Meat Substitute Market is Expected to Reach $4.04 Billion | MarketsandMarkets

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As per the report by MarketsandMarkets, the global Meat Substitute Market size is projected to reach USD 4.04 billion by 2027, at a CAGR of 13.5% during the forecast period, 2021-2027

Chicago, June 30, 2023 (GLOBE NEWSWIRE) — The meat substitutes market refers to the industry that produces and sells products designed to replicate or replace traditional meat products. These substitutes are typically made from plant-based ingredients or are derived from other sources such as fungi or laboratory-cultured cells. Meat substitutes are developed to cater to individuals who follow vegetarian, vegan, or flexitarian diets, as well as those looking to reduce their meat consumption for health, environmental, or ethical reasons. These products aim to replicate the taste, texture, and nutritional profile of meat while offering a cruelty-free and sustainable alternative. The market for meat substitutes has been growing rapidly in recent years, driven by increasing consumer awareness of the environmental impact of meat production, concerns about animal welfare, and rising health consciousness. Many meat substitute products are now available in various forms, including burgers, sausages, nuggets, deli slices, and ground meat alternatives.

Meat substitute market in terms of revenue was estimated to be worth $1.89 billion in 2021 and is poised to reach $4.04 billion by 2027, growing at a CAGR of 13.5% from 2021-2027 according to a latest report published by MarketsandMarkets™. The meat substitutes market has witnessed consistent growth over the last few years, and this trend is projected to continue during the forecast period. The rising trend of plant-based meat due to the increasing health concerns and rising obesity has created growth opportunities for meat substitute manufacturers.

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Meat Substitutes Market Scope:

Report Coverage Details
Market Revenue in 2021 USD 1.89 billion
Estimated Value by 2027 USD 4.04 billion
Growth Rate 13.5% CAGR
Base year Considered 2020
Forecast Period 2021-2026
Units considered Value (USD) and Volume (KT)
Segments covered
  • Product
  • Source
  • Type
  • Form
  • Region
Regions covered
  • North America
  • Europe
  • Asia Pacific
  • South America
  • RoW
Largest Growing Region Asia Pacific
Key Market Opportunities Technological advancements in extrusion and processing will expand the opportunities in the meat substitutes market
Key Market Drivers Health benefits associated with meat substitutes have been a major factor leading to the rising demand for them

Meat Substitutes Market major players covered in the report, such as:

  • DuPont (US)
  • ADM (US)
  • Kerry Group (Ireland)
  • Ingredion Incorporated (US)
  • Roquette Frères (France)
  • PURIS (US)
  • Cargill (US)
  • Axiom Foods (US)
  • Sonic Biochem Ltd (India)
  • Crespel & Deiters (Germany)

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The research report categorizes the market into the following segments:

Meat Substitutes Market, By Product

  • Tofu
  • Tempeh
  • Seitan
  • Quorn
  • Other types (risofu, valess, and lupine)

Meat Substitutes Market, By Source

  • Isolates
  • Concentrates
  • Textured

Meat Substitutes Market, By Form

  • Solid
  • Liquid

Meat Substitutes Market, By Region

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Rest of the World (RoW)

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The key stakeholders in the Meat Substitutes Market:

  • Consumers: Consumers are a critical stakeholder group as they drive the demand for meat substitute products. Individuals who follow vegetarian, vegan, or flexitarian diets, as well as those seeking healthier and more sustainable food options, form the primary consumer base for meat substitutes.
  • Food Manufacturers: Food manufacturers are key stakeholders involved in developing, producing, and marketing meat substitute products. These companies invest in research and development to create innovative and appealing alternatives to traditional meat. They often utilize plant-based ingredients and employ various processing techniques to mimic the taste, texture, and appearance of meat.
  • Retailers: Retailers, such as grocery stores, supermarkets, and specialty food stores, play a vital role in the meat substitutes market. They stock and sell a variety of meat substitute products, making them accessible to consumers. Retailers also influence consumer choices through product placement, marketing, and promotions.
  • Foodservice Providers: Foodservice providers, including restaurants, cafeterias, and fast-food chains, are significant stakeholders in the meat substitutes market. Many establishments now offer meat substitute options on their menus to cater to the increasing demand from customers who seek plant-based alternatives.
  • Suppliers of Plant-Based Ingredients: Stakeholders involved in the production and supply of plant-based ingredients, such as soy, wheat, peas, and mushrooms, contribute to the meat substitutes market. These suppliers ensure a steady and reliable source of key components used in meat substitute products.
  • Agriculture and Farming Industry: The agriculture and farming industry plays a role in the meat substitutes market, as it supplies plant-based ingredients and supports sustainable farming practices. Some companies may partner with farmers who cultivate specific crops for meat substitutes, ensuring a consistent supply chain.
  • Research and Development Institutions: Academic institutions, research organizations, and laboratories contribute to the meat substitutes market by conducting research and development activities. They work on improving the taste, texture, nutritional profile, and production methods of meat substitute products.
  • Regulatory Authorities: Regulatory bodies and government agencies play a crucial role in ensuring food safety, labeling compliance, and adherence to standards in the meat substitutes market. They set guidelines and regulations that govern the production, marketing, and labeling of meat substitute products.
  • Non-Governmental Organizations (NGOs) and Advocacy Groups: NGOs and advocacy groups focused on animal welfare, sustainability, and health may actively promote the use of meat substitutes and influence consumer choices. They may also work to educate consumers about the benefits of reducing meat consumption and advocate for policies that support plant-based alternatives.

