Chicago, April 11, 2022 (GLOBE NEWSWIRE) -- The report "Meat Substitutes Market by Source (Soy Protein, Wheat Protein, Pea Protein, and Other Sources), Product (Tofu, Tempeh, Seitan, Quorn, and Other Products), Type (Textured, Concentrates, and Isolates), Form, Category, and Region - Global Forecast to 2027," published by MarketsandMarkets™, was estimated at USD 1.9 Billion in 2021; it is projected to grow at a CAGR of 13.5% to reach USD 4.0 Billion by 2027.
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A meat substitute, also called meat analog, is a product that contains certain aesthetic qualities, such as flavor, texture, appearance, and chemical characteristics of specific types of meat, such as pork, beef, and chicken. These meat substitute products are made from various plant proteins, including soy protein, wheat protein, and pea protein ingredients. Thus, the health benefits associated with these ingredients have been a major factor leading to the rising demand for meat substitutes.
The global meat substitutes market has witnessed consistent growth over the last few years, and this trend is projected to continue. The rising trend of plant-based meat due to the increasing health concerns and rising obesity has created growth opportunities for meat substitute manufacturers. Plant-based meat is the major market where meat substitutes are used. The market is driven globally by rising adoption of plant-based protein, the increasing investments in plant-based protein ingredients, and the growing inclination for pea protein ingredients.
Key insights & trends:
Government bodies across countries are promoting the consumption of alternative meat products due to the health benefits offered by these products as well as environmental concerns associated with animal-based meat. These factors have propelled the market for meat substitutes. Extrusion and processing play an important role in the meat substitutes market. New extrusion technologies have improved the quality of pea proteins, making them highly soluble and easy to handle, thus creating better prospects for pea protein as a source in the future.
Developing countries are experiencing busier lifestyles and changing food consumption patterns, leading to an increase in demand for processed, ready-to-cook, and ready-to-eat food, which is expected to push the demand for meat substitutes in these regions. Emerging economies, such as India and China, in Asia Pacific, are exhibiting high growth. Asia Pacific also provides a cost advantage in terms of production and processing. High demand, coupled with the low cost of production, is a key feature expected to aid meat substitute suppliers and manufacturers target this market.
According to the European Regional Development Fund, 22% of UK consumers convey that they consume more protein from other sources rather than meat. For the millennials and iGeneration, the numbers have increased to 25%, indicating the high growth of the protein alternatives market in the country. This factor proves positive for the meat substitutes market and works in its favor due to the changing consumer preferences and the high adaptability rate among consumers.
The key players in this market include ADM (US, Cargill (US), Wilmar Group (Singapore), Merck Group (Germany), and Roquette Frères (France). These players in this market are focusing on increasing their presence through agreements and collaborations. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.