(PRESS RELEASE) PORTLAND, OR — Allied Market Research published a report, titled, “Meat Substitute Market by Product Type (Tofu-Based, Tempeh-Based, TVP-Based, Seitan–Based, Quorn-Based, and Others), Source (Soy-Based, Wheat-Based, Mycoprotein, Pea-based and Others), and Category (Frozen, Refrigerated, and Shelf Stable): Global Opportunity Analysis and Industry Forecast, 2021–2030”. According to the report, the global meat substitute industry generated $5.4 billion in 2020, and is anticipated to generate $11.2 billion by 2030, witnessing a CAGR of 7.6% from 2021 to 2030.
Prime determinants of growth
Increase in obese population, environmental sustainability and animal welfare, and surge in demand for clean label and natural products drive the growth of the global meat substitute market. However, wide availability of substitutes and dissatisfaction with sensory attributes hinder the market growth. On the other hand, product diversity, development, innovation, and untapped developing markets present new opportunities in the coming years.
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Covid-19 Scenario
The outbreak of the COVID-19 pandemic has had a positive impact on the growth of the global meat substitute market, owing to increase in consumer spending on healthy food products.
However, due to the implementation of global lockdown, meat substitute producing companies had to face few challenges such as disruptions in the supply chain, shortage of labor etc.
The soy-based segment to maintain its leadership status throughout the forecast period
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Based on source, the soy-based segment held the highest market share in 2020, accounting for nearly two-thirds of the global meat substitute market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to their abundance, low-cost, meat-like texture after hydration, and high amino acid composition. Moreover, the pea-based segment is projected to manifest the highest CAGR of 11.4% from 2021 to 2030, owing to its low risk of allergy, high nutritional value, and enhanced emulsion & foam stabilization abilities.
The frozen segment to maintain its lead position during the forecast period
Based on category, the frozen segment accounted for the largest share in 2020, contributing to more than three-fourth of the global meat substitute market, and is projected to maintain its lead position during the forecast period. Supermarket & hypermarket chains have increased the shelf space dedicated toward frozen meat substitutes, which has notably contributed to the expansion of the meat substitute market. Moreover, the shelf stable segment is expected to portray the largest CAGR of 10.3% from 2021 to 2030, owing to increase in demand for shelf-stable meat substitutes.
Europe, followed by North America, to maintain its dominance by 2030
Based on region, Europe, followed by North America, held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global meat substitute market, owing to huge demand for meat substitute in the region. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 9.5% during the forecast period. The market players have focused on new product development and increase in production capabilities, foreseeing the upcoming demand for meat analog products, which in turn, drives the market growth.
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Leading Market Players
- Amy’s Kitchen
- BeyondMeat
- Cauldron Foods
- Garden Protein International, Inc.
- Meatless B.V.
- VBites Foods Ltd.
- MGP Ingredients (U.S.)
- Sonic Biochem Extractions Limited
- Kellogg Company
- Archer-Daniels-Midland Company.
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