The global meat substitutes market size is set to gain traction from the surging shift of people towards vegan diets, especially in North America and Western Europe. The Vegan Society, for instance, declared that if the world went vegan, it could reduce greenhouse gas emissions by two thirds, save around 8 million human lives, and save healthcare expenditure by 2050. This information is given by Fortune Business Insights™ in a report, titled, “Meat Substitutes Market Size, Share & COVID-19 Impact Analysis, By Source (Soy-based Ingredients, Wheat-based Ingredients, Textured Vegetable Proteins, and Other grain-based Ingredients), Distribution Channel (Mass Merchandisers, Specialty Stores, Online Retail, Other Retail Channels, and Foodservice), and Regional Forecasts, 2021 – 2028.” As per the report, the market size was USD 4.98 billion in 2020. It is projected to grow from USD 5.37 billion in 2021 to USD 10.80 billion by 2028, exhibiting a CAGR of 10.48% during the forecast period.
List of renowned providers of meat substitutes operating in the global market:
- Tyson Foods, Inc. (Arkansa, United States)
- Greggs plc (Newcastle upon Tyne, United Kingdom)
- Marlow Foods Ltd (Middlesbrough, United Kingdom)
- Conagra Brands, Inc. (Illinois, United States)
- Unilever NV (London, United Kingdom)
- Hilton Food Group plc (Cambridgeshire, United Kingdom)
- Kerry Group Plc (Tralee, Ireland)
- Savage River Inc. (California, United States)
- JUST, Inc. (California, United States)
- Impossible Foods Inc. (California, United States)
Unavailability of Fresh Meat amid COVID-19 Pandemic to Bolster Growth of Market
The COVID-19 pandemic has accelerated the demand for meat substitutes across the globe because of disruptions in supply chain, absence of employees in meat-processing plants, and unavailability of fresh meat. At the same time, several researches conducted amid the pandemic, such as one from the Food and Agriculture Organization, stated that multiple diseases are directly associated with animal-based food items.
The research report offers a comprehensive analysis of organizations that can affect the outlook throughout the forthcoming years. Besides, it provides an authentic assessment by highlighting information on several aspects that may include growth drivers, opportunities, trends, and hindrances. It also represents the size of the meat analogues industry from a global perspective by analyzing qualitative insights and historical data.
Drivers & Restraints-
Increasing Demand for Allergen-free Alternatives to Propel Growth
Plant-based meat made from peas and soy has high protein content. Hence, people are choosing them over chicken, beef, and pork. They also have a meat-like texture. Besides, the rising vegetarian populations and surging trend of health and fitness worldwide would propel the market in the upcoming years. People are nowadays looking for allergen-free alternatives, especially chickpeas because of rising health consciousness. Therefore, various companies are striving to come up with products infused with pea protein. However, meat substitutes are very expensive and it may hamper growth.
Presence of Flexitarian Consumers to Help Europe Grow in Future
Geographically, Europe procured USD 1.62 billion in terms of revenue in 2020. The surging ethical focus of consumers, high demand from millenials, and the presence of flexitarian consumers would drive growth in this region. Asia Pacific, on the other hand, is expected to be the fastest growing region on account of the high popularity of unique diet patterns and demand for soy-based meat analogues.
Key Players Focus on Introducing Novel Products to Meet Consumers’ Demand
The global market for meat substitutes houses a large number of companies that are currently striving to keep up with the high consumer demand. To do so, they are launching innovative products or are collaborating with government agencies for setting up R&D centers.
Soy-based Ingredients Segment Held 63.65% Share in 2020: Fortune Business Insights™
Based on the source, the soy-based ingredients segment generated 63.65% in terms of the meat substitutes market share in 2020. It is expected to remain dominant in the near future because of the presence of essential amino acids and high-quality protein. Also, the emergence of soy protein isolates that have a close resemblance with the organoleptic properties of meat and animal products would propel the segment’s growth.
Below are the two significant industry developments:
- January 2020: Gardein launched its new Ultimate Plant-Based Burger that smells, cooks, and looks exactly like real beef, with non GMOs and soy ingredients. The company aims to cater to the needs of those following a vegan or vegetarian diet.
- February 2019: The Institute of Chemical Technology (ICT) Mumbai joined hands with The Good Food Institute India to create the world’s first research center backed by the government for developing clean meat. It will be located in Maharashtra.