January 05, 2021
According to the research report titled ‘Global Meat Substitutes Market Size study with COVID-19 impact, by Product (Tofu, Tempeh, Seitan, Quorn and Other Products), by Source (Soy Protein, Wheat Protein, Pea Protein, and Other Sources), by Type (Concentrates, Isolates, and Textured), by Form (Solid and Liquid) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global meat substitutes market was remunerated at USD 1.60 billion in 2019 and is expected to record a CAGR of 12% during 2020-2027.
Shifting consumer preference meat products to vegan protein, rising fitness awareness, and surging demand for plat-based proteins from vegetarian population are the key factors propelling the growth of global meat substitutes market. As per the study by Kerry Group plc, the production of plant protein products worldwide was 8541.2 tons in 2018, which is projected to increase to 10555 tons by 2023.
For those unversed, meat substitutes are meat analogues including soy protein, in-vitro meat, legumes, soybeans, and falafel, which have features similar to meat, and are made up of similar nutrients.
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The outbreak of COVID-19 pandemic has surged the product demand, augmenting global meat substitutes industry share, owing to consumers inclination towards healthy food products with longer shelf life, coupled with initiatives taken by many firms in providing such food items through online delivery channels.
Moreover, rising popularity of pea protein ingredients, and mounting investment in plant-based protein ingredients are also stimulating global meat substitutes market expansion.
On the downside, concerns regarding wheat and soy associated allergy among consumers is likely to hamper the remuneration scale of the industry over the forecast timespan.
Citing the geographical landscape, worldwide meat substitutes market dynamics are defined by Asia Pacific, Europe, Latin America, North America, and Rest of the World. As per the report, North America leads the overall market size presently, on account of growing adoption of plant-based protein in diet.
Meanwhile, meat substitutes industry in Asia Pacific is reckoned to amass massive returns by the year 2027, creditable to increasing government initiatives to promote meat substitutes.
Established firms in global meat substitutes market sphere are MGP Ingredients Inc., Crespel & Deiters GmbH & Co. KG, Wilmar International Limited, Sotexpro S.A., Axiom Foods Inc., Ingredion Incorporated, Kerry Group plc, Roquette Frères S.A., DuPont de Nemours Inc., and Archer Daniels Midland Company.