Meat Substitutes Market by Product (Tofu, Tempeh, Textured Vegetable Protein, Seitan, Quorn, and Others), Source (Soy Protein, Wheat Protein, Pea Protein, and Others), Category (Frozen, Refrigerated, Shelf Table, and Others), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others): Global Market Size Estimates and Forecast (2022–2030)
The market crossed US$ 6.2 billion mark in 2022 and is expected to hit US$ 12.4 billion by 2030, recording a CAGR of 11.05% during the forecast period.
Meat substitutes market has been significantly growing with the growing preference for plant-based Proteins
Meat products provide proteins to the body with the necessary amino acids, but they are also heavy in cholesterol, which leads to a number of major health problems. This became the main driver of increased demand for meat substitutes such as plant-based protein foods. Moreover, a substantial increase in the vegan population has been noticed in various regions, hence bolstering the market growth. Furthermore, the risk of animal-borne disease associated with meat products has gradually created an undesirable impact on the consumers and rise in health concerns. On the contrary, the production of plant-based food involves fewer chances for contamination. This has enabled to create a positive impact on the meat substitute market.
Within the report, the market is segmented into product, source, category, distribution channel, and geography. By product type, the market is further segmented into tofu, tempeh, textured vegetable protein, seitan, quorn, and others. On the basis of source, the market is bifurcated into soy protein, wheat protein, pea protein, and others. By category, the market is categorized into frozen, refrigerated, shelf table, and others. Based on distribution channel, the market is divided into supermarkets and hypermarkets, convenience stores, online retail, and others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Technological advancements in extrusion and processing are expected to expand the opportunities of meat substitutes market.
A meat substitute is a product that contains certain aesthetic qualities, such as flavor, texture, and appearance of specific types of meat, such as pork, beef, and chicken. These meat substitute products are made from various plant proteins, including soy protein, wheat protein, and pea protein ingredients. The increasing number of animal-borne diseases has raised health concerns among consumers, which has resulted in surge in demand for meat substitutes. Moreover, consumer awareness of plant-based meat substitutes is rapidly growing, with more people demanding these because of their stated health benefits, such as the prevention of non-communicable disorders, digestive issues, and obesity. Furthermore, the growing consumer awareness of the benefits of a vegan diet is one of the major factors driving global demand for meat substitutes.
Rising adoption of vegan diet is one of the major factors accelerating the market growth.
Increase in obesity rates all over the world, growth in health problems such as heart diseases, high blood pressure, diabetes, asthma, and others, have uplifted the overall health consciousness among consumers. This has resulted in increase in demand for different types of healthy food products including vegan food products. This factor is ultimately affecting the meat substitutes market positively.
Recent strategic developments in meat substitutes market
The meat substitutes market has undergone several significant developments, and a few of these have been mentioned below:
- In November 2020, Ingredion Incorporated entered into an agreement with its joint venture partners to acquire 100% of Verdient Foods (Canada), a manufacturer of plant-based protein. This acquisition is expected to enable Ingredion Incorporated to cater to the rising consumer demand for plant-based foods
- In April 2021, ADM announced its new cutting-edge, plant-based innovation lab, located in ADM's Biopolis research hub in Singapore. The new lab enabled the company to develop next-level, on-trend, and nutritious products.
- In December 2019, Batory Foods acquired Polypro International (US), the largest distributor in the US and the Americas. With this acquisition, Batory Foods would be expected to be the largest distributor of clean label restaurants across the US.
The meat substitutes market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. DuPont, ADM, Kerry Group, Ingredion Incorporated, Roquette Frères, PURIS, Cargill, Axiom Foods, Sonic Biochem Ltd, and Crespel & Deiters are among the prominent players operating in the market.
Target audience for the report:
- Raw material providers
- Plant protein providers
- Meat substitute manufacturers
- Government bodies, such as regulating authorities and policy makers
- Food processing industry
- End users
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Textured Vegetable Protein
- Other Products
- Soy Protein
- Wheat Protein
- Pea Protein
- Other Sources
- Shelf Table
- Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
- Online Retail
- North America
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- Kerry Group
- Ingredion Incorporated
- Kerry Group
- Ingredion Incorporated