The meat substitutes market is estimated at USD 4.63 billion in 2018 and is projected to reach a value of USD 6.43 billion by 2023, at a CAGR of 6.8%. The market is segmented on the basis of type, source, category, and region. The types of meat substitutes include tofu & tofu ingredients, tempeh, TVP, seitan, Quorn, others soy products that include miso, yaso, and nattō, and other meat substitutes, which include risofu, valess, lupine, rice protein, and pea protein. The market has been segmented on the basis of category into frozen, refrigerated, and shelf-stable. The market has also been segmented on the basis of source into soy, wheat, mycoprotein, and others, which include rice, pea, pulses, and milk. On the basis of key regions, the meat substitutes market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
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Key Players:
- ADM (US)
- DowDuPont (US)
- The Nisshin OilliO Group (Japan)
- Sonic Biochem Limited (India)
- MGP Ingredients (US)
- Garden Protein International (Canada)
- Beyond Meat (US)
- Amy’s Kitchen (US)
- Quorn Foods (UK)
The meat substitutes market is driven by factors such as the increased preference for vegetarian and vegan foods. Also, high consumption of red meat increases the chances of contracting non-communicable diseases such as cancer, type 2 diabetes, strokes, and Alzheimer’s. These studies and trends have led to the demand for meat substitutes.
On the basis of category, the market for shelf-stable meat substitutes is projected to grow at the highest CAGR from 2017 to 2023. Shelf-stable products are available at a lower price when compared to those of frozen and refrigerated products; these products can be safely stored at room temperature, which helps this segment grow during the forecast period.
Based on source, the market for mycoprotein-based meat substitutes such as Quorn is projected to grow at the highest CAGR during the forecast period. The popularity of mycoprotein-based meat substitutes is increasing, especially in Europe, because of their ability to replicate the exact taste and texture of meat; this is also popular among people who are allergic to soy. Companies such as Quorn Foods (UK) produce Quorn from mycoprotein.
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The Asia Pacific region is projected to be the fastest-growing market for meat substitutes from 2017 to 2023. Key markets in the Asia Pacific region include China, India, Japan, and Australia. The major driving factors for meat substitutes market in this region is its vast areas of agriculture and the production of soy and wheat, as they are the primarily used as raw materials for producing meat substitutes such as tofu and seitan, respectively.
Research Coverage:
The report segments the meat substitutes market on the basis of source, type, category, and region. In terms of insights, this research report has focused on various levels of analyses—competitive landscape, end-use analysis, and company profiles, which together comprise and discuss the basic views on the emerging & high-growth segments of the meat substitutes market, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.
