Meat Substitute Market is segmented by Product Type (Tofu, TVP, Burger Patties, Sausages, Meatballs, Nuggets), Source (Soy Protein, Wheat Protein), and Distribution Channel (Business to Business and Business to Customers) and Geography.
The Meat Substitute Market is projected to reach a market size value of USD 17.21 billion by 2028, at a CAGR of 15.1% during the forecast period of 2021-2028.
Meat Substitutes are products manufactured that targets meat replacement by using non-animal protein sources that can resemble the attributes and flavors of animal meat. The main growth factors of this market are, rise in the demand for healthy foods, as well as the high intolerance for animal protein consumption, increasing shifts to being vegan, and appreciation for the vegan diet. The increasing rising venture in capital investments also accelerates the growth.
In terms of trends, "free-form" is making its way as one of the fastest-growing trends. Consumers have a high demand for eagerly replacing their usual diet with a healthier one by choosing plant-based food products rather than animal meats. Soy and gluten-free diets are popular nutritional movements because of their health and therapeutic benefits. The high demand for soy and gluten-free products is due to the increased number of consumers food sensitivities, dietary preferences based on regions, and prevalence of coeliac diseases. Gluten-free products are in demand because there is a high prevalence of diseases associated with them.
Impact of COVID-19
Widespread of the virus is a great challenge to all countries because many sectors will have to compromise and deal with it in the most advantageous way possible. Many industries will have to adapt and adopt the changes that will be imposed upon them by their governments in compliance with COVID-19 safety protocols. A big setback on the growth of the meat substitute market is the disruption of the supply chain since manufacturing and distribution by key players or companies are being limited, if not, controlled by governments by imposing lock downs and halting travels across borders.
The meat substitute market is facing a situation wherein the disruption in raw material supply is negatively affecting manufacturers because travel, transport of raw materials, and non-essential trade have been put off in many countries. This in turn affected production, causing a fewer volume of product sales.
Factory shutdowns are also one of the main reasons for restraint in the growth of the market because the stoppage of production and manufacturing caused turmoil in terms of return of investments made by key players. The effect of the virus outbreak has caused a slow down in the investments made in the meat substitute industry.
Key Findings in the Global Meat Substitute Market
In terms of product type, the tofu segment has the largest share in the market account for because of its cost efficiency, inexpensive, easily available, and tofu being widely present and accepted in most dishes and most flavor profiles. During the forecast period, the burger patties segment is projected to grow at the fastest CAGR. The growth factors of this segment are attributed to the increasing popularity of plant-based burger patties and their ease of access by consumers.
In terms of source, the pea protein segment is projected to grow at the fastest CAGR in 2021-2028. This is due to consumers eagerness to look for sustainable and high-quality alternatives to animal meats as well as a high percentage of investments from major key players.
In terms of distribution channels, the B2C segment is projected the largest share in 2020. The growth is attributed to the rise in the number of supermarkets and hypermarkets, high demand for vegan products, and consumers preference to shop from brick-and-mortar grocers.
Regional Market Analysis
In terms of region segment, the meat substitute market is further classified into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. During the forecast period, the Asia Pacific region is projected to grow at the highest CAGR. The growth is mainly attributed to the fast urbanization, increased income levels, and social awareness of the health benefits of consuming a protein diet.
Key Players: Share and Competition
Based on an extensive assessment, these major key players in the stevia market have a competitive landscape and utilizing key strategic developments to lead the industry over the past years until now. These companies are, Beyond Meat Inc. (U.S.), Impossible Foods Inc. (U.S.), Garden Protein International, Inc. (Canada), Amys Kitchen Inc. (U.S.), The Hain Celestial Group, Inc. (U.S.), Sahmyook Foods (South Korea), Axiom Foods (U.S.), Lightlife Foods, Inc. (U.S.), Marlow Foods Ltd. (U.K.), Taifun –Tofu GmbH (Germany), Atlantic Natural Foods LLC (U.S.), VBIte Food Ltd (U.K.), and Nutrisoy Pty Ltd. (Australia).
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• Estimation/projections/forecast for revenue and unit sales (2021 – 2028)
• Data breakdown for every market segment (2021 – 2028)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
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Industry Segmentation and Revenue Breakdown
Product Type Analysis (Revenue, USD Million, 2021 - 2028)
• Burger Patties
• Ground Meat
Source Analysis (Revenue, USD Million, 2021 - 2028)
• Soy Protein
• Almond Protein
• Wheat Protein
• Pea Protein
• Rice Protein
Distribution Channel Analysis (Revenue, USD Million, 2021 - 2028)
• Business to Business
• Business to Customers
• Modern Groceries
• Convenience Store
• Specialty Store
• Online Retail
Region Analysis (Revenue, USD Million, 2020 – 2028)
• United States
• United Kingdom
• South Korea
• Saudi Arabia
• Rest of World
• United States Meat Substitute Industry Research Report
• Europe Meat Substitute Industry Research Report
• Asia Pacific Meat Substitute Industry Research Report
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