Meat Substitutes Market Size, Share, Analysis, Regional Outlook and Forecast 2021-2027
Nowadays, consumers are extremely cautious about their health due to increased obesity cases and other diseases, such as cardiac diseases and diabetes. Hence, consumers are changing their food habits and are including healthy diet.
According to MarketsandMarkets, the global meat substitutes market is estimated to be valued at USD 1.9 billion in 2021 and is projected to reach USD 4.0 billion by 2027, recording a CAGR of 13.5%, in terms of value. The rising health concerns and the changing consumer perception have fueled the demand for meat substitute products. 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.
Asia Pacific’s growth is attributed to the increasing awareness of healthy dietary habits among consumers. The key factors driving growth in the Asia Pacific region include health benefits, animal welfare, environment safety, cost affordability, and the growing variety of plant-based meat products. The awareness through global animal welfare organizations, such as People for the Ethical Treatment for Animals (PETA), has led to people considering a meat-free diet. Non-meat-based meals are already popular in Asia, with tofu used extensively in Asian cuisines and bean-based congees widely consumed in countries such as China. This makes the Asia Pacific region the fastest-growing potential market for meat substitutes.
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This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as DuPont (US), ADM (US), Kerry Group (Ireland), Ingredion Incorporated (US), Roquette Frères (France), PURIS (US), Cargill (US), Axiom Foods (US), MGP Ingredients (US), The Top Health Ingredients (Canada), Sonic Biochem Ltd (India), Crespel & Deiters (Germany), Wilmar International Limited (Singapore), Sotexpro S.A (France), The Nisshin OilliO Group, Ltd (Japan), and A&B Ingredients (Canada).
Based on source, the pea protein segment is projected to be the fastest-growing segment in the meat substitutes market. The rising awareness among consumers about the benefits offered by healthy food products and replacing meat meals with vegetarian diets have increased the demand for plant-based protein. Pea has been recognized as a major source of protein in recent times, and hence, it has been a preferred choice of meat substitutes for the manufacturers of meat substitutes.
By type, the concentrates segment is anticipated to grow fastest over the forecast period. Concentrates, if added to a product, offer a high protein content and very low levels of calories. These concentrates are used as ingredients to enhance the volume and texture of different products.
The tempeh segment is expected to grow at the highest CAGR over the forecast period. The demand for allulose has increased as it is a low-calorie sugar, which has same clean and sweet taste as tabletop sugar. Tempeh is a great source of protein and is also famous Indonesian dish. 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. Though tempeh is highly perishable, in industrial production, it can be stored by drying and/or freezing. Tempeh is chewy and has a nutty and earthy taste. As tempeh is generally made from nuts, it is richer in calories, proteins, iron, potassium, and fibers. The demand for tempeh is increasing, as it is a low-cost product among other meat substitutes, which are rich in protein. Tempeh is firmer and grainy in texture than tofu.