The global meat substitutes market is estimated to account for USD 1.8 billion in 2020 and is projected to reach USD 3.79 billion by 2027, recording a CAGR of 12.4% during the forecast period. The market is primarily driven by the increasing demand for plant-based meat products among the millennials.
Currently, soy, tofu, tempeh, textured vegetable protein (TVP) and seitan are the most common types of meat substitutes available in the market. They are usually processed with various food additives, emulsifiers, colouring and leavening agents to enhance their flavor, texture and shelf-life.
The increasing health awareness, along with a growing preference for vegetarian foods amongst consumers, is one of the key factors driving the growth of the market. Owing to various health benefits, such as reduction of blood sugar levels, meat substitutes are gaining immense popularity across the globe. The emerging trend of veganism and growing awareness regarding the environmental impact of animals farming for meat production is encouraging consumers to incorporate meat substitutes in their daily diet.
The market is further driven by favorable campaigns on animal welfare, which aim at promoting the adoption of all plant foods such as cereals, pulses, vegetables, fruits, nuts, seeds, herbs and spices. Moreover, the development of the organized retail sector and online retail portals for seamless distribution of meat substitute products is also creating a positive outlook for the market.
The key players profiled in the meat substitute market report include Amy’s Kitchen, Beyond Meat, Cauldron Foods, Garden Protein International, Inc., Meatless B.V., Quorn Foods, Vbites Food, Ltd., Morningstar Farms, MGP Ingredients, and Sonic Biochem Extractions Limited. Companies such as Amy’s Kitchen offer a wide range of innovative vegan meals and snacks. Beyond Meat, a leading player in the meat substitute market, offers innovative substitutes of pork, chicken, turkey, and beef.
Report : Meat Substitute Market - By Material Outlook (Soy based, Wheat Based, Mycoprotein, Others) By Product (Tofu, Tofu based, Tempeh, Textured Vegetable Protein, Other Soy Products, Seitan, Quorn, Others) By Region (North America, Europe, Asia Pacific, Middle East & Africa) - Industry Analysis, Opportunity and Forecast 2020 To 2027