The global meat substitutes market is expected to register a CAGR of 10.85%. Essentials. Largest Segment by Type – Textured Vegetable Proteins: TVP is typically obtained from soy, wheat, and peas, among others, and has become popular with food manufacturers as a functional and nutritious meat substitute.
New York, Jan. 18, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Meat Substitutes Market – SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028” – https://www. reportlinker.com/p06381339/?utm_source=GNW
Largest segment by region – Europe: The popularity of protein-enriched plant-based diets and regional government promotions that promote healthy living have led Europeans to eat less meat.
Fastest Growing Segment by Type – Tempeh: Tempeh is increasingly in demand in regions such as Europe and Asia-Pacific due to its good meat substitute properties, ease of production and culinary versatility.
Fastest growing segment by region – Asia-Pacific: The consumption of meat substitutes is gaining momentum in major countries such as China, India and Australia, where people are looking for a suitable plant-based protein source.
Main market trends
Textured vegetable protein is the largest segment by type.
Textured vegetable proteins are the most consumed meat substitute worldwide. The sales value of TVP increased by 34.44% between 2016 and 2021. TVP, usually derived from soy, wheat and peas, has gained popularity with food manufacturers as a functional and nutritious meat substitute. Some of the major TVP manufacturers include ADM, Cargill, Ingredion Incorporated, and Kerry Group PLC. Key players are partnering with meat alternative manufacturers such as Beyond Meat, Impossible Foods, Eat Just and Quorn to increase their market penetration.
In 2020, the consumption of meat substitutes increased by 11.96% compared to 2019. Despite the negative economic impact of the pandemic, the consumption of meat substitutes has increased over time. Following the COVID-19 outbreak, meat substitute manufacturers reported record sales as consumers looked for healthier options. During the early stages of the outbreak, consumers stocked up on food items with extended shelf lives, including canned goods such as vegan mock meat, canned tofu, and meat-free lunch. While meat sourced from livestock has a limited shelf life, meat alternatives sourced from soybeans can stay fresh for an entire year, increasing their preference.
Tempeh is likely to be the fastest growing meat substitute consumed globally, with a projected CAGR of 11.81% over the forecast period (2022-2028). The global meat substitute market is expected to grow rapidly, with major companies working together to meet consumer demand. Some of these collaborations include One Planet Pizza and Better Nature, Greenleaf Foods and Walmart, and Keystone Natural Holdings and Westsoy (part of Hain Celestial Group Inc.).
Europe is the largest segment by region.
The overall growth of the global meat substitutes market increased to 38.11% by value from 2016 to 2021. Among all regions, Asia-Pacific saw a substantial spike in meat substitute consumption at 43.96% in 2021 compared to 2017. The increase is mainly due to product innovations from manufacturers, consumer adoption rates for healthier choices and the increase in the population, stimulating the sale of meat substitutes worldwide.
In 2020 there was a sudden spike in meat substitute sales, up 11.96%, compared to 2019. The COVID-19 disruptions in the meat supply chain have led to a spike in the number of consumers using meat substitutes. With the increase in internet penetration, environmental concerns about meat production are spreading around the world, resulting in a spike in consumer shift towards meat substitutes.
Europe dominates the market with a market share of 35.38%, 4.74% more than North America in 2021. Rising government promotions of meat substitutes, such as a special commission to beat cancer – BECA which aims to reduce meat consumption due to the high death rate from cancer (1.9 million deaths) and the promotion of plant-based meat as an alternative to meat consumption are driving the European market for meat substitutes.
The Middle East is expected to be the fastest growing region consuming meat substitutes, with a projected CAGR of 12.35% in value during the forecast period (2022-2028). With the increasing expat population in the region, many new start-ups, such as Vbites, Fazenda Futuro and KBW ventures, are attracting customers to meat substitutes. However, awareness of global warming and various health issues of continuous meat consumption are also some of the reasons for the rising consumption of meat substitutes.
The global meat substitutes market is fragmented with the top five companies occupying 10.32%. The major players in this market are Amy’s Kitchen Inc., Beyond Meat Inc., China Foodstuff & Protein Group Co. Ltd, House Foods Group Inc. and Vitasoy International Holdings Ltd (sorted alphabetically).
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