Global Meat Substitute Market Outlook 2031:
The global meat substitute market size was valued at USD 12.95 Billion in 2022 and is projected to reach USD 336.25 Billion by 2031, expanding at a CAGR of 43.6% during the forecast period 2023 - 2031. Meat substitute has similar appearance, taste, flavor, and texture, making it a healthy food substitute for meat.
Mock meat, faux meat, or imitation meat are also called meat substitutes or meat analogs. The consumption of vegetable protein in food products has been increasing owing to increasing prevalence of animal diseases.
Moreover, the global shortage of animal protein is expanding the market growth. The characteristics of meat substitutes are usually similar to the aesthetic qualities of certain types of meat.
In the same way that meat is often used in dishes, they are also frequently used as ingredients in meat dishes. The meat analogs provide consumers complete satisfaction due to their meaty appearance, texture, and taste, which are the results of the production process used to produce meat substitutes. Vegetables are rich in protein and can provide the required supplement to a vegetarian diet as meat substitutes.
Global Meat Substitute Market Trends, Drivers, Restraints, and Opportunities
- Innovations in plant-based proteins have had a positive impact on the development of meat substitute products.
- Growing investments made by ingredient manufacturers are driving the market growth.
- Soybeans can subject to soy allergy, and therefore subject to health concerns. Itching and hives can occur among people with soy allergy. Besides from gas, bloating, and low levels of intestinal irritation, other signs of this disease include diarrhea. Considering soy protein is one of the main sources used to make meat substitutes, these factors are expected to restrain the market during the forecast period
- The adoption of western cuisine has shifted Asia-based countries toward meat substitutes, which is expected to spur the market.
Scope of Meat Substitute Market Report
The report on global meat substitute market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Global Meat Substitute Market - Industry Analysis, Size, Share, Growth, Trends And Forecast
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Base Year
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2022
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Historic Data
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2016 & 2021
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Forecast Period
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2023 – 2031
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Segmentation
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Sources (Soy Protein, Wheat Protein, Pea Protein, and Others), Products (Tofu, Tempeh, Seitan, Quorn, and Others), Types (Textured, Concentrates, and Isolates), Category (Frozen Meat Substitutes and Refrigerated Meat Substitutes)
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Key Players Covered in the Report
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DuPont, ADM, Kerry Group, Ingredion Incorporated, Roquette Frères, PURIS, Cargill, Axiom Foods, MGP Ingredients, The Top Health Ingredients, Sonic Biochem Ltd, Crespel & Deiters, Wilmar International Limited, Sotexpro S.A, The Nisshin OilliO Group, Ltd, and A&B Ingredients.
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Meat Substitute Market Segment Insights
Pea segment is projected to hold significant market share
In the terms of sources, the global meat substitute market can be divided into soy protein, wheat protein, pea protein, and others. The pea segment is projected to hold a significant market share owing to growing awareness among consumers about the benefits offered by healthy food products and replacement of meat meals with vegetarian diets.
Pea has been recognized as a major source of protein, and thereby has been a preferred choice of meat substitutes for the manufacturers of meat substitutes.
Tempeh segment is anticipated to account for a substantial share
Based on products, the global meat substitute market can be segmented into tofu, tempeh, seitan, quorn, and others. The tempeh segment is anticipated to account for a substantial share. The demand for allulose has increased due to its low-calorie, which has similar taste as tabletop sugar.
Tempeh is a great source of protein and is also a prominent Indonesia-based dish. It has a cake-like consistency and is made from cooked and slightly fermented soybeans. The fermentation helps in breaking down the phytic acid in soybeans, which makes the starch in tempeh easier to digest.
Though tempeh is highly perishable, in industrial production, it can be stored by drying and freezing. Tempeh is chewy and has a nutty and earthy taste. As tempeh is generally made from nuts, it is richer in calories, proteins, iron, potassium, and fiber. The demand for tempeh is increasing as it is a low-cost product among other meat substitutes, which are rich in protein.
Concentrates segment is estimated to grow at a significant pace in near future
On the basis of types, the global meat substitute market can be divided into textured, concentrates, and isolates. The concentrates segment is anticipated to expand at a significant pace in near future. Concentrates, if added to a product, offer a high protein content and low level of calories. These concentrates are used as ingredients to enhance the volume and texture of different products.
Frozen meat substitutes segment is expected to hold a large share in the market
Based on category, the global meat substitute market can be bifurcated into frozen meat substitutes and refrigerated meat substitutes. The frozen meat substitutes segment is expected to hold a large share in the market due to the growing preference for products such as TVP, which is dehydrated high-protein.
Asia Pacific is expected to dominate the market
In terms of regions, the global meat substitute market can be classified as Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia Pacific is expected to dominate the market due to rising awareness about global animal welfare organizations, such as People for the Ethical Treatment for Animals (PETA), which has led to people considering a meat-free diet.
Non-meat-based meals are already preferred in Asia, with tofu extensively used in Asian cuisines and bean-based congees widely that are consumed in countries such as China.
Segments
By Products
- Tofu
- Tempeh
- Seitan
- Quorn
- Others
By Sources
- Soy protein
- Wheat protein
- Pea protein
- Others
By Types
- Isolates
- Concentrates
- Textured
By Category
- Frozen Meat Substitutes
- Refrigerated Meat Substitutes
By Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
By Key Players
- DuPont
- ADM
- Kerry Group
- Ingredion Incorporated
- Roquette Frères
- PURIS
- Cargill
- Axiom Foods
- MGP Ingredients
- The Top Health Ingredients
- Sonic Biochem Ltd
- Crespel & Deiters
- Wilmar International Limited
- Sotexpro S.A
- The Nisshin OilliO Group, Ltd,
- A&B Ingredients
Competitive Landscape
Key players in the global meat substitute market are DuPont, ADM, Kerry Group, Ingredion Incorporated, Roquette Frères, PURIS, Cargill, Axiom Foods, MGP Ingredients, The Top Health Ingredients, Sonic Biochem Ltd, Crespel & Deiters, Wilmar International Limited, Sotexpro S.A, The Nisshin OilliO Group, Ltd, and A&B Ingredients.
These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.
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