Meat Substitutes Market– Statistics And Analysis & Forecast To 2022

Posted by Mrudula Anil Karmarkar on March 18th, 2021

The global meat substitutes market size is expected to reach USD 5.81 billion by 2022, according to a new report by Grand View Research, Inc. The market is expected to witness a healthy CAGR of 7.5% during the forecast period. Growing preference for a vegan diet coupled with rising health awareness is expected to fuel market demand in the near future.

Amidst the global pandemic crisis and the indefinite lockdown across nations, the consumer food & beverage industry first witnessed high demand for household staples, healthy food items, and consumables with longer shelf lives. The demand for frozen food products, fruits & vegetables, eggs, flour, and whole grains, among others, witnessed a considerable increase during the early stages of the crisis. Presently, most companies in the industry are faced with low consumption of their products and supply chain challenges. The companies are focusing more on altering their supply chains in order to reinforce their online presence and delivery measures, in an attempt to adapt to the present business environment. The changes in consumer buying behavior and the dynamic shifts towards online and D2C distribution channels may have serious implications on the near future growth of the industry. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections.

Soy-based meat substitutes led the global market in the past. Wheat-based raw materials are expected to register the highest CAGR from 2015 to 2022, followed by mycoprotein and soy-based meat substitutes. Textured Vegetable Protein (TVP) is the most popular meat substitute, which led the market. However, wheat-based meat substitutes, such as seitan, are expected to experience the maximum CAGR through 2022.

Among the multiple applications, the seitan is presumed to witness the fastest growth over the forecast period. The Asia Pacific and Central & South America regions are slated to see strong demand over the next seven years. Europe has been the dominant market for meat substitutes and is presumed to maintain the trend over the forecast years.

Further key findings from the study suggest:

• Europe emerged as the largest market and generated revenue of USD 1.40 billion in 2014. It is anticipated to expand at a CAGR of 7.5% over the forecast period
• Wheat-based protein is forecast to reach USD 308.3 million by 2022 with a CAGR of 9.9% from 2015 to 2022
• Seitan is anticipated to emerge as the fastest-growing segment and is likely to register a CAGR of 10.2% over the forecast years
• Industry rivalry is bound to remain medium over the forecast period owing to a handful of market participants. Some of the market participants are Amy’s Kitchen, Inc.; Beyond Meat; Vbites Foods Ltd.; Blue Chip Group; MorningStar Farms; Cauldron Foods; and MGP Ingredients, Inc.

On the other hand, regulations and directives related to meat substitute composition and specifications are anticipated to impact the market growth to some extent. Variations and complexities in the regional rules are presumed to have a negative impact on the global, as well as regional markets. However, regulations issued by agencies, such as FDA and FSIS, are anticipated to play a vital role in shaping the global meat substitutes market over the forecast period.

Growing preference toward a vegan diet owing to several health benefits and environmental concerns is the major factor driving the market. Thus, manufacturers are taking substantial steps to develop superior products and improve their product portfolio to cater to the growing demand.

Meat production accounts for over 14.5% of the total Greenhouse Gas (GHG) emissions, using nearly 68% of agricultural land, inclusive of a third of arable land needed for crop production. This, in turn, results in deforestation, land degradation, and loss of wildlife. The 2014 IPCC report on climate change emissions identified changing diets as an undeveloped, yet significant area for action.

Among the multiple applications, seitan is presumed to witness the highest growth rate over the forecast period. Developing regions such as Central & South America and the Asia Pacific are projected to witness strong demand in the coming years. Europe has been the dominant market and is presumed to continue its dominance over the next few years.

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Manufacturers develop their own indigenous products according to regional preferences and their own manufacturing capability. Some major companies have also developed strong relationships with distributors to seek access to the markets. 

Few industry majors own cultivable land, as well as other technological capabilities, to process the raw materials. Most of the producers have their own retail stores across several regions and are thus in a position to penetrate the markets effectively.

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2012 to 2022. For the purpose of this study, Grand View Research has segmented the global meat substitutes market report on the basis of raw material, product:

• Raw Material Outlook (Revenue, USD Million, 2012 - 2022)
  • Soy-based
  • Wheat-based
  • Mycoprotein
  • Others
• Product Outlook (Revenue, USD Million, 2012 - 2022)
  • Tofu
  • Tofu-based
  • Tempeh
  • Textured Vegetable Protein (TVP)
  • Other Soy Products
  • Seitan
  • Quorn
  • Others

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information:www.grandviewresearch.com