These stakeholders collectively contribute to the growth, development, and acceptance of the meat substitutes market, addressing the needs and preferences of consumers while promoting sustainability and healthier food choices.

Meat Substitutes Market Frequently Asked Questions (FAQs):

Q1. How big is the meat substitutes market?
Q2. Which region is projected to account for the largest share in the meat substitutes market?
Q3. Which are the key players in the meat substitutes market, and how intense is the competition?
Q4. What is the leading type in the meat substitutes market?
Q5. What is the leading product in the meat substitutes market?

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This report provides insights on the following pointers:

  • Growing Demand: The meat substitutes market has experienced significant growth in recent years, driven by increasing consumer demand for plant-based alternatives to meat. Factors such as health concerns, environmental consciousness, and ethical considerations related to animal welfare have contributed to the rising popularity of meat substitutes.
  • Shifting Consumer Preferences: Consumer preferences are shifting towards healthier and more sustainable food choices, leading to an increased interest in meat substitutes. Many consumers are adopting vegetarian, vegan, or flexitarian diets, incorporating more plant-based foods into their meals. The market is also expanding beyond the traditional vegetarian and vegan consumer base, attracting mainstream consumers who seek alternative protein options.
  • Innovation and Product Development: Companies in the meat substitutes market are investing in research and development to create innovative products that closely resemble the taste, texture, and appearance of meat. Advancements in food processing techniques, ingredient formulations, and culinary technology are contributing to the development of more convincing and appealing meat substitute products.
  • Expansion of Product Range: The variety of meat substitute products available in the market is expanding rapidly. Beyond the classic burger patties and sausages, there are now meat substitute options for deli slices, ground meat alternatives, nuggets, and more. This increased product diversity provides consumers with a wider range of choices to suit their preferences and culinary needs.
  • Partnerships and Collaborations: Many food companies, including established players and startups, are forming partnerships and collaborations to enhance their capabilities in the meat substitutes market. Collaborations between food manufacturers, ingredient suppliers, and research institutions aim to accelerate product development, improve taste and texture, and scale up production to meet growing demand.
  • Retail and Foodservice Expansion: Meat substitute products are becoming more readily available in retail stores, supermarkets, and online platforms, making them accessible to a larger consumer base. Additionally, foodservice providers, including restaurants and fast-food chains, are incorporating meat substitute options into their menus to cater to changing consumer preferences and capitalize on the market opportunity.
  • Marketing and Education Efforts: Effective marketing campaigns and educational initiatives are playing a significant role in promoting meat substitutes. Companies are highlighting the health and environmental benefits of these products, showcasing their nutritional profiles, and emphasizing their positive impact on sustainability and animal welfare. Educating consumers about the versatility and taste of meat substitutes is helping to overcome skepticism and encouraging trial and adoption.
  • Global Market Expansion: The meat substitutes market is expanding globally, with increasing demand observed across various regions. While North America and Europe have traditionally been strong markets, significant growth is also being witnessed in Asia Pacific and other emerging markets. Factors such as rising disposable incomes, urbanization, and changing dietary patterns contribute to the market’s global expansion.
  • Continued Innovation and Market Potential: The meat substitutes market is still evolving, and there is considerable potential for further innovation and growth. Companies are continuously improving product formulations, exploring new plant-based ingredients, and investing in alternative protein technologies, such as cellular agriculture. As consumer preferences continue to evolve, the market is expected to witness further advancements and diversification in meat substitute offerings.

Other Reports in Food and Beverages Industry:

Cheese Market

Meal Replacement Market

Prebiotics Ingredients Market

Functional Food Ingredients Market

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analyses and profiling of additional market players (up to five)

Geographic Analysis

  • Further breakdown of the Rest of Asia Pacific meat substitutes market, by key country
  • Further breakdown of the Rest of European market, by key country

Research Insight: https://www.marketsandmarkets.com/ResearchInsight/meat-substitutes-market.asp

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