Meat Substitutes Market to Reach USD 7.31 Billion with Size, Share, Industry Growth Rate, Demand & Revenue Forecast By 2028

Market Overview:
The Global Meat Substitutes Market Was Valued At USD 5.06 Billion In 2021 And Is Expected To Reach USD 7.31 Billion By The Year 2028, At A CAGR Of 5.4%.

Meat substitutes, also known as meat analogs, mock meat, cultured meat, faux meat, or meat alternatives, are a healthy choice for meat that closely mimics its chemical properties as well as its aesthetic qualities, including flavor, appearance, and fundamental texture. Sausage, burgers, ground beef, chicken nuggets, and seafood are a few examples of such goods. Additionally, the popularity of beef substitutes made from plants is rising. The meat substitute market is also anticipated to grow significantly in this industry, capitalizing on the rising health consciousness of the populace, changes in dietary habits, the recent pandemic of animal diseases, and the need for an alternative to meat due to the negative effects of overconsumption of meat.

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Market Dynamics:
Driver:
The demand for meat-based nutrients has increased significantly over the past ten years, with the majority of people in North America and Europe heavily reliant on meat products to meet their daily protein requirements. Although meat proteins provide the body with the necessary amount of amino acids, they are closely related to cholesterol levels, which are a significant contributor to severe health problems. This became the main driver of a rise in demand for foods with plant-based proteins, particularly in developing nations like the United States, France, the United Kingdom, and Germany.

Opportunities:
Growing animal diseases, a change in youth food preferences, and an increase in health concerns due to obesity are the factors that will drive the growth of the meat substitute market in the coming years. In addition, Kiwi consumers are becoming more flexitarian, and they are requesting a wider variety of vegan and meatless options. The major producers are investing in R&D and creating novel plant-based proteins, which could increase demand for meat alternatives on the international market.

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Market Segmentation
Segmentation Analysis of Meat Substitutes Market:
Based on Source, the soy protein segment is anticipated to dominate the meat substitutes market during the forecast period. The growth of the segment is attributed to the ability of soy-based products to absorb rich flavors from other food and it is called a complete source of protein. Other plant proteins don't have the complete nutritional value that soy does. Eating soy protein isolate rather than animal proteins can help boost overall heart health. Soy protein isolate supplements are meant to make feel full. In addition, soy foods are rich in vitamins and minerals including zinc, B vitamins, and iron. Some supplements have calcium and vitamin D in them, too. There are also enough antioxidants in soy. Owing to this soy protein has to gain popularity among individuals which helps to boost the meat substitutes market over the forecast period.
• Soy Protein
• Wheat Protein
• Pea Protein
• Others

Based on Product, the tempeh-based product is expected to record the maximum meat substitutes market share during the forecast period. Tempeh is a major source of protein and is also a famous Indonesian dish. It has a cake-like consistency and is made from cooked and slightly fermented soybeans. Though tempeh is highly perishable, in industrial production, it can be stored by drying and/or freezing. Tempeh is stringy and has a nutty and earthy taste. As tempeh is generally made from nuts, it is richer in calories, potassium, proteins, iron, and fibers. The demand for tempeh is rising, as it is a low-cost product among other meat substitutes, which are rich in protein. Tempeh is solid and grainy in texture than tofu.
• Tofu
• Tempeh
• Textured Vegetable Protein
• Seitan
• Quorn
• Others

Based on Product Type, the concentrates segment is expected to register significant meat substitutes market share over the forecast period. Concentrates, if added to a product, provide a high protein content and very low levels of calories. These concentrates are used as ingredients to improve the volume and texture of different products.
• Concentrates
• Isolates
• Textured

Based on the Form, the solid form segment is anticipated to record the highest meat substitutes market share over the forecast period. The solid form of proteins has more shelf life as compared to the liquid form. Due to this, it is highly preferred by manufacturers and consumers. The solid form of protein sometimes resembles meat in terms of appearance and texture, which makes it a great meat substitute.
• Solid
• Liquid

Based on Category, the meat substitute market is categorized into refrigerated, frozen, and shelf-stable. The frozen segment recorded the highest revenue. Frozen burgers, sausages, patties, nuggets, pizza, crumbles, strips, and other such products have gained popularity, due to their longer shelf life.
• Frozen
• Refrigerated
• Shelf- Stable

Based on the Distribution Channel, the offline segment is anticipated to dominate the meat substitutes market, owing to the specialty stores that can serve the customized and specific requirements of consumers. In addition, wider reach, greater shelf life, attractive discounts, easy availability, and massive strategies are the factor responsible to augment the offline segment as compared to the online segment which helps to boost the market over the forecast period.
• Mass Merchandisers
• Specialty Stores
• Online Retail
• Food Service
• Others

Regional Analysis of Meat Substitutes Market:
Asia-Pacific region is anticipated to register the maximum meat substitutes market over the forecast period. Economies such as Indonesia, Singapore, and Thailand, have observed a growth in the vegetarian and vegan population. There has also been significant growth in the accessibility of these products and restaurants in the region. Furthermore, the growing presence of companies providing related products and an increase in strategic adoption by existing companies such as new product launches are projected to turn the meat substitutes market. According to Statista, between 2018 and 2026, the plant-based meat market of the Asia-Pacific region is forecast to have the largest compound annual growth rate (CAGR) of all world regions, at an estimated 15.9 percent.

