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According to the publisher, the meat substitutes market is estimated to be valued at USD 1.9 billion in 2021 and is projected to reach USD 4.0 billion by 2027, recording a CAGR of 13.5%, in terms of value.
The market is primarily driven by factors such as increasing health-consciousness among consumers and a rise in consumption of plant-based foods.
North America region accounted for the market share in the meat substitutes market owing to the rising investments and consumers’ demand for vegan products in the region. However, one of the restraining factors in the growth of meat substitutes market is the high production cost of meat substitute products.
By product, the tempeh segment is projected to account for the second-largest market share during the forecast period
Based on product, the tempeh segment is projected to account for the second-largest market share in the market during the forecast period. Tempeh is an excellent substitute for ground beef. There are numerous health benefits offered by tempeh.
For example, it helps in increasing the antibodies and decreasing the sugar levels, which reduces the risk of diabetes. It also helps in lowering cholesterol levels, which helps in reducing the risk of heart diseases.
By source, the soy segment is estimated to account for the largest share
The soy segment of the meat substitutes is dominating the market. Soy protein has been one of the most preferred ingredients for imparting the meat texture in the final product. Soy is majorly used as a textured protein in the market, rather than being used as an isolate or concentrate. Also, it is the cheapest plant-based source available in the global market.
The Asia Pacific region is projected to grow at the highest CAGR during the forecast period
The Asia Pacific region is projected to be the fastest-growing market for the period considered for this study. The key factors driving growth in the Asia Pacific region include health benefits, animal welfare, environment safety, cost affordability, and the growing variety of plant-based meat products.
Heightened awareness through global animal welfare organizations, such as People for the Ethical Treatment for Animals (PETA), has led to people considering a meat-free diet.
The meat substitutes market is segmented region-wise, with a detailed analysis of each region. These regions include North America, Europe, Asia Pacific, South America, and RoW (Middle East and Africa).
- Rising adoption of plant-based food
- Increasing vegan & flexitarian population across the world
- Increasing obesity globally
- Increasing investments in plant-based protein ingredients
- Increasing inclination for pea protein ingredients
- Rising market of cultured meat and insect protein
- Allergy concerns among consumers for soy and wheat products
- Emerging markets illustrate the great potential for meat substitutes
- Increasing government initiatives
- Technological advancements in extrusion and processing
- Pricing pressure
- Perception of taste
- A&B Ingredients
- All Organic Treasures GmbH
- Axiom Foods
- Batory Foods
- Crespel & Deiters
- ET Chem
- Ingredion Incorporated
- Kerry Group
- Roquette Freres
- Shandong Jianyuan Group
- Sonic Biochem Ltd.
- Sotexpro S.A
- The Green Labs Llc
- The Nisshin Oillio Group, Ltd.
- Wilmar International Limited
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