Rising Adoption of Plant-Based Protein to Drive the Meat Substitutes Market

The global meat substitutes market is estimated to account for USD 1.6 billion in 2019 and is projected to reach USD 3.5 billion by 2026, recording a CAGR of 12.0% during the forecast period. The market is primarily driven by the increasing demand for plant-based meat products among the millennials.

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Plant-based protein ingredients have proved to be a better substitute for meat products. This is due to their high protein value, along with their texture, which enhances the taste of the final products. The market for soy protein accounted for the maximum market share in the market due to the high demand for soy-based meat alternative products, such as pork, beef, and chicken, owing to their high protein content. The other reason can be the increase in the adoption of healthy and vegetarian diets. Soy-based foods are cholesterol-free, unlike animal protein foods, and serve as a good source of fibers. These factors have proved positive for the soy protein segment in the forecast period.

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.

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Key Market Players

Many domestic and global players provide meat substitutes of various types across the world. Major manufacturers have their presence in the North American and European countries. The key companies in the meat substitutes market are Archer Daniels Midland Company (US), DuPont (US), Roquette Frères (France), Kerry (Ireland), Ingredion (US), Sotexpro S.A (France), CRESPEL & DEITERS (Germany), CHS INC. (US), Suedzucker (Germany), MGP Ingredient (US), Puris (US), The Emsland Group (Germany), and Cargill (US).

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Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

This release was published on openPR.