Stratview Research has recently published a report on Meat Substitutes Market segmented by Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2028. The objective of the market experts at Stratview Research is to conduct a thorough analysis of ‘Meat Substitutes’ and put detailed knowledge about the industry and business attractiveness, revenue, market size, segmentation, growth, and restraining factors so that the user gets in-depth information about the industry and the business from a past, current and a future perspective and can potentially invest capital for further growth.
Market Insights
The meat substitutes market was estimated at USD 2.1 billion in 2021 and is likely to grow at a CAGR of 12.9% during 2022-2028 to reach USD 4.9 billion in 2028.
What is a meat substitute?
A meat substitute, also known as a meat alternative or mock meat, is a food product that is designed to replace the taste, texture, and nutritional profile of the meat. It is typically made from plant-based ingredients or other non-meat sources, and it can be used in place of meat.
The health benefits associated with these ingredients are almost similar to real meat, and this is a major factor behind the rising demand for meat substitutes.
COVID-19 IMPACT
There was a spike in the sales of meat substitutes in 2020, increasing sales as compared to 2019. The disruption in the supply chain of the meat market due to the Covid-19 pandemic positively impacted the meat substitute market. Hence notable growth in the market was observed in the year 2020.
Segment-wise analysis
The report encompasses in-depth segmentations like regional segmentation, segmentation by product types, application-wise segmentation, geographical segmentation and thereby gives the user an overview of the effectiveness of the segmentation by various classes.
Based on the source type, the market is segmented as soy protein, wheat protein, pea protein, and others. The soy protein segment is expected to be the largest segment, during the forecast period, due to the high demand for soy-based meat alternative products, such as pork, beef, and chicken, on account of their high protein content.
Based on the type, the market is segmented as concentrates, isolates, and textured. The concentrates segment is expected to be the fastest-growing segment due to its low price and high protein content.
Based on the form type, the market is segmented as solid and liquid. The solid segment is expected to remain the larger segment of the market during the forecast period owing to its ability to preserve the flavor and color of food products.
In terms of regions, Asia-Pacific is estimated to be the fastest-growing market during the forecast period. Awareness for animal welfare, health benefits, cost affordability, and a growing variety of meat substitute products are driving the market in the region with China and India as the growth engines.
Key Players in the Meat Substitutes Market
- Archer Daniels Midland Company
- DuPont
- Roquette Frères
- Kerry
- Ingredion
- Sotexpro S.A
- CRESPEL DEITER
- CHS INC.
- Suedzucker
- MGP
- Ingredient.
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