Meat Substitutes Market Outlook
As per MRFR, the global meat substitutes market Size is projected to grow from $5.37 billion in 2021 to $10.80 billion by 2028, exhibiting a CAGR of 10.48% in forecast period
Inclination of consumers towards plant alternatives to animal protein is the major driver of the market. Advocation of veganism by consumers as well as the production of plant meats by food manufacturers is expected to bode well for the market from 2021 to 2028
New product launches and extended offerings by meat analogue manufacturers to reach a wide consumer base is expected to spur the market growth. Rising sentiment and sympathy towards animals and increasing activism is predicted to work favorably for the meat substitutes market . However, the high price of vegan foods compared to other foods can impede the market.
Sunfed, Ltd., AMY’s Kitchen, Inc., Beyond Meat, Quorn Foods, Inc, VBites Foods, Ltd., Blue Chip Group, Garden Protein International, Inc., Schouten Europe B.V., MorningStar Farms L.C., and others are some of the major players in the meat substitutes market . Collaborations, mergers, and new product launches engulf the market landscape.
The Meat Substitutes Market Size is segmented by product type, source, category, and distribution channel.
By type, it is segmented into tofu & tofu products, tempeh, textured vegetable protein (TVP), seitan, quorn, other soy-based products, and other meat substitute products. The textured vegetable protein segment was the largest in 2017 and will retain its top position in the coming years. Its derivation from soy combined with its popularity among vegans can drive the segment growth. On the other hand, seitan is presumed to exhibit 6.87% CAGR during the forecast period.
By source, it is segmented into mycoprotein, wheat, soy, and others. The soy segment is anticipated to grow at a robust rate during the forecast timespan. Health benefits such as reduction of obesity due to consumption and application in snacks are likely to boost the segment valuation.
By category, it is segmented into ambient, refrigerated, and frozen. The frozen segment holds close to 50% market share and will continue to dominate till the end of the forecast period. This can be attributed to the availability of frozen vegan products. On the flip side, the refrigerated segment can showcase the fastest growth rate till 2023 due to new launches by companies.
By distribution channel, it is segmented into store-based and non-store based. The store-based channel holds a share above 70% currently. This can be attributed to retail stores and hypermarket chains keeping vegan products in stock for customers. On the other hand, the non-store-based segment can showcase 7.36% CAGR till 2023 due to convenience offered by ecommerce stores.
Asia Pacific (APAC), Latin America, the Middle East & Africa (MEA), North America, and Europe are regions covered in the global meat substitutes market Share report.
North America and Europe are major regions of the global market. The former can contribute to market revenue by offering a plethora of meat substitutes and the decision of consumers to shift to veganism to reduce obesity levels. Awareness created via advertisements and posters can induce market demand in the region. The latter can exhibit a strong growth rate due to rise of veganism and large consumer population aware of meat substitutes.
On the other hand, the APAC region can display 7% CAGR during the assessment period due to a large vegetarian population, rise in purchasing power, and urbanization.
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