Meat substitutes market size worth $4.36 billion by 2028

The global meat substitutes market size is expected to reach $4.36 billion by 2028 according to a new study by Polaris Market Research. The report ‘Meat Substitutes Market Share, Size, Trends, Industry Analysis Report, By Product (Shelf-Stable, Refrigerated, Frozen); By Type (Seitan-based, Tofu-based, Textured Vegetable Protein, Quorn-based, Tempeh-based); By Source; By Form; By Distribution Channel; By Region; Segment Forecast, 2021 – 2028’, gives a detailed insight into current market dynamics and provides analysis on future market growth.

The substitutes market is projected to witness growth over the forecast period. The consumption of substitutes has increased significantly owing to the increasing disposable income of consumers, especially in developing regions. A rising shift of consumers towards vegan and vegetarian diets has further increased the demand for substitutes.
 
Meal replacements and better-for-you products are being served with meat substitutes catering to health-conscious consumers. Growing awareness regarding animal welfare, increasing occurrence of diseases associated with non-vegetarian food consumption, the need for enhanced food safety, and environmental concerns are some factors boosting the market growth.

An increase in demand for frozen meat substitute products is expected to be registered during the forecast period. There has been increased consumption of convenience food among consumers owing to the rising disposable income of consumers, hectic lifestyles, and increasing health awareness. Global players are expanding their businesses, especially in emerging economies to increase their customer base and cater to the growing demand for premium, low-calorie meat substitute products.

Various types of meat substitute products such as seitan-based, tofu-based, textured vegetable protein, Quorn-based, tempeh-based among others are available in the market. The consumption of Texturized Vegetable Protein is increasing owing to its affordable prices and ease of use. It contains dehydrated soy and is available in granules and chunks to be used in cutlets, meatloaves, ground beef dishes, and burgers. There has been an increased awareness among consumers regarding health benefits, wellbeing, weight loss, and nutritional needs, which supplements the growth of this segment.

The different sources of meat substitutes include wheat-based, soy-based, mycoprotein, pea-based, and others. There has been increasing adoption of pea-based meat substitute products owing to their nutritional benefits, good taste, and low fat and carbohydrate content. It is a plant-based source increasingly being used as meat alternatives for its high protein and iron. Pea-based products are manufactured using vegetables, pea protein, and spices. The increasing inclination of consumers towards the vegan diet has fuelled the growth of this segment.

The solid form substitutes segment is expected to account for the highest share during the forecast period. The increasing demand for healthy snacks and on-the-go meals has increased the demand for this segment. Companies operating in this segment are developing healthy snacking products for specific demographics such as children and the aging population. The introduction of new food products containing meat substitutes focuses on providing nutritional benefits along with a good taste to cater to customer requirements.

The different distribution channels include supermarkets, grocery, and departmental stores, specialty retail stores, online sales, and others. The online sales segment is expected to grow at a significant rate during the forecast period owing to increasing disposable income, busy lifestyles of consumers, rising penetration of mobile devices, and improved internet penetration.

Market leaders are gradually taking the initiative to set up their online portals for sales. The emerging trend of e-commerce and the easy availability of products on e-commerce portals have boosted the sales of these products through online platforms.

The U.S. has recorded one of the highest obesity rates in the world. The high obesity rate in the country is due to the high consumption of fast food. However, people are increasingly realising the importance of healthy eating and switching to substitutes. There has been a shift to low-calorie, plant-based, and organic food products in the country.

Major companies in the market are headquartered in the U.S. and generate the maximum of their revenue from the North American region. Market leaders are introducing innovative products to cater to the growing demands of consumers in the region.

Some of the major market participants include Axiom Foods, MGP Ingredients, Cargill, Dupont, Marlow Foods Ltd., Amys Kitchen Inc., Quorn Foods, Crespel and Deiters, Sonic Biochem Extractions Limited, Vbites Food, Ltd., Sotexpro S.A, Archer Daniels Midland Company, Emsland Group, Conagra Brands Inc., Beyond Meat Inc., and Wilmar International Limited.