Meat Substitutes Market Will Hit Big Revenues In Future

The Meat Substitutes Market size is estimated to be valued at USD 1.9 billion in 2021. It is projected to reach USD 4.0 billion by 2027, recording a CAGR of 13.5%, in terms of value. The growing awareness among consumers regarding environmental issues caused by meat consumption is driving the demand for meat substitutes.

Download PDF Brochure

Based on product, seitan segment is forecasted to grow at a high CAGR. Seitan imbibes the flavor of the food it is cooked with. Depending on the cooking method, it can replicate the taste of steak, chicken, pork, or sausage. Because wheat is a crop native to most Asian countries, the production of seitan is possible at a regional level. Seitan is popular in Japan, China, and other East and Southeast Asian countries.

Based on source, wheat protein segment is the second-largest segment in the overall meat substitutes market. Wheat protein is a low-fat protein preferred by manufacturers of low-fat and high-protein food in response to the rising trend of low-fat diets. It also acts as a binder in meatballs, meatloaf, veggie burgers, and tofu.

By type, the meat substitute market is segmented into confectioneries, textured, and isolates. Textured protein, also known as Textured Vegetable Protein (TVP), is a meat substitute made generally from soybean. However, companies have been exploring the application of other sources, such as oats, wheat, cottonseed, or other plants, as well.

By form, the meat substitutes market is segmented into solid and liquid. Liquid segment accounted for the second-largest market share in the overall meat substitutes market. Liquid meat substitutes include concentrates and textured proteins, the demand for which is lesser compared to the solid form. Liquid plant proteins are majorly used as an emulsifier in the plant-based meat industry.

Impact of COVID-19 on Meat Substitutes Market

Majority of the companies present in the food & beverage industry expect COVID-19 to impact their operations. Indeed, the sector's grim expectations become a reality amid plummeting raw material prices, supply chain bottlenecks, spending slowdowns, and jitters over the credit markets. Some major food & beverage companies have closed facilities and are mulling the extent of layoffs to help curb the spread of the virus, as well as for economic reasons. For example, the food & beverage manufacturing sector, which employs several workers in the US, is poised to be hit hard during this outbreak, primarily for two reasons: (i) many jobs are on-site and cannot be carried out remotely; (ii) the slowed economic activity has reduced the supply. Safeguarding consumer and workforce health is the priority among businesses and governments. Plant closures (full or partial) could continue to be necessary for manufacturers in hard-hit regions for a prolonged period. For companies vulnerable to a viral outbreak within their ranks, this would be a critical time to explore a proactive deployment of automation technologies (collaborative robotics, autonomous materials movement, and industrial internet of things) to decrease worker density throughout their operations.

Request for Customization

Leading companies are DuPont (US), ADM (US), Kerry Group (Ireland), Ingredion Incorporated (US), Roquette Frères (France), PURIS (US), Cargill (US), Axiom Foods (US), MGP Ingredients (US), The Top Health Ingredients (Canada), Sonic Biochem Ltd (India), Crespel & Deiters (Germany), Wilmar International Limited (Singapore), Sotexpro S.A (France), The Nisshin OilliO Group, Ltd (Japan), and A&B Ingredients (Canada).

I am a market research analyst in agriculture and food & beverages domain