Meat Substitutes Market Size, Share, Growth | Industry Demand and Forecast Report Till 2028
According to the current analysis of Reports and Data, the global Meat Substitutes Market was valued at USD 4,471.7 Million in 2018 and is expected to reach USD 7,694.0 Million by the year 2028, at a CAGR of 7.0%. These products are analogs which have meat-like texture but are healthy and cholesterol-free. The meat substitutes market is primarily driven by the increasing preference for plant-based products and vegan diet.
Rising consumer interest towards vegetarian and vegan food, particularly in North America and Europe is a key factor, which is boosting demand for meat substitute products. Increasing campaigns on animal welfare have also significantly influenced the demand for products among vegan consumers. According to a survey undertaken by the Brazilian Institute of Public Opinion and Statistics in 2019, showed that the proportion of the population identified as vegetarians grew up to 14% (a 75% increase relative to 2012), representing 29 million people.
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Key participants in the meat substitutes market include DowDuPont, ADM, The Nisshin OilliO Group, Sonic Biochem Limited, MGP Ingredients, VBites, and Garden Protein International, among others. DowDuPont is an American conglomerate. The company’s DuPont Nutrition & Biosciences offers an extensive line of ingredients through its brand Danisco.
Further key findings from the report suggest:
- Textured Vegetable Protein (TVP) is expected to witness lucrative growth at a CAGR of 6.7%. TVP is a by-product of soybean oil extraction. It is low in carbohydrates, calories, and fat. Along with this, the low cost of TVP is also likely to boost its demand in the forecast period thereby driving the meat substitutes market.
- Asia Pacific is expected to account for 23.4% of the global meat substitutes market. Increased preference for vegetarian food coupled with the limited production of animal products are some factors driving the growth of this segment. Moreover, growing awareness towards health and the environment are also projected to fuel meat substitutes market in the region.
- On the basis of source, soy dominates the meat substitute market with 57.1% share. Increase in consumption of soy, due to its application in food items, such as snacks, cookies, and baked products and various health benefits such as in the reduction of obesity and sugar levels drive the growth of this segment.
- Based on type, the tempeh segment is expected to grow at the highest CAGR of 7.8%. Tempeh is a low-cost substitute which offers various health benefits such as increasing antibodies production and reduced risk of diabetes.
- However, health concerns associated with these products and their high cost are likely to hinder the growth of meat substitutes market during the forecast period.
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Type (Revenue, USD Million; 2016–2026)
- Tofu & Tofu Ingredients
- Textured Vegetable Protein (TVP)
Source (Revenue, USD Million; 2016–2026)
Category (Revenue, USD Million; 2016–2026)
Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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Objective of Studies:
- To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the global Meat Substitutes market.
- To provide insights about factors affecting the market growth. To analyze the Meat Substitutes market based on various factors- price analysis, supply chain analysis, Porte five force analysis etc.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, Latin America and Rest of the World.
- To provide country level analysis of the market with respect to the current market size and future prospective.
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