According to the latest report by IMARC Group, titled “Meat Substitutes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on meat substitutes market overview. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global meat substitutes market reached a value of US$ 6.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 8.9 Billion by 2027, exhibiting a CAGR of 6.8% during 2022-2027.
Meat substitute is a food product designed and developed as a direct replacement for animal meat. It mimics meat products’ sensory traits, flavor, texture, and appearance. It is exclusively labeled as an alternative or substitute for animal meat. Various raw materials are increasingly being utilized to manufacture alternative meat products. These products are considered healthier, sustainable, and eco-friendly. The changing eating habits of consumers and the widespread preference for healthy diets are positively influencing the market growth. Apart from this, the growing consumer awareness regarding the benefits of a vegan diet is driving the demand for plant-sourced products.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Meat Substitutes Market Trends:
The global market is majorly driven by the rising health consciousness among consumers. In line with this, the increasing number of animal-borne diseases has raised health concerns among consumers, which has resulted in the uptake of meat substitutes. Moreover, numerous health benefits linked with cholesterol-free protein are another key factor catalyzing the growth of these products. Besides this, the ability of manufacturers to provide meat replacements with superior flavor, texture, and mouthfeel attributes is significantly contributing to the demand for meat substitutes. Additionally, individuals who are not vegetarians or vegans are exploring plant-based alternatives for their enhanced nutrition, weight management, animal welfare, and long-term sustainability of the environment are providing a boost to the market.
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Competitive Landscape with Key players:
The report has also analysed by top manufacturers in meat substitute industry.
- The Nisshin Oillio Group
- Dupont
- Archer Daniels Midland
- Amy’s Kitchen
- Conagra Brands
- Quorn Foods
- Cauldron Foods
- Campbell Soup Company
- VBites
- Blue Chip Group
- Field Roast
- Garden Protein International
- LightLife
- Sweet Earth Foods
- MGP Ingredients
- Tofurky
- Meatless
- Sonic Biochem Limited
Meat Substitutes Market Segmentation:
Our report has categorized the market based on region, type, source, category and distribution Channel.
Market Breakup by Type:
- Tofu & Tofu Ingredients
- Tempeh
- Textured Vegetable Protein (TVP)
- Seitan
- Quorn
- Others
Market Breakup by Source:
- Soy
- Wheat
- Mycoprotein
- Others
Market Breakup by Category:
- Frozen
- Refrigerated
- Shelf-Stable
Market Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Health and Food Stores
- Convenience Stores
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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