The Meat Substitutes Market size is estimated to be valued at USD 1.9 billion in 2021. It is projected to reach USD 4.0 billion by 2027, recording a CAGR of 13.5%, in terms of value. The growing awareness among consumers regarding environmental issues caused by meat consumption is driving the demand for meat substitutes.
Based on product, seitan segment is forecasted to grow at a high CAGR. Seitan imbibes the flavor of the food it is cooked with. Depending on the cooking method, it can replicate the taste of steak, chicken, pork, or sausage. Because wheat is a crop native to most Asian countries, the production of seitan is possible at a regional level. Seitan is popular in Japan, China, and other East and Southeast Asian countries.
Based on source, wheat protein segment is the second-largest segment in the overall meat substitutes market. Wheat protein is a low-fat protein preferred by manufacturers of low-fat and high-protein food in response to the rising trend of low-fat diets. It also acts as a binder in meatballs, meatloaf, veggie burgers, and tofu.
By type, the meat substitute market is segmented into confectioneries, textured, and isolates. Textured protein, also known as Textured Vegetable Protein (TVP), is a meat substitute made generally from soybean. However, companies have been exploring the application of other sources, such as oats, wheat, cottonseed, or other plants, as well.
By form, the meat substitutes market is segmented into solid and liquid. Liquid segment accounted for the second-largest market share in the overall meat substitutes market. Liquid meat substitutes include concentrates and textured proteins, the demand for which is lesser compared to the solid form. Liquid plant proteins are majorly used as an emulsifier in the plant-based meat industry.
North America is the largest region in the global meat substitutes market in the forecast period. The presence of major meat substitute manufacturers such as Ingredion Incorporated (US), ADM (US), Cargill (US), and DuPont (US), further drives the market in the region.
Leading companies are DuPont (US), ADM (US), Kerry Group (Ireland), Ingredion Incorporated (US), Roquette Frères (France), PURIS (US), Cargill (US), Axiom Foods (US), MGP Ingredients (US), The Top Health Ingredients (Canada), Sonic Biochem Ltd (India), Crespel & Deiters (Germany), Wilmar International Limited (Singapore), Sotexpro S.A (France), The Nisshin OilliO Group, Ltd (Japan), and A&B Ingredients (Canada).
