Emerging Markets Illustrate the Great Potential for Meat Substitutes
| Source: MarketsandMarkets Research Pvt. Ltd.
Chicago, Nov. 25, 2022 (GLOBE NEWSWIRE) — According to MarketsandMarkets, the meat substitutes market size is estimated to be valued at USD 1.9 billion in 2021 and is projected to reach USD 4.0 billion by 2027, recording a CAGR of 13.5% during the forecast period in terms of value. Changing lifestyles of people and increasing awareness about healthy dietary habits and environmental safety will help to boost the market for meat substitutes during the forecast period. The environmental impact of animal agriculture and rising health problems due to animal-based meat are driving consumer preference toward plant-based meat in the world.
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The solid form segment is estimated to hold the largest market share in the meat substitute market.
The solid form of proteins is preferred by manufacturers of food and beverages because of the numerous benefits they offer. Proteins available in the solid form are easy to handle and have better storage conditions as compared to the liquid form. These proteins are available in powdered and textured forms. Solid plant-based proteins could enhance the texture and volume of different products.
By type, the pea protein segment is estimated to be the fastest-growing segment during the forecast period.
Pea offers characteristic advantages of process stability, emulsion stability, and extrusion stability. Many of the key players in the global meat substitutes market are shifting toward the production of pea protein-based meat substitutes because of their nutritional value and health benefits and the adoption of this protein by major plant-based manufacturers. In May 2019, Lightlife (US) introduced pea-based meat burgers to replace beef burgers. Also, Good Catch Foods’ (Newtown, Pennsylvania, US) fish-free tuna and UK-based Nomad Foods’ Green Cuisine line declared that they use pea protein as one of their main ingredients.
The Seitan is estimated to be the second fastest-growing type during the forecast period for the meat substitute market.
Seitan is also known as wheat protein and is highly nutritional. The type is rich in proteins and minerals and extremely low in carbs and fats. All the starch generally found in wheat flour is washed away in the process of producing seitan. This makes it extremely less in carbs. As wheat grains used for seitan are almost fat-free, it is considered the best meat substitute for vegan diets.
The textured type is estimated to hold the largest market share in the meat substitute market.
Textured protein has a high market share owing to its resemblance with conventional meat in terms of texture. Textured protein is generally used as a meat substitute or sometimes as a meat extender, having protein concentrations between 50%–70%. It has a texture very similar to ground beef; hence, it is a perfect meat substitute for spaghetti sauces, hamburgers, and tacos.
Asia Pacific is estimated to be the fastest-growing region over the forecast period.
The key factors driving growth in the Asia Pacific region include health benefits, animal welfare, environment safety, cost affordability, and the growing variety of plant-based meat products. The awareness through global animal welfare organizations, such as People for the Ethical Treatment for Animals (PETA), has led to people considering a meat-free diet. Non-meat-based meals are already popular in Asia, with tofu used extensively in Asian cuisines and bean-based congees widely consumed in countries such as China. This makes the Asia Pacific region the fastest-growing potential market for meat substitutes.
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This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as 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).
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