The report “Meat Substitutes Market by Source (Soy protein, Wheat protein, Pea protein), Type (Concentrates, Isolates, and Textured), Product (Tofu, Tempeh, Seitan, and Quorn), Form (Solid and Liquid), and Region – Global Forecast to 2026”, is projected to reach USD 3.5 billion by 2026, from USD 1.6 billion in 2019, recording a CAGR of 12.0% during the forecast period. The rising awareness about plant-based meat and increasing health-cautiousness due to increasing obesity are projected to drive industry growth during the forecast period.
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The tofu product segment is estimated to dominate the meat substitutes market due to the increasing acceptance of them among plant-based meat manufacturers
Tofu has been traditionally considered a meat substitute in many countries. This is due to its low cost and easy availability. Tofu also resembles the taste of meat and helps to replace pork, chicken, and beef products. Moreover, it also has a high nutritious value, the rising awareness about which is also propelling the market. In a few clinical studies, tofu is proved to provide protection against cancer, heart diseases, and also helps in lowering the levels of bad cholesterol or low-density lipoprotein. Thus, these factors are dominating the tofu segment globally.
The demand for pea protein, as a source, to remain high during the forecast period
The market for pea proteins as a source of meat substitutes projected to grow at the highest CAGR during the forecast period; the projected growth is owing to the high nutritious value that pea protein. Furthermore, the rise in disposable income among the increasing middle-class population of Europe is facilitating more expenditure on the premium, highly-priced, and pant-based meat products. Hence, the growing demand for vegan products in the region is expected to fuel the growth of pea protein meat substitutes.
The textured segment is estimated to dominate the meat substitutes market due to increasing acceptance of dry soy chunks for burger patties
The textured segment, by type, is projected to be the fastest-growing segment and is projected to account for a maximum market share during the forecast period. This is due to the low prices associated with textured protein. Also, they are easily available and require less refining compared to isolates and concentrates. As a result, plant-based meat manufacturers can focus on introducing products that can be accepted by consumers. These factors have propelled the growth of the segment in the market.
The solid segment is estimated to dominate the meat substitutes market due to the increasing consumption by food manufacturers
The solid segment, by form, is projected to dominate the global meat substitutes market during the forecast period. This is due to the high consumption of solid meat substitutes in powder and chunks forms. Solid meat substitutes also help to increase the shelf-life of products, which help food manufacturers to buy solid meat substitutes at a wholesale level, which reduces the cost of raw materials. These factors have been driving the growth of this segment for the past few years.
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With the increasing demand for plant-based meat, North America is estimated to dominate the meat substitutes market in 2019
The changing lifestyle and increasing buying power of consumers have increased the demand for meat substitutes. The growth of the region is owing to the increasing sale of plant-based meat products in North America and the rising acceptance of convenience foods among consumers due to their hectic lifestyles. Also, the inclination of the millennial population toward ready-to-eat foods drives the North American processed food market, which, in turn, is driving the demand for global meat substitutes.
In recent years, the rise in innovation in plant-based meat products has also been seen in the US. This factor is also expected to propel the market growth. Major companies of this region, such as Cargill (US) and ADM (US), are highly focusing on innovations to provide better products to their customers.
This report includes a study of the development strategies of the leading companies. The scope of this report consists of a detailed study of meat substitute manufacturers, such as Cargill, (US), Archer Daniels Midland Company (US), DuPont (US), Ingredion (US), Axiom Foods (US), MGP Ingredient (US), A&B Ingredients (US), and Puris (US).
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