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Growing Preference for Plant-Based Proteins to Drive the Meat Substitutes Market

Meat Substitutes Market by Product (Tofu, Tempeh, Textured Vegetable Protein, Seitan, Quorn and Other Product), Source (Soy Protein, Wheat Protein, Pea Protein and Other Sources), Types ( Concentrates, Isolates and Textured), Form (Solid, Liquid), Category (Frozen, Refrigerated and Shelf Table) and Region (North America, Europe, Asia Pacific, Rest of the World) - Forecast-2027

 

Northbrook, IL 60062 -- (SBWIRE) -- 07/05/2022 -- The global meat substitutes market is projected to reach USD 4.04 billion by 2027, recording a CAGR of 13.5% during the forecast period. A meat substitute, (also called meat analog), is a product that contains certain aesthetic qualities, such as flavor, texture, and appearance of specific types of meat, such as pork, beef, and chicken. These meat substitute products are made from various plant proteins, including soy protein, wheat protein, and pea protein ingredients. Thus, the health benefits associated with these ingredients have been a major factor leading to the rising demand for meat substitutes.

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In the last decade, the global market for meat-based proteins has seen a surge in demand, with the majority of people in Europe and North America relying on meat products for their daily protein needs. While meat proteins provide the body with the necessary amino acids, they are also heavy in cholesterol, which has been linked to a number of major health problems. This became the main driver of increased demand for plant-based protein foods, particularly in industrialized countries such as the United States, Germany, France, and the United Kingdom. A substantial increase in the vegan population has been noticed in various regions, such as the US and the UK.

Increasing awareness related to health benefits associated with fermented food products to boost the demand of meat substitute such as Temph. Tempeh is an excellent substitute for ground beef. It has a cake-like consistency and is made from cooked and slightly fermented soybeans. The fermentation helps in breaking down the phytic acid in soybeans, which makes the starch in tempeh easier to digest. 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.

In 2021, North America accounted for a market share of 38.8% in the meat substitutes market. The US was one of the highest consumers of plant-based products across the globe, according to the Good Food Institute in 2018. The adoption of dairy and meat alternatives has been a major trend in the country, owing to the rising awareness of a sustainable environment and inclination toward a healthy lifestyle. Hence, globally, the North American region is estimated to lead the global meat substitutes market in 2021. Numerous established companies, such as Cargill (US), DuPont (US), Archer Daniels Midland Company (US), and startups, have been investing in the meat substitutes market across the region. Consumers in the region are adopting a flexitarian lifestyle and are incorporating plant-based foods into their daily routine diets.

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The key players in the market are ADM (US), Ingredion Incorporated (US), DuPont (US), Kerry Group (Ireland), and Roquette Frères (France).

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