Meat Substitute Market to Reach $8.82 Bn, Globally, by 2027 at 7.2% CAGR: Allied Market Research
Surge in obese population, new product development and rapid growth in the food service industry fuel the growth of the global meat substitute market
PORTLAND, Ore., July 5, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Meat Substitute Market by Product Type (Tofu-Based, Tempeh-Based, TVP-Based, Seitan–Based, Quorn-Based, and Others), Source(Soy-Based, Wheat-Based, Mycoprotein, and Others), and Category (Frozen, Refrigerated, and Shelf Stable): Global Opportunity Analysis and Industry Forecast, 2021–2027." According to the report, the global meat substitute industry was estimated at $4.51 billion in 2019, and is anticipated to hit $8.82 billion by 2027, registering a CAGR of 7.2% from 2021 to 2027.
Drivers, restraints, and opportunities-
Surge in obese population, new product development, rapid growth in the food service industry, and increasing concerns regarding environmental sustainability and animal welfare fuel the growth of the global meat substitute market. On the other hand, wide availability of substitutes restrains the growth to some extent. However, increase in health awareness and veganism is expected to create lucrative opportunities in the industry.
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Covid-19 scenario-
- The outbreak of the pandemic has infused more health consciousness among people and the demand for plant-based diet and other organic sources has experienced a steep increase, thereby impacting the global meat substitute market positively.
- However, there have been disorders in the supply of raw materials due to lockdowns which has hampered the market growth to some extent.
The frozen segment to dominate by 2027-
On the basis of category, the frozen segment held more than three-fourths of the global meat substitute market share in 2019 and is expected to retain its dominance by the end of 2027. The fact that ready meals, including cooked and semi-cooked meat substitute food products have become increasingly popular across the world has propelled the growth of the segment. The shelf stable segment, on the other hand, would register the fastest CAGR of 9.9% during the forecast period, due to the fact that the outbreak of the COVID-19 pandemic led to increase in demand for shelf-stable meat substitutes among individuals.
The soy-based segment to maintain the dominant share-
On the basis of source, the soy-based segment garnered nearly two-thirds of the total market revenue in 2019 and is anticipated to retain its dominance throughout the forecast period. This is attributed to the fact that soy proteins, including soy protein isolate and soy protein concentrate, are the major ingredients in structured plant-based alternative products, owing to their abundance, low-cost, meat-like texture after hydration, and high amino acid composition. Simultaneously, the wheat-based segment would portray the fastest CAGR of 10.0% from 2021 to 2027, due to high nutritional content in the products.
Europe, followed by North America, garnered the major share in 2019-
On the basis of region, Europe, followed by North America, held the major share in 2019, generating nearly two-fifths of the global meat substitute market. The market comprises some of the most renowned brands of meat substitutes such as Quorn Foods, Cauldron Foods, and others. Moreover, the market has witnessed the entry of some of the renowned players from the meat food industry, such as Rugenwalder Muhle, lately. These factors drive the market growth in the region. At the same time, Asia-Pacific would manifest the fastest CAGR of 9.4% by 2027. This is because the market players have focused on new product development and increase in production capabilities, foreseeing the upcoming demand for meat analog products in the Asia-Pacific region.
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Key players in the industry-
- BeyondMeat
- Cauldron Foods
- Meatless B.V.
- VBites Foods Ltd.
- Amy's Kitchen
- MGP Ingredients (U.S.)
- Archer-Daniels-Midland Company
- Sonic Biochem Extractions Limited
- Garden Protein International, Inc.
- Kellogg Company
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