The Global Meat Substitutes Market is Expected to Reach a Value of USD 9 bn by 2028

Monday 20 July 2020, Amsterdam

The meat substitute market is based on meat substitutes that are edible by vegetarians, vegetarians, and people who are trying to reduce meat consumption to adopt a healthy lifestyle. Therefore, the market is committed to using raw materials available in nature to make copies of meat to prevent animals from being slaughtered. With the improvement of people's awareness of natural ecological balance, people's activities interfere with people's lives, and people believe that they will try their best to use the nursing resources provided. Therefore, people are adopting lifestyles such as vegetarianism to promote this cause, thereby supplementing market growth. In addition, meat production accounts for approximately 14.5% of greenhouse gases and consumes nearly 68% of agricultural land.

The main driving forces of this market include increasing awareness of environmental degradation and rapid changes in climate, which have affected life forms on the planet. In addition, people also believe in a healthy lifestyle because of the many health benefits of lowering blood sugar levels and lowering cholesterol after eating meat substitutes. The emerging trend of vegetarianism has had a significant impact on the market. In order to conduct a strategic analysis of the report, it is divided into "source", "form" and "area".

According to the source of goods, the market is divided into soy protein, wheat protein, pea protein, etc. According to the regional distribution of the product, the market segment is divided into Tofu, Quinn, Tempe, Setan and others. The market is divided into concentration, isolation and texturing by type. The template section is divided into a dry section and a liquid section. Region-based segmentation includes North America, Europe, Asia Pacific, Latin America and the Middle East.

In 2020, the market size of the global meat substitute market is 5 billion U.S. dollars and is expected to reach a value of 9 billion U.S. dollars by 2028. The market is expected to grow at a compound annual growth rate of 8%. The market is classified based on chemical composition, namely based on soybean, based on wheat/gluten, based on pea protein, based on mold protein, based on milk, etc. These classifications are used to separate the different types of meat equivalents introduced on the market, which include tofu, bean temp, sitam, quin, risofu, grain, lupin, etc. Currently, plant-based meat substitutes have been driving market growth, while wheat-based wheat substitutes are considered the fastest growing market. The seitan market is expected to be the largest growth area because its unit consumption protein quality is higher than other products. Tofu-based products have the second largest emerging market, although due to differences in regional consumption, their market growth is lower than that of tofu final products.

The regional segmentation of this market includes North America, Europe, Asia Pacific, Latin America and the Middle East. It is speculated that the Asia-Pacific region has the highest compound annual growth rate in the field of meat substitutes, which is related to the increase in the number of start-ups based on this market in countries such as China and India. In the United States, the plant-based meat substitute market is approximately 810 million.

Scope:
The report, “Global Meat substitutes - Market and Technology Forecast to 2028" is segmented based on Type, Source, Product, Form, and Region. The study period is 2018- 2028 and the forecast period is 2020-2028.

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