Meat Substitutes Market to Grow at CAGR of 11.99% through 2028 – Increasing Adoption of Healthy and Vegetarian Diets to Propel Growth, Says The Brainy Insights
Major key factors driving meat substitute market demand include health awareness, increasing meat prices, environment-related ethics, encouraging customers to look for alternative sources. The Europe region held the largest market for the meat substitutes with a 37.24% share of market revenue in 2020.
Newark, April 05, 2023 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global meat substitutes market is expected to grow from USD 1.56 billion in 2020 to USD 4.17 billion by 2028, at a CAGR of 11.99% over the forecast period 2021-2028. Asia Pacific is expected to be the fastest-growing region in the meat substitutes market over the forecast period.Increased consumer disposable income and a rise in the adoption of western lifestyles will drive the growth of the meat substitutes market. The region also provides market participants with substantial growth opportunities with the launch of innovative meat substitute products.
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This information is provided by The Brainy Insights, in its report titled, “Meat Substitutes Market Size by Product (Tofu, Tempeh, Seitan, Quorn, Other Products), Source (Soy Protein, Wheat Protein, Pea Protein, Others Sources), Type, Form, Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2021 to 2028”.
The meat substitutes market is a rapidly growing industry that offers alternatives to traditional meat products, such as beef, pork, and chicken. These products are designed to mimic the taste, texture, and nutritional profile of meat, while often being plant-based or made from other non-animal sources. The growth of the meat substitutes market can be attributed to several factors, including increasing concerns about the environmental impact of meat production, the ethical treatment of animals, and health and wellness trends. Additionally, many consumers are interested in reducing their meat consumption for personal or religious reasons. Meat substitutes can be made from a variety of ingredients, including soy, wheat, pea protein, and other plant-based sources. They come in many forms, including burgers, sausages, nuggets, and ground meat alternatives. The meat substitutes market is expected to continue to grow in the coming years, driven by increasing consumer demand and the development of new and innovative products.
Key players in the global meat substitutesmarket are Archer Daniels Midland Company, Cargill, CHS INC., DuPont, Ingredion, Kerry, MGP Ingredient, Puris, Roquette Frères, Suedzucker, and The Emsland Group among others. Manufactured foods that aim to resemble meat by pointing out shared attributes and relations are meat substitutes. Meat substitutes are plant-based, grown in the laboratory, or use ingredients other than livestock. Substitutes are often based on soybeans (such as tofu and tempeh), peas, or gluten.The growing concern about animal welfare and increased understanding of the environmental impact of the meat industry are also driving the global meat-substitute market.Consumer attitudes, such as protesting animal abuse, reducing carbon emissions, and saving water (meat production/processing uses large amounts of water) are some of the factors driving the meat substitutesmarket growth over the forecast period.
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The product segment is divided into tofu, tempeh, seitan, quorn and other products. The tofu segment emerged as the leader in the global meat substitutes market with the largest market share in 2020. This was due to its major use in plant-based burger and patties production. The source segment includes soy protein, wheat protein, pea protein and others sources. The soy segment led the global meat substitutes market with a market share of around 34.18% in 2020.Due to the high protein content, demand for soy-based meat replacement products such as beef, pork, and chicken is high.The type segment is divided into concentrates, isolates, and textured. The concentrates segment is projected to grow at a higher CAGR of around 13.4% during the forecast period becauseconcentrates if added to a product, offer a high protein content and very low levels of calories. The form segment includes solid and liquid. The solid segment led the meat substitutes market with a market share of around 71.28% in 2020.
Report Scope & Segmentation:
|Forecast CAGR||11.99 %|
|2028 Value Projection||USD 4.17 Billion|
|Meat Substitutes Market Size in 2020||USD 1.56 Billion|
|No. of Pages||230|
|Segments Covered||Product, Source, Type, Form, Regions|
|Meat Substitutes Market Growth Drivers||Rising preference for plant-based proteins|
|Growing concern over animal welfare|
Animal-based diets have proven to be more harmful to the environment than plant-based diets. Also, the latter has recently been considered a healthy eating pattern due to its enhanced nutritional and eco-friendly features. These factors are anticipated to boost the meat substitutes market over the forecast period. However, the high processing costs associated with producing meat substitutes have led to higher prices for meat substitutes compared to natural meat, which may hamper the market growth.
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About The Brainy Insights:
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