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.
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.
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.
The meat substitutes market has undergone several significant developments, and a few of these have been mentioned below:
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.
In this report, the market has been segmented on the basis of: