Amsterdam, NL - July 20, 2020 -
The meat substitutes market is based on alternatives to meat that can be consumed by vegetarians, vegans, and people trying to reduce their meat consumption to adopt a healthy lifestyle. Therefore, this market focuses on creating replicates of meat with the help of raw materials available in nature to prevent the slaughter of animals. With growing awareness about the ecological balance in nature is disturbed by activities conducted via man, people believe in doing their bit to harness the resources provided with care. Therefore, people are adopting lifestyles like veganism to promote this cause and hence supplementing the market growth. Moreover, meat production accounts for approximately 14.5% of greenhouse gases and it consumes nearly 68% of agricultural land.
The key driver of this market includes the growing awareness concerning environmental degradation and the drastic shift in the climate which has been affecting the life forms on Earth. Moreover, people also believe in adopting a healthy way of living, this is because of the various health benefits like reduction in blood sugar levels and cholesterol after consumption of the meat substitutes. The emerging trend of veganism has had a major impact on this market.
To provide a strategic analysis of this report, it is segmented as Source, Form, and Region.
On the basis of source, the market is segmented as soy protein, wheat protein, pea protein and others. Based on regional distribution of products, the segment is classified into Tofu, Quorn, Tempeh, Seitan and Others. By Type the market is segmented into Concentrates, Isolates and Textured. The form segment is sub-segmented by dry and liquid. Segmentation based on region includes North America, Europe, Asia Pacific, Latin America, and the Middle East.
The market size of the Global meat substitutes market is USD 5 Billion in 2020 and is expected to reach a value of USD 9 Billion by 2028. The market is expected to grow with a CAGR of 8%. This market is classified based on chemical composition i.e- soy-based, wheat/gluten-based, pea protein-based, mycoprotein based, milk-based, etc. These classifications are used to separate the different kinds of meat equivalents that are rolled out in the market, this is inclusive of tofu, tempeh, seitan, quorn, risofu, vales, lupine, etc. Currently, plant-based meat substitutes have been propelling the market growth and the wheat-based wheat substitutes are accounted for as the fastest-growing market. The seitan market is expected to be largest growing segment as it has higher quantities of protein per unit consumption as compared to other products. Tofu based products have the second-largest emerging market, although its market growth is less than tofu end product because of the varied consumption regionally.
Region-based segmentation for this market is inclusive of North America, Europe, Asia Pacific, Latin America, and the Middle East. Asia Pacific is speculated to have the highest CAGR globally in the meat substitutes segment, this is concerning an increase in the number of start-ups based on this market in countries like China and India. The plant-based meat substitutes market accounts for roughly 810 million in the US.
The report, “Global Meat substitutes - Market and Technology Forecast to 2028
" is segmented based on Type, Source, Product, Form, and Region. The study period is 2018- 2028 and the forecast period is 2020-2028.
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