Global Meat Substitutes Market Thriving: Projected to touch USD 3.8 Billion by 2027, growing at a CAGR of 9.57 % during the forecast period (2020-2027).
Published | April 2021
A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Meat Substitutes Market is projected to reach USD 3.8 Billion by 2027 growing at a CAGR of 9.57% during the forecast period.
Health-conscious consumers are driving the meat substitute industry across the globe. People in Europe and North America have been highly reliant on meat products to meet their protein requirements over the last few decades. However, because of the health risks associated with animal-based proteins, customers are currently turning to meat substitutes. A rise in the prevalence of health disorders is also raising consumer perception of health and wellness, which is expected to fuel market growth. Furthermore, the rapid growth of the food service industries, as well as appealing marketing and promotional strategies of companies for vegetarianism, has had a positive impact on the global market's development.
Rising Health Consciousness among the consumers towards Health Dietary Habits Consumers are becoming more health-conscious due to the increasing incidence of health disorders like cancer, obesity, diabetes, and other critical diseases. Meat products are high in trans-fat and take a long time for the body to absorb, resulting in obesity and diseases. Plant-based protein products are superior to meat products in terms of nutrition, protein content, and taste, and texture. Soy and a gluten-free diet have quickly become the fastest-growing nutritional movements, gaining popularity for their health and therapeutic benefits.
Growing Consumer Preference for Vegan & Vegetarian Diet
The increasing preference for a vegan diet due to a variety of health benefits and environmental issues is driving demand for meat substitutes across the globe. Concerns about animal welfare and moral values influence consumer decisions to go vegan. Many vegans strongly believe that all animals have a right to life and freedom, which leads them to become vegan. Some people like to eat plant-based just because they do not like animal protein and dairy products, or they have sensitivities to them (lactose intolerance, for example).
Impact of COVID-19 in the industry
Concerns about the consumption of meat products have grown since the outbreak of COVID-19. As a result of rising health consciousness, customers are increasingly favoring plant-based goods. Despite the coronavirus pandemic, the plant-based meat industry has made significant progress, with many new customers trying its products for the first time. Disruptions in regional and global supply chains had a significant effect on the availability of fresh meat. Finally, it is commonly assumed that coronavirus was transmitted by animals – although more exotic animals than most people are familiar with. Nonetheless, this has raised concerns about the potential dangers of consuming animal-sourced animal products. Owing to these factors, the meat substitute market is likely to witness a growing demand throughout this pandemic.
Even though the food and beverage industry is witnessing a decline in food production as a result of the pandemic, the same global health crisis is one of the major factors driving market demand for plant-based protein.
Seitan occupies the largest share of the Global Meat Substitutes Market
Seitan, which has a higher protein and sodium content than tofu and tempeh, has emerged as the fastest-growing market. Shaped masses, slices, marinated strips, and blocks are some forms in which this product is available in the market. Tofu-based products are expected to have a significant market share during the study period, but their growth rate is expected to be average. This is due to differences in tofu and tofu-based food consumption patterns in different countries. Because of its high protein content and low price, tofu is a healthier alternative to meat products.
Europe is expected to witness significant growth in the market during the forecast period
Based on region, the meat substitutes market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Geographically, Europe captured a significant share of the global meat substitute market in 2020. High awareness of protein-based diet and increasing vegan & vegetarian populations are the major factors driving the European meat substitute market. However, the Asia-Pacific market is predicted to grow at the firmest CAGR during the forecast period due to increasing government initiatives in the food R&D sector and the rising demand for meat substitutes. Health benefits, animal welfare, environmental welfare, affordability, and the growing variety of plant-based meat products are all driving growth of the market in the Asia Pacific region.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Meat Substitutes Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the Global Meat Substitutes Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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