According to MarketsandMarkets, the meat substitutes market is estimated to be valued at USD 1.9 billion in 2021 and is projected to reach USD 4.0 billion by 2027, recording a CAGR of 13.5%, in terms of value. The market is primarily driven by factors such as increasing health-consciousness among consumers and rise in consumption of plant-based foods. North America region accounted for the market share in the meat substitutes market owing to the rising investments and consumers demand for vegan products in the region. However, one of the restraining factors in the growth of meat substitutes market is the high production cost of meat substitute products.
By product, the tempeh segment is projected to account for the second-largest market share in the market during the forecast period. Based on product, the tempeh segment is projected to account for the second-largest market share in the market during the forecast period.Tempeh is an excellent substitute for ground beef.
There are numerous health benefits offered by tempeh.For example, it helps in increasing the antibodies and decreasing the sugar levels, which reduces the risk of diabetes.
It also helps in lowering cholesterol levels, which helps in reducing the risk of heart diseases. • By source, the soy segment is estimated to account for the largest share.
The soy segment of the meat substitutes is dominating the market.Soy protein has been one of the most preferred ingredients for imparting the meat texture in the final product.
Soy is majorly used as a textured protein in the market, rather than being used as an isolate or concentrate. Also, it is the cheapest plant-based source available in the global market.
The Asia Pacific region is projected to grow at the highest CAGR during the forecast period Asia Pacific region is projected to be the fastest-growing market for the period considered for this study.The key factors driving growth in the Asia Pacific region include health benefits, animal welfare, environment safety, cost affordability, and the growing variety of plant-based meat products.
The awareness through global animal welfare organizations, such as People for the Ethical Treatment for Animals (PETA), has led to people considering a meat-free diet. The meat substitutes market is segmented region-wise, with a detailed analysis of each region. These regions include North America, Europe, Asia Pacific, South America, and RoW (Middle East and Africa).
Break-up of Primaries • By Company Type: Tier 1 – 30%, Tier 2 – 25% and Tier 3 – 45% • By Designation: Manager- 25%, CXOs– 30%, and Executives – 45% • By Region: Asia Pacific – 40%, Europe - 32%, North America- 18%, and RoW- 10%
Leading players profiled in this report include the following: • DuPont (US) • ADM (US) • Kerry Group (Ireland) • Ingredion Incorporated (US) • Roquette Frères (France) • PURIS (US) • Cargill (US) • Axiom Foods (US) • Sonic Biochem Ltd (India) • Crespel & Deiters (Germany) • Wilmar International Limited (Singapore) • Sotexpro S.A (France) • The Nisshin OilliO Group, Ltd (Japan) • A&B Ingredients (Canada) • Batory Foods (US) • All Organic Treasures GMBH (Germany) • The Green Labs LLC (US) • Shandong Jianyuan Group (China) • ET Chem (China) • Beneo (Germany)
Research Coverage This report segments the meat substitutes market on the basis of product, source, type, form, category, and region. In terms of insights, this research report focuses on various levels of analyses—competitive landscape, pricing insights, 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, industry trends, drivers, restraints, opportunities, and challenges.
Reasons to buy this report • To get a comprehensive overview of the meat substitutes market • To gain wide-ranging information about the top players in this industry, their product portfolio details, and the key strategies adopted by them • To gain insights about the major countries/regions, in which the meat substitutes market is flourishing
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