In Europe, the shift towards the utilization of meat substitutes in the western part of the world is largely turned by the increasing millennial, where the demographics at most, consider understanding the food source, animal welfare issues, and impact on the environment while making decisions related to purchasing. The market over the United Kingdom is one of the frontrunners in scaling the demand for meat substitutes, where consumers ate approximately 4.4. billion meat-free dinners in 2018, as per the statistics shared by supermarket sales.

In North America, the regional market growth during the projected period is attributed to the growth in the trend of consuming vegan & vegetarian food products in countries such as the U.S. and Canada. Moreover, rising compassion for animals and maintaining healthy living along with awareness regarding the green environment has translated into massive demand for plant-based food products in the U.S. This, in turn, will transform into gigantic growth of the meat substitutes industry in North America over the forthcoming years. In February 2020, Burke Corporation, a subsidiary company of Hormel Foods Corporation and an industry leader in fully cooked meat toppings & ingredients and foodservice introduced the latest Burke Alternatives plant-based products available to foodservice operators over the U.S. Being the presence of major key players in the region for meat substitutes industry such as A&B Ingredients (Canada), Cargill Incorporated (US), DowDuPont, Inc. (the US), Archer Daniels Midland Company (US), Ingredion Incorporated (US), Amy's Kitchen, Inc. (US), helps to growth of the market during the forecast period.
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of SA)

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Players Covered in Meat Substitutes market are:
• A&B Ingredients (Canada)
• Cargill Incorporated (US)
• DowDuPont Inc. (US)
• Archer Daniels Midland Company (US)
• Kerry Group (Ireland)
• Ingredion Incorporated (US)
• Amy's Kitchen Inc. (US)
• Roquette Frères (France)
• PURIS (US)
• The Nisshin OilliO Group Ltd (Japan)
• Axiom Foods (US)
• Beneo (Germany)
• MGP Ingredients Inc. (US)
• The Top Health Ingredients (Canada)
• Sonic Biochem Ltd (India)
• VBites Foods Limited (UK)
• Crespel & Deiters (Germany)
• Quorn Foods (UK)
• Wilmar International Limited (Singapore)
• Sotexpro S.A (France)
• Batory Foods (US)
• Morningstar Farms L.C. (US)
• All Organic Treasures GMBH (Germany)
• The Green Labs LLC (US)
• Shandong Jianyuan Group (China)
• ET Chem (China)
• Beyond Meat (US)
• Gardein
• Meatless (Canada) and others major key players.

Key Industry Developments In The Meat Substitutes Market
1. In August 2021, - Hungry Planet® is promptly growing its grocery presence throughout the U.S. by offering six varieties of chef-crafted plant-based meat such as chicken, pork, beef, and sausage items, at all 362 Sprouts Farmers Market locations over the economy. Hungry Planet® is known for delighting the most serious meat lovers, as well as vegetarians, vegans, and flexitarians.

2. In May 2021, Firmenich, the global largest privately-owned fragrance and taste company, is proud to declare the introduction of Dynarome® SR, its proprietary, natural, Sustained Release technology developed to deliver an even more authentic meat experience in plant-based analogs. Dynarome® SR mimics animal fat release to recreate the same juicy taste and lusciousness in vegan products.

An in-depth analysis of demand forecasts, market tendencies, and key micro and macro variables is included in the research. The factors that are driving and inhibiting the growth of the Meat Substitutes market are also revealed in the report. Using analytical tools like Porter's five forces analysis, Industry Value chain analysis, and PESTEL analysis of the Meat Substitutes market, the study provides insights into the industry. Further, it examines current market trends and gives predictions from 2022-2028. We have also highlighted upcoming market trends that will have an impact on demand within the anticipated time frame. In addition, the competition analysis included in each regional market sheds light on the market share of the major players. Experts in the industry-validated the accuracy of the information we gathered from Meat Substitutes manufacturers, suppliers, consumers, trade groups, government agencies, trade journals, external databases, and our internal databases.

This Meat Substitutes Market Research/Analysis Report Contains Answers to your following Questions
1. Which Manufacturing Technology is used for Meat Substitutes? What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
2. Who Are the Global Key Players in This Global Meat Substitutes Market? What are Their Company Profile, Their Product Information, and Contact Information?
3. What Was Global Meat Substitutes Market Status of Meat Substitutes Market? What Was Capacity, Production Value, Cost and PROFIT of Meat Substitutes Market?
4. What Is Current Meat Substitutes Market Status of Meat Substitutes Industry? What is Market Competition in This Industry, Both Company, and Country Wise? What is Market Analysis of Meat Substitutes Market by Taking Applications and Types in Consideration?
5. What Are Projections of Global Meat Substitutes Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about Import and Export?
6. What Is Meat Substitutes Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
7. What Is Economic Impact On Meat Substitutes Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
8. What Are Meat Substitutes Market Dynamics of Meat Substitutes Market? What Are Challenges and Opportunities?
9. What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Meat Substitutes Industry?

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