The Meat Substitute Market is estimated to be valued
at US$12.95 Bn in 2022 and is expected to exhibit a CAGR of 43.6% over the
forecast period 2023-2030, as highlighted in a new report published by Coherent
Market Insights.
Market Overview:
Meat substitutes are plant-based products made from soy, wheat, and pea protein
that mimic the texture and taste of meat. Common meat substitutes include tofu,
tempeh, seitan, and plant-based burger patties, sausages, and nuggets. They are
commonly used as alternatives to meat in vegetarian and vegan diets due to
their similar sensory characteristics. Meat substitutes offer various health
benefits such as being cholesterol-free, lower in saturated fat compared to
meat, and containing essential nutrients like proteins, vitamins, and minerals.
Their use is increasing among health-conscious consumers looking to reduce meat
consumption and adopt more sustainable diets.
Market Dynamics:
One of the major drivers for the Meat Substitute Market growth is the
increasing awareness about health benefits associated with plant-based diets.
Studies show plant-based diets lower the risk of chronic diseases like heart
diseases, diabetes, and certain cancers. The global shift towards flexitarian
and vegetarian diets has boosted the demand for meat alternatives. Furthermore,
growing concerns regarding animal welfare and environmental sustainability are
prompting consumers to reduce meat intake and opt for meat substitutes. Meat
production contributes significantly to greenhouse gas emissions and requires
more land and water compared to most plant-based foods. This has boosted
research into developing meat substitutes with lower environmental impacts.
Segment
Analysis
The global meat substitute market is dominated
by plant-based meat substitutes such as tofu, tempeh, seitan, and textured
vegetable protein. Within the plant-based segment, the soy-based substitutes
hold the major market share due to its mild flavor and versatility that allow
them to mimic various meat products. Soy-based proteins can be processed into
shredded textures and formed into patties, sausages, fillets and nuggets much
like real meat. This makes soy a highly preferred protein source for substituting
beef, chicken and pork.
PEST Analysis
Political: Recent policies promoting healthy and sustainable food habits have
positively impacted the meat substitute industry. Various countries are
implementing campaigns to reduce meat consumption.
Economic: The meat substitute industry is growing rapidly driven by increasing
disposable income, health awareness and expansion of retail chains promoting
alternative proteins.
Social: Growing vegan and flexitarian population due to ethical, environmental
and health reasons has fueled the demand for meat alternatives. Social media
campaigns spreading awareness regarding benefits of plant-based diet are
supporting industry growth.
Technological: Advancements in food technology have enabled development of innovative
plant-based products that closely resemble real meat in terms of taste, texture
and cooking experience satisfying flexitarians and occasional meat eaters.
Key Takeaways
Global
Meat Substitute Market Demand is expected to witness high growth,
exhibiting CAGR of 43.6% over the
forecast period of 2023-2030, due to increasing health consciousness and
concerns regarding animal welfare.
The Asia Pacific region is expected to be the fastest growing as well as the
most lucrative market for meat substitutes. Rising disposable income, growing
health awareness regarding meat consumption and expansion of western food
chains promoting plant-based alternatives are driving significant growth in the
region. Countries like China, India and Japan dominate the regional market.
Key players operating in the meat substitute market are DowDuPont Inc., Archer
Daniels Midland Company, Amy’s Kitchen Inc., MGP Ingredients, Inc., Beyond Meat
Inc., Sonic Biochem Extractions Ltd., VBites Foods Limited, The Nisshin OilliO
Group, Ltd. Garden Protein International, MorningStar Farms, and Meatless BV.
These players are focusing on new product launches, capacity expansions and
mergers & acquisitions to gain a competitive edge in the high growth
market.
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