Global Meat Substitutes Market was valued at USD 5.06 Billion in 2021 and is expected to reach USD 7.31 Billion by the year 2028, at a CAGR of 5.4%.
Meat substitute referred to as meat analog, mock meat, cultured meat, faux meat, or meat alternatives a healthy replacement of meat that resembles chemical characteristics and aesthetic qualities such as flavor, taste, appearance, and the basic texture of meat. Moreover, cashing in on the rising health consciousness of the people, shift in dietary plans, the recent pandemic of animal diseases, and the need for an alternative to meat due to harmful effects of over-consumption of meat, the meat substitute market is anticipated to witness considerable growth in this sector. With a strong growth rate, the sector is hoped to thrive over various continents and different categories. An extensive range of foods can be utilized as meat substitutes, and the relevance of these items in cuisine studies has act a key role in market growth. Livestock production is often recognized as a complex business that involves the management of animal waste and slaughtering.
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Key Companies & Market Share Insights:
A&B Ingredients (Canada), Cargill Incorporated (US), DowDuPont Inc. (US), Archer Daniels Midland Company (US), Kerry Group (Ireland), Ingredion Incorporated (US), Amy's Kitchen Inc. (US), Roquette Frères (France), PURIS (US), The Nisshin OilliO Group Ltd (Japan), Axiom Foods (US), Beneo (Germany), MGP Ingredients Inc. (US), The Top Health Ingredients (Canada), Sonic Biochem Ltd (India), VBites Foods Limited (UK), Crespel & Deiters (Germany), Quorn Foods (UK), Wilmar International Limited (Singapore), Sotexpro S.A (France), Batory Foods (US), Morningstar Farms L.C. (US), All Organic Treasures GMBH (Germany), The Green Labs LLC (US), Shandong Jianyuan Group (China), ET Chem (China), Beyond Meat (US), Gardein, Meatless (Canada) and others major key players.
The latest research on the Meat Substitutes Market provides a comprehensive overview of the market for the years 2023 to 2030. It gives a comprehensive picture of the global Meat Substitutes Market industry, considering all significant industry trends, market dynamics, competitive landscape, and market analysis tools such as Porter's five forces analysis, Industry Value chain analysis, and PESTEL analysis of the Meat Substitutes Market. Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years. The report is designed to help readers find information and make decisions that will help them grow their businesses. The study is written with a specific goal in mind: to give business insights and consultancy to help customers make smart business decisions and achieve long-term success in their particular market areas.
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Meat Substitutes Market is Segmented as follows:
By Source
· Soy Protein
· Wheat Protein
· Pea Protein
· Others
By Product
· Tofu
· Tempeh
· Textured Vegetable Protein
· Seitan
· Quorn
· Others
By Products Types
· Concentrates
· Isolates
· Textured
By Form
· Solid
· Liquid
Meat Substitutes Market Regional Analysis/Insights:
§ North America (U.S., Canada, Mexico)
§ Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
§ Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
§ Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
§ Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
§ South America (Brazil, Argentina, Rest of SA)
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COVID-19 Impact on the Meat Substitutes Market
As per the European Centre for Disease Prevention and Control, the COVID-19 pandemic has influenced more than 200 countries infecting more than 11,874,226 people and killing 545,481 as of 9th July 2020. The majority of the companies present in the food & beverage industry anticipate COVID-19 to impact their operations. In addition, some of the major food & beverage companies have shut down facilities and are considering the extent of layoffs to help curb the spread of the virus, as well as for economic reasons. For instance, the food & beverage production sector, which utilizes several workers in the US, is poised to be impacted hard during this pandemic, owing to some reasons such as many jobs are on-site and cannot be carried out remotely, the slowed economic activity has declined the supply.
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