Meat Substitutes Market

The report "Meat Substitutes Market by Product (Tofu, Tempeh, Textured Vegetable Protein, Seitan, Quorn and Other Product), Source (Soy Protein, Wheat Protein, Pea Protein and Other Sources), Types ( Concentrates, Isolates and Textured), Form (Solid, Liquid), Category (Frozen, Refrigerated and Shelf Table) and Region (North America, Europe, Asia Pacific, Rest of the World) - Global Forecast to 2027", is estimated to be valued at USD 1,889.1 million in 2021. It is projected to reach USD 4,041.3 million by 2027, recording a CAGR of 13.5% during the forecast period. The meat substitutes market has witnessed consistent growth over the last few years, and this trend is projected to continue during the forecast period. The rising trend of plant-based meat due to the increasing health concerns and rising obesity has created growth opportunities for meat substitute manufacturers.The key drivers for the market growth are the rising adoption of plant-based protein, increasing investments in plant-based protein ingredients, and increasing inclination of consumers for pea protein ingredients.

Browse 229 market data Tables and 48 Figures spread through 233 Pages and in-depth TOC on "Meat Substitutes Market by Product (Tofu, Tempeh, Textured Vegetable Protein, Seitan, Quorn and Other Product), Source (Soy Protein, Wheat Protein, Pea Protein and Other Sources), Types ( Concentrates, Isolates and Textured), Form (Solid, Liquid), Category (Frozen, Refrigerated and Shelf Table) and Region (North America, Europe, Asia Pacific, Rest of the World) - Global Forecast to 2027"
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Adoption of plant based protein in milllenial consumers have increased.

The plant-based protein phenomenon is surging, forcing grocery manufacturers and retailers to respond quickly to meet shopper’s interest. This is due to consumers are prioritizing health, wellness, and social issues in increasing numbers, and this translates to more conscious shopping choices—such as buying products that align with specific diets, lifestyles, and values, as well as avoiding unwanted ingredients due to allergies or food sensitivities. In the U.S., there are 200 million shoppers who adhere to a diet or health-related program and 180 million have food allergies or intolerances that affect the way they shop. A healthy lifestyle, supported by the integration of plant-based alternatives, has become a popular notion among millennial consumers who are increasingly open to the idea of plant-based products. According to the International Food Information Council, the US witnessed a growth rate of 54% in terms of food & beverage product launches, with plant-based claims between 2013 and 2017.

Extrudable fat technology is making plant-based foods tasty and look better

Extrudable fat technology mimics animal fat in plant-based meats, which allows for more authentic fat textures, such as marbling. The technology allows to run fat through an extruder and then combine it with protein to create a better ingredient where the fat and the protein are physically linked together. Otherwise, fat normally would turn into a liquid at those pressures and temperatures. By balancing the relationship between fat and protein in a way that mimics what consumers would normally get in a marbleized piece of meat, such as beef, the result is better flavor release, texture, taste, and moisture retention.

Increasing awareness related to health benefits associated with fermented food products to boost the demand of meat substitute such as Temph

Tempeh is an excellent substitute for ground beef. It has a cake-like consistency and is made from cooked and slightly fermented soybeans. The fermentation helps in breaking down the phytic acid in soybeans, which makes the starch in tempeh easier to digest. There are numerous health benefits offered by tempeh. For example, it helps in increasing the antibodies and decreasing the sugar levels, which reduces the risk of diabetes. It also helps in lowering cholesterol levels, which helps in reducing the risk of heart diseases.

North America is projected to reach USD 1,536.6 million in 2027.

In 2021, North America accounted for a market share of 38.8% in the meat substitutes market. The US was one of the highest consumers of plant-based products across the globe, according to the Good Food Institute in 2018. The adoption of dairy and meat alternatives has been a major trend in the country, owing to the rising awareness of a sustainable environment and inclination toward a healthy lifestyle. Hence, globally, the North American region is estimated to lead the global meat substitutes market in 2021. Numerous established companies, such as Cargill (US), DuPont (US), Archer Daniels Midland Company (US), and startups, have been investing in the meat substitutes market across the region. Consumers in the region are adopting a flexitarian lifestyle and are incorporating plant-based foods into their daily routine diets. For instance, in Mexoci the consumers are opting for meatless versions of their popular traditional cuisines, such as tacos.

The key players in the market are ADM (US), Ingredion Incorporated (US), DuPont (US), Kerry Group (Ireland), and Roquette Frères (France).

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