Meat Substitutes Market Projected to Reach $3.5 billion by 2026, at a CAGR of 12.0%

Meat Substitutes Market Projected to Reach $3.5 billion by 2026, at a CAGR of 12.0%

“MarketsandMarkets™”
The rising awareness about plant-based meat and increasing health-cautiousness due to increasing obesity are projected to drive industry growth during the forecast period.

The report Meat Substitutes Market by Source (Soy protein, Wheat protein, Pea protein), Type (Concentrates, Isolates, and Textured), Product (Tofu, Tempeh, Seitan, and Quorn), Form (Solid and Liquid), and Region – Global Forecast to 2026″, is projected to reach USD 3.5 billion by 2026, from USD 1.6 billion in 2019, recording a CAGR of 12.0% during the forecast period. The rising awareness about plant-based meat and increasing health-cautiousness due to increasing obesity are projected to drive industry growth during the forecast period.

Meat Substitutes Market

The tofu product segment is estimated to dominate the meat substitutes market due to the increasing acceptance of them among plant-based meat manufacturers

Tofu has been traditionally considered a meat substitute in many countries. This is due to its low cost and easy availability. Tofu also resembles the taste of meat and helps to replace pork, chicken, and beef products. Moreover, it also has a high nutritious value, the rising awareness about which is also propelling the market. In a few clinical studies, tofu is proved to provide protection against cancer, heart diseases, and also helps in lowering the levels of bad cholesterol or low-density lipoprotein. Thus, these factors are dominating the tofu segment globally.

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Based on type, the concentrates segment is projected to witness the highest growth in the meat substitutes market during the forecast period

Concentrates, if added to a product, offer a high protein content and very low levels of calories. These concentrates are used as ingredients to enhance the volume and texture of different products. Concentrates are more refined than textured whereas less refined than isolates.

North America is projected to account for the largest share in the meat substitutes market for the concentrates segment during the forecast period. This is due to the low prices of concentrates compared to isolates. Another significant factor could be that soy protein concentrates (SPC) are easily digested by humans and contain the same amount of protein as found in milk, meat, and eggs.

Based on form, the solid segment is projected to witness the highest growth in the meat substitutes market

The solid form of proteins in food products is more extensively preferred by food manufacturers because of their ease of usage and their ability to preserve flavor and color of food products. The market for solid ingredients accounted for the largest market share due to the high usage of powder and chunks to make patties, sausages, and nuggets. These benefits are not offered by the liquid form. Moreover, the solid form of proteins has a high shelf life, which makes them more profitable for plant-based meat manufacturers. As a result, the solid segment is projected to account for the largest market share and achieve the highest growth rate during the forecast period.

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With the increasing demand for plant-based meat, North America is estimated to dominate the meat substitutes market in 2019

The changing lifestyle and increasing buying power of consumers have increased the demand for meat substitutes. The growth of the region is owing to the increasing sale of plant-based meat products in North America and the rising acceptance of convenience foods among consumers due to their hectic lifestyles. Also, the inclination of the millennial population toward ready-to-eat foods drives the North American processed food market, which, in turn, is driving the demand for global meat substitutes.

In recent years, the rise in innovation in plant-based meat products has also been seen in the US. This factor is also expected to propel the market growth. Major companies of this region, such as Cargill (US) and ADM (US), are highly focusing on innovations to provide better products to their customers.

This report includes a study of the development strategies of the leading companies. The scope of this report consists of a detailed study of meat substitute manufacturers, such as Cargill, (US), Archer Daniels Midland Company (US), DuPont (US), Ingredion (US), Axiom Foods (US), MGP Ingredient (US), A&B Ingredients (US), and Puris (US).

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