New York, US: Market Research Future (MRFR) analyses that the Global meat substitutes market is expected to witness significant CAGR of 7% during the forecast period (2020-2030)
Due to a certain segment of people's worldwide declining need for meat, meat substitutes are becoming increasingly popular today. Recently, the international food industries have been actively anticipating the growth of the meat substitute category by keeping track of and creating new projects. As a result, there has been a rise in investment in the meat substitute market data.
Micro- and macroeconomic forces are working together to increase the demand for meat substitutes. In addition, the meat alternatives market has undergone significant innovation, which has led to product diversity and new product introductions. Several food companies also participate in R&D projects to keep up with meat substitute market trends and establish their presence on the international stage. Along with this, meat substitutes are regarded as the greatest substitute for meat-based meals and come with some original suggestions to improve the food's sustainability in the coming years.
As a result of their significant health benefits, such as lowering blood sugar levels, meat substitutes are constantly becoming more and more popular. Because wheat protein contains low-fat protein and can accommodate the expanding low-fat diet trend, it is in greater demand among producers of low-fat and high-protein foods in the general market. Additionally, meatloaf, meatballs, tofu, and veggie burgers benefit from the wheat protein source's ability to act as a binder. The meat substitutes market growth report claims that with the help of target consumers like raw material suppliers, meat substitute producers, distributors, retailers, wholesalers, traders, importers, and exporters, the e-commerce sector, and snack food producers, the global market will have an increased meat substitutes market insights.
Market Segmentation
Based on the category section, the market for meat replacements has been divided into three segments: chilled, frozen, and ambient.
In 2019, the frozen market had the highest meat substitutes market share. The shelf life of these frozen goods is considerable. Because of this, goods like pizza, sausages, frozen burger patties, crumbles, and nuggets have become increasingly well-liked.
The market has been divided into two categories depending on the distribution channel segment: store-based and non-store-based.
The stored base category is expected to increase at a higher CAGR in the anticipated timeframe.
The market has been divided into Textured Vegetable Protein (TVP), Tofu & Tofu Goods, soy-based products, Tempeh, Quorn, Seitan, and other meat substitute products of product type segmentation.
Seitan is predicted to produce the largest market size among them throughout the projection period, with a high CAGR.
According to the market forecast, Europe dominated the meat alternatives market with a 39.1% sales share in 2021. High demand has been observed in the area from young and older people. An increase in the number of vegan and flexitarian consumers and a growth in consumer awareness of animal welfare keep up this meat substitute market trend. For instance, meat substitutes were practically nonexistent in Germany ten years ago. However, the introduction of well-known processing companies has brought Germans' consumption of meat alternatives on par with that of Americans.
From 2020 to 2030, the market for meat replacements in Asia-Pacific is anticipated to register a CAGR of 47.0%. Nations contribute the majority of the share in regions like Australia and China. Growing health consciousness due to social media influence has raised the usage of these products in various countries. The demand for premium plant-based substitutes has increased as people's diets have become less animal protein-heavy and more plant-based. Before now, there weren't many options to choose from for high-quality vegetarian and vegan alternatives, and those that did exist were sometimes manufactured with unhealthily processed components.
Key Players
The companies that are contributing to the market and are keeping up with the meat substitutes market trends are: