Chicago, Nov. 25, 2022 (GLOBE NEWSWIRE) — Second Markets and Markets, The market size of Meat Substitutes is estimated to be USD 1.9 billion in 2021 and is projected to reach USD 4.0 billion by 2027 at a CAGR of 13.5% during the forecast period in terms of value. Changing people’s lifestyles and raising awareness of healthy eating habits and environmental safety will help boost the meat substitute market during the forecast period. The environmental impact of animal agriculture and the growing health problems due to meat of animal origin are driving consumer preference towards plant-based meat in the world.
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The solid form segment is estimated to hold the largest market share in the meat substitute market.
The solid form of protein is preferred by food and beverage manufacturers due to the many benefits they offer. Proteins that come in solid form are easy to handle and have better storage conditions than the liquid form. These proteins come in powdered and textured forms. Plant-based solid proteins could improve the texture and volume of different products.
By type, the pea protein segment is estimated to be the fastest growing segment during the forecast period.
Pea offers characteristic advantages of process stability, emulsion stability and extrusion stability. Many of the key players in the global meat substitutes market are shifting to manufacturing pea protein based meat substitutes due to their nutritional value and health benefits and the uptake of this protein by of the main producers of vegetable origin. In May 2019, Lightlife (USA) introduced pea-based meat burgers to replace beef burgers. Additionally, Good Catch Foods’ (Newtown, PA, USA) fishless tuna and UK-based Nomad Foods’ Green Cuisine line said they use pea protein as one of their main ingredients.
Seitan is estimated to be the second fastest growing type during the forecast period for the meat substitute market.
Seitan is also known as wheat protein and is highly nutritious. The type is high in protein and minerals and extremely low in carbohydrates and fat. All the starch usually found in wheat flour is washed out during the seitan-making process. This makes it extremely low in carbohydrates. Because the wheat grains used for seitan are nearly fat-free, it is considered the best meat substitute for vegan diets.
The textured type is estimated to hold the largest market share in the meat substitute market.
structured proteins it has a high market share due to its similarity to conventional meat in terms of texture. Textured proteins are typically used as a meat substitute or sometimes as a meat extender, with protein concentrations ranging from 50% to 70%. It has a texture very similar to ground beef; thus, it is a perfect meat substitute for spaghetti sauces, burgers and tacos.
Asia Pacific is estimated to be the fastest growing region over the forecast period.
Key factors driving growth in the Asia-Pacific region include health benefits, animal welfare, environmental safety, cost-effectiveness, and the growing variety of plant-based meat products. Awareness through global animal welfare organizations, such as People for the Ethical Treatment for Animals (PETA), has led people to consider a meat-free diet. Non-meat meals are already popular in Asia, with tofu being 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 of marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as DuPont (USA), ADM (USA), Kerry Group (Ireland), Ingredion Incorporated (USA), Roquette Frères (France), PURIS (USA), Cargill (USA), Axiom Foods ( USA), MGP Ingredients (USA), The Top Health Ingredients (Canada), Sonic Biochem Ltd (India), Crespel & Deiters (Germany), Wilmar International Limited (Singapore), Sotexpro SA (France), The Nisshin OilliO Group, Ltd (Japan) and A&B Ingredients (Canada).
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