London, Dec. 02, 2020 (GLOBE NEWSWIRE) — Meat substitutes consist of ingredients derived from plants that include vegetables, fruits, whole grains, nuts, seeds, and/or legumes. What differentiates them from animal-based foods is that their fiber fraction is made of indigestible compounds, mainly pectins, hemicellulose, cellulose, and/or resistant starch.
According to its latest publication, titled “Meat Substitute Market by Product Type (Tofu, TVP, Burger Patties, Sausages, Meatballs, Nuggets), Source (Soy Protein, Wheat Protein), and Distribution Channel (Business to Business and Business to Customers) – Global Forecast To 2027”, the meat substitutes market is expected to grow at a CAGR of 15.1% from 2020 to reach $17.5 billion by 2027. The growth of this market is mainly attributed to the increasing incidence of intolerance for animal proteins, nutritional benefits offered by meat substitutes, increasing vegan population, and venture investments in meat substitutes industry. On the other hand, the expensive nature of meat substitutes, preference for animal-based products, and consumer demand for soy and gluten-free products are hindering the growth of this market to some extent.
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As the COVID-19 pandemic has conveyed to the forefront, the connection between public health and animal meat consumption, which provides consumers a ground to go to a plant-based diet; many companies in the space of meat substitutes have already started changing their strategies, witnessing sudden growth in demand. For instance, companies like Beyond Meat Inc., Impossible Foods Inc., and Tofurky Co. are ramping up their production, discounting their plant-based alternative products to appeal to more consumers, expanding into more stores, and partnering with the stakeholders. Along with this, to further capitalize on the opportunities in the meat substitutes sector over the coming years, expansions, new product launches, diversifications, and acquisitions strategies are being implemented by leading manufacturers.
To provide efficient analysis, Meticulous Research has segmented this market on the basis of product type, source, distribution channel, and geography. The study also evaluates industry competitors and analyses the market at the country level.
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Based on product type, the meat substitute market is segmented into tofu, TVP, tempeh, seitan, burger patties, sausages, ground meat, meatballs, nuggets, crumbles, and other meat substitutes. The burger patties segment is expected to grow at the fastest CAGR during the forecast period due to its increasing demand and new product launches in the plant-based burger patties segment.
On the bases of source, the overall meat substitute market is segmented into almond protein, soy protein, wheat protein, pea protein, rice protein, and others. In 2020, the soy protein segment held the largest share of the overall meat substitute market. The easy & cost-effective availability of raw materials for soy protein, increased demand for soy protein, and its wider application across various product categories are the key factors driving the growth of this segment.
Based on distribution channel, the meat substitute market is mainly segmented into business to business (B2B) and business to customers (B2C). In 2020, the B2C segment accounted for the largest share of the overall meat substitute market due to the higher direct-to-consumer sale of products through brick-and-mortar grocers, supermarkets, and hypermarkets.
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Geographically, Europe commanded the largest share of the global meat substitute market in 2020. The large vegan & vegetarian population and higher awareness of the protein-rich diet are the major factors driving the European meat substitute market. However, the Asia-Pacific market is projected to grow at the fastest CAGR in the forecast period due to increasing government investment in the food R&D sector and growing demand for meat substitutes.
The key players operating in the global meat substitute market are Beyond Meat Inc. (U.S.), Impossible Foods Inc. (U.S.), Garden Protein International, Inc. (Canada), Amy’s Kitchen Inc. (U.S.), The Hain Celestial Group, Inc. (U.S.), Sahmyook Foods (South Korea), Axiom Foods (U.S.), Lightlife Foods, Inc. (U.S.), Marlow Foods Ltd. (U.K.), Taifun –Tofu GmbH (Germany), Atlantic Natural Foods LLC (U.S.), VBIte Food Ltd (U.K.), and Nutrisoy Pty Ltd. (Australia) among others.
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Scope of the report:
Meat Substitute Market, by Product Type
- Tofu
- TVP
- Tempeh
- Seitan
- Burger Patties
- Sausages
- Ground Meat
- Meatballs
- Nuggets
- Crumbles
- Others
Meat Substitute Market, by Source
- Soy Protein
- Almond Protein
- Wheat Protein
- Pea Protein
- Rice Protein
- Others
Meat Substitute Market, by Distribution Channel
- Business to Business
- Business to Customers
- Modern Groceries
- Convenience Stores
- Specialty Stores
- Online Retail
- Others
Meat Substitute Market, by Geography
- North America
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- RoE
- Asia-Pacific (APAC)
- Latin America
- Middle East and Africa
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