and environmentally friendly.
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Major substitutes include tofu, tempeh, seitan, quorn, and other products. Tofu has been a vegetarian standby for decades and has been a staple of Asian cuisine for centuries. It doesn't have its flavor but inherits the flavor of other ingredients. It ismade in a similar mannerin which cheese is made from milk. The soy milk solidifies, and the curd formed is pushed into blocks. Tempeh is a traditional product made from fermented soy. Soy is cultured and turned into cakes. Seitan is derived from gluten, a protein of wheat.It is made by adding water to flour and removing starch. Seitan is rich, chewy, and has little flavor. It is often seasoned with marinades such as soy sauce. Other products include texturized vegetable protein (TVP), mushrooms, jackfruit, beans, and legumes.
Increasing consumer awareness about the adverse health effects associated with meat consumption has led to a shift to vegan diets. This is most likely to augment the growth of meat substitutes worldwide. Also, the benefits of cholesterol-free protein with a meat-like texture is one of the key factors driving the growth of meat substitute products. However, the steady demand for poultry meat, especially chicken, also poses a challenge to the meat substitutes industry.
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Key players operating in the global meat substitutes marketinclude Archer Daniels Midland Company, Cargill, CHS INC., DuPont, Ingredion, Kerry, MGP Ingredient, Puris, Roquette Frères, Suedzucker, and The Emsland Group among others.The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances, and partnerships to improve their market position in the global meat substitutes industry.
For instance, in 2017, Campbell Soup Company acquired Pacific Foods of Oregon LLC for $ 700 million. The acquisition is helpedstrengthen Campbell's health and well-being portfolio in growing natural and organic categories.
The tofu segment led the meat substitutes market with the largest market value in 2020
The product segment is divided into tofu, tempeh, seitan, quorn, and other products. Because of the significant application of tofu in plant-based burger and patties production, the tofu segment emerged as the leader in the global meat substitutes market with the largest market share in 2020.
The soy proteinsegment led the meat substitutes market with a market share of around 34.18% and the market value of about USD 0.53 billion in 2020
The source segment includes soy protein, wheat protein, pea protein, and other sources.Due to the increased demand for alternative soy-based meat products such as beef, pork and chicken due to their high protein content, the soy protein segment led the meat substitute market with a market share of around 34.18% and a market value of about USD 0.53 billion in 2020 over the forecast period.
The concentrates segment is anticipated to grow at a CAGR of around 13.4%in 2021-2028
The type segment is divided into concentrates, isolates, and textured. Concentrates provide high protein content and very low levels of calories when added to the product. Therefore,the concentrates segment is anticipated to grow at the highest CAGR of around 13.4% over the forecast period. They are used as ingredients to improve the texture and volume of different products.Concentrates are more refined than textures, but less refined than isolates.
The solid segment had a market share of around 71.28% and a market value of around USD 1.11 billion in 2020
The form segment includes solid and liquid. Because of the heavy use of powder and chunks to make patties, sausages, and nuggets, the solid segment led the meat substitutes market with a market share of around 71.28% and a market value of about USD 1.11 billion in 2020.
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Regional Segment Analysis of the Meat Substitutes Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
Due to factors such as health awareness, ethics related to environmental protection, rising meat prices, and motivation for consumers to seek alternative sources, the Europe region led the global meat substitutes market with a market share of 37.24% and a revenue of USD 0.58 billion in 2020. This increased demand was because the customers were also inclined to buy free-from goods such as gluten-free, apart from meat-free products. Some of the key factors driving meat substitute demand include health awareness, increasing meat prices, environment-related ethics, motivating customers to look for alternative sources.
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About the report:
The global meat substitutes market is analysed based on value (USD billion), volume (kilograms), consumption (kilograms), imports (kilograms), and exports (kilograms).All the segments have been analyzed on global, regional, and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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