According to the latest report by IMARC Group, titled “Meat Substitutes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global meat substitutes market reached US$ 5.10 Billion in 2020. Meat substitutes, also known as mock meats, are vegetarian food items that taste, look, and feel like poultry, meat, and fish. They are made from grain- and plant-based sources that mimic animal-based products in taste and appearance. They are processed with various food additives, emulsifiers, coloring and leavening agents for improved flavor, texture, and shelf life. Soy, tofu, tempeh, textured vegetable protein (TVP), and seitan are some of the common meat substitutes available in the market.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Meat Substitutes Market Trends:
The global meat substitutes market is primarily being driven by the increasing awareness regarding the associated health concerns with high meat consumption. Consequently, individuals are increasingly adopting vegetarian and vegan diets. This is further catalyzed by the rising health consciousness among the masses. Various animal welfare programs, which promote the consumption of plant-based foods, such as cereals, pulses, vegetables, fruits, nuts, seeds, herbs, and spices, are acting as another major growth-inducing factor. The market is further driven by an enhanced focus toward sustainable development, which is facilitating the uptake of meat substitutes. Numerous fast-food giants, such as McDonald’s and Burger King, have launched plant-based burgers in the market to meet consumer demand. The rise of the organized retail sector and online retail portals for seamless delivery services is also boosting the meat substitutes market. Looking forward, the market value is expected to exceed US$ 7.8 Billion by 2026, expanding at a CAGR of 7.50% during 2021-2026.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- The Nisshin Oillio Group
- Archer Daniels Midland
- Amy’s Kitchen
- Conagra Brands
- Quorn Foods
- Cauldron Foods
- Campbell Soup Company
- Blue Chip Group
- Field Roast
- Garden Protein International
- Sweet Earth Foods
- MGP Ingredients
- Sonic Biochem Limited
Meat Substitutes Market Segmentation:
Our report has categorized the market based on region, type, source, category and distribution Channel.
Market Breakup by Type:
- Tofu & Tofu Ingredients
- Textured Vegetable Protein (TVP)
Market Breakup by Source:
Market Breakup by Category:
Market Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Health and Food Stores
- Convenience Stores
Market Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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