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“The meat substitutes market is projected to grow at a CAGR of 12.0% in terms of value. The key drivers include the rising consumption of plant-based meat products and increasing vegan population.”
The meat substitutes market is estimated to be valued at USD 1.6 billion in 2019 and is projected to grow at a CAGR of 12.0%, recording a value of USD 3.5 billion by 2026. Owing to the changing perception, plant-based products are turning to be an ideal solution. The aspect of a healthy lifestyle, supported by the integration of plant-based alternatives, has become a popular notion among consumers who are increasingly open to the idea of plant-based products. Also, the rising per capita income is further accelerating market growth. However, the rising market for cultured meat and insect protein is hampering the meat substitutes market growth.
“The market for pea protein in the meat substitutes market is projected to record the highest CAGR during the forecast period.”
Pea protein has minerals, such as manganese and molybdenum, which enhances the metabolism in the human body. Protein from legumes, such as pea, helps in the prevention of diabetes and coronary heart diseases. This has led to an increase in demand by consumers. Consumers today are becoming more concerned about weight
management, which is accelerating the growth of the meat substitutes market. These factors make pea protein a highly nutritious option for meat substitutes.
“The solid segment is a faster-growing segment, based on form, in the meat substitutes market.”
The solid form of proteins is preferred by manufacturers of plant-based meat products, and this is because of the numerous benefits they offer. Proteins available in the solid form are easy to handle and have better storage conditions as compared to the liquid form. Thus, they have a better shelf life, which increases the profit margin of food manufacturers.
“North America is projected to account for the largest market share during the forecast period.”
North America dominated the global meat substitutes market in 2018. This is due to the increasing demand for convenience food items in the vegan category. Also, the high standard of living has accelerated the plant-based meat industry of this region, which, in turn, is accelerating the meat substitutes market.
The US is projected to dominate the North American meat substitutes market during the forecast period. This is due to the high awareness among consumers and food centers about the usage of these substitutes. Also, the presence of prominent players such as Cargill, (US), Archer Daniels Midland Company (US), DuPont (US), Ingredion (US), and Puris (US) is expected to aid market growth in the future.
Break-up of Primaries:
- By Company Type: Tier 1 - 45 %, Tier 2 - 33%, and Tier 3 - 22%
- By Designation: D-level - 44%, C-level - 34%, and Others*- 22%
- By Region: Europe - 40%, Asia Pacific- 30%, North America - 15%, South America - 10%, and Middle East & Africa- 5%
*Others include sales managers, marketing managers, and product managers.
Leading players profiled in this report:
- Archer Daniels Midland Company (US)
- DuPont (US)
- Roquette Fr?res (France)
- Kerry (Ireland)
- Ingredion (US)
- The Nisshin OilliO Group,Ltd (Japan)
- Axiom Foods (US)
- Sotexpro S.A (France)
- Wilmar International Limited (Singapore)
- CRESPEL & DEITERS (Germany)
- CHS INC. (US)
- Suedzucker (Germany)
- MGP Ingredient (US)
- Puris (US)
- Sonic Biochem Ltd. (India)
- The Top Health Ingredients (Canada)
- The Emsland Group (Germany)
- All Organic Treasures Gmbh (Germany)
- A&B Ingredients (US)
- Cargill (US)
The report segments the meat substitutes market on the basis of type, source, product, form, and region. In terms of insights, this report focuses on various levels of analyses?the competitive landscape, end-use analysis, and company profiles?which together comprise and discuss views on the emerging & high-growth segments of the global meat substitutes market, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.
Reasons To buy this report:
- To get a comprehensive overview of the meat substitutes market
- To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted by them
- To gain insights about the major countries/regions in which the meat substitutes market is flourishing