Publishing: October 2021 | Report Code: CP12205 | Available Format: PDF
The global meat substitutes market generated ~$2 billion revenue in 2020. The rising concerns regarding food security and sustainability and rising investments in plant-based protein sources are the key driving factors for the meat substitutes market.
The COVID-19 pandemic has raised concerns over the consumption of meat products, and hence, the adoption of plant-based proteins is expected to grow, thereby propelling the meat substitutes industry. Furthermore, the pandemic has disrupted the supply chain of meat-based products, which has led to the reduced availability of fresh meat. This has shifted the attention of customers towards meat substitutes, which is why the sale of these products is surging.
Soy-based products are expected to hold the largest share in meat substitutes market throughout the forecast period, based on source. Soy products have a better ability to absorb the rich flavors from other food products, and they can be used in several recipes, which makes them the preferred alternative to meat. Furthermore, they are also a rich source of proteins, and they resemble the texture and color of meat products
The seitan category is expected to show the highest growth rate in the forecast period, based on product, in the meat substitutes market. Seitan-based products are a great option for vegans who cannot consume soy products. In addition to this, they are available in multiple forms, such as marinated strips, slices, blocks, and shaped masses.
The North American region is the largest market for meat substitutes. This is attributed to the high consumer preference for meat alternatives made from plant-based ingredients and rising health awareness among the people in the region. According to the Academy of Nutrition and Dietetics, vegans are less likely to develop heart disease, cancer, diabetes, and high blood pressure than meat eaters. Furthermore, on average, vegans are up to 20 pounds lighter than meat eaters. Moreover, consumers are increasingly opting for plant-based meat substitutes that can offer a similar texture, taste, and flavor as processed meat products at an optimum cost.
Many people have opted for a vegan diet in recent years. According to The Vegan Society (a registered charity and oldest vegan society in the world), sign-ups for the Veganuary Campaign (where people eat vegan throughout January) hit a record high in 2021, of 560,000. In comparison, there were 400,000 participants in 2020, 250,000 in 2019, 168,500 in 2018, 59,500 in 2017, 23,000 in 2016, 12,800 in 2015, and 3,300 in 2014. Furthermore, the number of people eating vegan quadrupled between 2014 and 2019, from 150,000 to 600,000. The reason for this shift is mainly the rising awareness, as more people are trying to improve their overall health, working on weight management, and eating “clean” and more sustainably.
Food security is defined as the state of having reliable access to a sufficient quantity of affordable, nutritious food. According to the Climate Change and Land report of the United Nations (UN), food security may be jeopardized unless there is a transition away from red meat to diets richer in plant-based foods, such as fruits, vegetables, and legumes; and animal protein sources, such as chicken, eggs, pigs, and milk products, which emit lower amounts of greenhouse gases than red meat over their lifetime. According to another report by the UN, the world population will rise to almost 9.7 billion by 2050, and ramping up meat production to meet its needs is not sustainable.
|Base Year (2020) Market Size||~$2 Billion|
|Report Coverage||Market Trends, Drivers, and Restraints, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Impact of COVID-19, Companies’ Strategic Developments, Market Share Analysis, Company Profiling;|
|Market Size by Segments||By Source; By Type; By Product; By Region|
|Market Size of Geographies||U.S., Canada, Germany, France, Italy, U.K., Spain, China, Japan, India, Australia, South Korea, Brazil, Mexico, Saudi Arabia, South Africa|
|Secondary Sources and References (Partial List)||World Health Organization, Institute of Food and Agricultural Sciences, Food and Drug Administration (FDA), Global Food & Beverage Association, Canadian Food Inspection Agency, National Food Safety and Quality Service|
Manufacturers are involved in launching new products developed according to regional preferences. Some of the major players in the global meat substitutes market are Archer Daniels Midland Company, Tyson Foods, DuPont, Marlow Foods Ltd., Conagra Brands, The Nisshin OilliO Group Ltd., Unilever NV, Axiom Foods, Hilton Food Group plc, Kerry Group Plc, Wilmar International Limited, and Impossible Foods Inc.
The meat substitutes market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.
Based on Source
Based on Type
Based on Product
Market Segment Analysis of Countries
The global meat substitutes market reached revenue of ~$2 billion in 2020.
The COVID-19 pandemic has positively impacted the growth of the meat substitutes industry.
The meat substitutes industry will boom in North America in the coming years, due to the growing public preference for meat alternatives produced from plant-based ingredients in the region.
The surging consumer preference for vegan diets is currently trending in the market for meat substitutes.
The Asia-Pacific (APAC) region will exhibit the fastest growth in the market for meat substitutes during 2021–2030.
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