The new report by Expert Market Research titled, ‘Global Meat Substitute Market Size, Share, Price, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global meat substitute market, assessing the market based on its segments like source, product, industry, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 16.2 billion
• Forecast CAGR (2023-2028): 16%
• Forecast Market Size (2028): USD 40 billion
Meat Substitute Products are witnessing an increase in the popularity due to increased incidence of health disorders, increasing consumer fitness and health awareness that in turn will drive market growth. Furthermore, the rapid development of the food service industries and the enticing marketing and advertising strategies of vegetarian companies have had a positive influence on the growth of the global market. In Addition, awareness towards environment conservation and animal wellbeing is anticipated to increase the demand in market.
Meat Substitute Industry Definition and Major Segments
A meat-like material made from plants is a meat substitute. Plant-based meat, vegan meat, meat replacement, mock meat, meat substitute, imitation meat, or vegetarian meat, or, even more pejoratively, organic or fake meat, are more common terms. Meat analogues usually imitate certain aesthetic qualities (such as texture, flavor, appearance) or the chemical features of particular types of meat.
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Based on source, the market is divided into:
• Soy Based
• Wheat Based
• Pea Protein
• Others
Based on product, the industry can be segmented into:
• Tofu
• Tempeh
• Seitan
• Quorn
• Others
By type, the industry is categorised into:
• Concentrates
• Isolates
• Textured
Meat Substitute Market Trends
Manufacturers have steadily launched innovative vegan meat products with improved texture and taste to meet changing consumer preferences. In addition, a wide variety of vegan food and snack products are available on the market, including patties, burgers, filets, soups, pizzas and others. In addition, the industry is expected to witness the launch in the coming years of several innovative meat substitute products, which are expected to complement consumer lifestyles and taste preferences.
The growth of market in Asia Pacific is attributed to increasing people’s awareness of healthy dietary habits. The key factors driving growth in the Asia-Pacific region are the need for health benefits, animal welfare, environmental safety, cost-effectiveness and a growing variety of plant-based meat products. Non-meat-based foods are already popular in Asia, with tofu widely used in Asian food and bean-based conge dishes widely consumed in countries such as China. Moreover, the increase in the number of start-ups in Asian countries, such as India, Japan and China, is also driving further market growth.
Key Market Players
The major players in the market are DuPont de Nemours, Inc., Schouten Europe B.V., Ingredion Incorporated, Conagra Brands, Inc., Kerry Inc., Ruitenberg Ingredients B.V., among Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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