Expert Market Research’s new report, titled “Global Meat Substitutes Market Size, Share, Price, Trends, Report and Forecast 2021-2026”, provides in-depth analysis of the global Meat Substitutes Market and evaluates the market on the basis of its segments such as source, product, industry sector and major regions. The report tracks the latest trends in the industry and examines their impact on the overall market. It also assesses the market dynamics, covers the main demand and price indicators and analyzes the market based on the SWOT and Porter Five Forces models.
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Key highlights of the report include:
Market Overview (2016-2026)
• Historical market size (2020): USD 16.2 billion
• Forecast CAGR (2021-2026): 16%
• Projected market size (2026): USD 40 billion
Meat substitutes are gaining popularity owing to rising incidence of health disorders, rising consumer fitness and health consciousness, which in turn will drive the market growth. Also the rapid development of Food Service industries and the enticing marketing and promotional strategies of vegetarian companies have positively impacted the growth of the global market. In addition, the awareness of environmental protection and animal welfare is expected to increase the demand in the market.
Industry definition and main segments
A meat-like material derived from plants is a meat substitute. Plant-based meat, vegan meat, meat substitutes, sham meat, meat substitutes, imitation meat or vegetarian meat or, even more pejoratively, organic or artificial meat are more common terms. Meat analogues typically mimic certain aesthetic qualities (such as texture, taste, appearance) or the chemical properties of certain types of meat.
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Based on Source, the market is segmented into:
Based on the product, the industry can be divided into:
By type, the industry is categorized into:
Manufacturers have continually launched innovative vegan meat products with improved texture and flavor to meet changing consumer preferences. In addition, a wide range of vegan food and snack products are available in the market, including patties, burgers, fillets, soups, pizzas and others. Additionally, the industry is expected to launch several innovative meat substitutes in the coming years, designed to complement consumers’ lifestyles and taste preferences.
The growth of the Asia-Pacific market is attributed to increasing people’s awareness of healthy eating habits. The key factors driving growth in Asia Pacific are the need for health benefits, animal welfare, environmental safety, cost efficiency and a growing variety of plant-based meat products. Non-meat foods are already popular in Asia, with tofu being a staple in Asian dishes and bean-based rice dishes being common in places like China. Furthermore, the rising number of startups in Asian countries like India, Japan and China is driving further market growth.
Important market participants
The major players in the market include DuPont de Nemours, Inc., Schouten Europe BV, Ingredion Incorporated, Conagra Brands, Inc., Kerry Inc., Ruitenberg Ingredients BV, among others. The report covers the market shares, capacities, asset turnover, expansions, investments and mergers and acquisitions among other latest developments of these market players.
Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly monitoring the impact of this rapidly evolving situation on the markets and consumer purchasing behavior. Therefore, our latest estimates and analysis on the current market trends and forecasts will comprehensively reflect the impact of this emerging pandemic.
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