Market Insights

The meat substitutes market was estimated at USD 2.1 billion in 2021 and is likely to grow at a CAGR of 12.9% during 2022-2028 to reach USD 4.9 billion in 2028. 

What is a meat substitute?

A meat substitute, also known as a meat alternative or mock meat, is a food product that is designed to replace the taste, texture, and nutritional profile of the meat. It is typically made from plant-based ingredients or other non-meat sources and can be used instead of meat.

The health benefits associated with these ingredients are almost similar to real meat, and this is a significant factor behind the rising demand for meat substitutes.

Market Dynamics

The market for meat substitutes is driven by the surge in demand for plant-based meat products among millennials, globally.

Growing concerns for animal welfare, awareness of health, and environmental safety have motivated humans to avoid animal meat. This has led to increasing demand for meat substitutes. These are the food items that contain protein and nutrients equivalent to animal meat.

Segment Analysis

The report provides detailed insights about the segment and attractive opportunities in each segment. Market segmentation helps businesses learn about the target customers, minimize risk by figuring out which products are the most likely to earn a profit, and find the best ways to promote and deliver those products to the market.

This report is segmented specifically by the following –

Based on the source type, the market is segmented as soy protein, wheat protein, pea protein, and others. The soy protein segment is expected to be the largest segment, during the forecast period, due to the high demand for soy-based meat alternative products, such as pork, beef, and chicken, on account of their high protein content.

Based on the type, the market is segmented as concentrates, isolates, and textured. The concentrates segment is expected to be the fastest-growing segment due to its low price and high protein content.

Based on the form type, the market is segmented as solid and liquid. The solid segment is expected to remain the larger segment of the market during the forecast period owing to its ability to preserve the flavor and color of food products.

In terms of regions, Asia-Pacific is estimated to be the fastest-growing market during the forecast period. Awareness for animal welfare, health benefits, cost affordability, and a growing variety of meat substitute products are driving the market in the region with China and India as the growth engines.

Research Methodology

The Meat Substitutes Market report is the outcome of thorough analysis of the factors impacting the market size and forecast. Several articles, whitepapers, annual reports, and millions of data are analysed to derive meaningful insights related to the market. Exploratory and in-depth primary interviews are conducted with the industry veterans to gain vital insights that are critical for market analysis and forecasting.

Key Players

According to the report, below given is a list of key players active in the Meat Substitutes Market -

• Archer Daniels Midland Company
• DuPont
• Roquette Frères
• Kerry
• Ingredion
• Sotexpro S.A
• CRESPEL & DEITER
• CHS INC.
• Suedzucker
• MGP
• Ingredient.

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