According to the latest report by IMARC Group, titled “Meat Substitutes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global meat substitutes market reached US$ 5.10 Billion in 2020. Meat substitutes, or meat analogues, are plant-based products that are designed to replace meat. Produced from plant-based sources, they have a similar taste and texture to meat and other poultry products. Their consumption aids in reducing cholesterol levels, maintaining sugar levels and preventing the risks of developing other lifestyle diseases. Presently, mycoprotein, tofu, tempeh, seitan, and textured vegetable protein are some of the most commonly consumed meat alternatives available in the market
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Meat Substitutes Market Trends:
The global market is majorly driven by the increasing health consciousness among consumers. With the widespread prevalence of chronic lifestyle disorders among the masses, individuals are preventing excessive consumption of meat-based products. This, along with the inflating disposable income levels and the rising trend of veganism and vegetarianism, is providing a boost to the uptake of meat substitutes across the globe. Furthermore, the growing awareness regarding the importance of animal welfare is also propelling the demand for meat substitutes on the global level. Other factors, including significant growth in the food sector, shifting dietary preferences of the masses and the growing environmental concerns regarding the rising greenhouse gas emissions due to livestock production, have also provided an impetus to market growth. Looking forward, the market value is expected to exceed US$ 7.8 Billion by 2026, expanding at a CAGR of 7.50% during 2021-2026.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- The Nisshin Oillio Group
- Dupont
- Archer Daniels Midland
- Amy’s Kitchen
- Conagra Brands
- Quorn Foods
- Cauldron Foods
- Campbell Soup Company
- VBites
- Blue Chip Group
- Field Roast
- Garden Protein International
- LightLife
- Sweet Earth Foods
- MGP Ingredients
- Tofurky
- Meatless
- Sonic Biochem Limited
Meat Substitutes Market Segmentation:
Our report has categorized the market based on region, type, source, category and distribution Channel.
Market Breakup by Type:
- Tofu & Tofu Ingredients
- Tempeh
- Textured Vegetable Protein (TVP)
- Seitan
- Quorn
- Others
Market Breakup by Source:
- Soy
- Wheat
- Mycoprotein
- Others
Market Breakup by Category:
- Frozen
- Refrigerated
- Shelf-Stable
Market Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Health and Food Stores
- Convenience Stores
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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