Meat Substitute Market size is expected to grow USD 8,823.6 million by 2027

The global meat substitute market size is expected to grow from USD 5,477.7 million in 2020 to USD 8,823.6 million by 2027, at a CAGR of 7.2% from 2021 to 2027. Meat is an excellent source of protein but contains high cholesterol and saturated fats. Individuals who consume it regularly are more prone to develop health problems such as obesity and atherosclerosis. Meat substitutes have a similar taste, smell, and look to real meat, but they are healthier. These items are increasingly being utilized as meat and animal products alternatives. They are largely made up of soy, wheat, and other components. Tofu is the most extensively used meat substitute, and it may be substituted for pig, chicken, cattle, and other meats. The largest markets for meat replacements are Europe and North America; however, Asia-Pacific is the fastest-growing market.

The increase in obesity rates worldwide and the growth in health problems, such as high blood pressure, diabetes, asthma, heart diseases, and others, have uplifted the overall health consciousness among consumers. Meat consumption per capita has decreased in recent years, particularly in industrialized nations. Consumers are increasingly interested in food products with high nutritional content and a taste comparable to meat. Other important drivers driving market expansion include aggressive marketing and positioning efforts and new product introductions. However, the availability of low cholesterol products, such as lean meats, poses a threat to the industry.

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Furthermore, due to positive consumer demand, numerous startups and established food companies have launched an array of plant-based meat, seafood, and dairy substitutes, which exhibit new flavors, textures, and improved nutritional profiles. COVID-19 is expected to boost meat substitutes at a much higher rate. Increasing awareness among people to strengthen their immune system to prevent themselves from being infected easily compels them to maintain a healthy lifestyle and proper diet.

COVID-19 Impact on the Global Meat Substitute
COVID-19 is an infectious disease that originated in Hubei province of Wuhan city, China, in December 2019. The highly contagious disease caused by a severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) virus is transmitted from humans to humans. Therefore, COVID-19 was declared a pandemic by the World Health Organization (WHO) on March 11th, 2020. The outbreak strongly impacted the society and the economy of many developing and developed nations. Consumers have grown more worried about their entire health and wellness due to COVID-19's influence on mental and physical well-being throughout the world. Additionally, customers are more aware of their immunity and weight gain, which became a problem during the epidemic as individuals became increasingly sedentary. Various chronic ailments, such as diabetes and obesity, have resulted from these causes, and people seek healthy options to battle them.

The food & beverages industry is estimated to experience the differential impact of the COVID-19 pandemic on each stage of its value chain through the mediums of the affected workforce at the industrial level, raw material supply (agricultural produce, food ingredients, and intermediate food products), trade & logistics, demand-supply volatility, and uncertain consumer demand at foodservice outlets. Furthermore, the impact of production, distribution, and inventory levels across the food & beverages industry spectrum has been experienced.

Global Meat Substitute Market Dynamics
Drivers: Environmental sustainability and animal welfare
Governments and corporations involved in the meat replacement sector are expected to raise awareness about environmental sustainability and animal welfare in the future. Companies like VBites Foods Ltd. have made a big contribution to raising people's animal conscience via consistent activities. Furthermore, marketing and promotional actions by firms like Quorn Foods are expected to raise environmental awareness among individuals in the future years.

Restraints: Wide availability of substitutes
There is a variety of low-fat meat substitutes available in the market. Leading food and snack manufacturers provide a wide range of meat-based, low-fat meals and snacks. Because of a rise in health and fitness awareness, lean beef has become more popular among consumers. J.B.S. S.A. is one of the most well-known names in the meat processing sector, with a large range of low-fat beef, hog, lamb, and other meat products. The industry would continue to witness an increase in low-fat food and snack products prepared from meat, owing to a rise in demand for health and fitness products among consumers.

Opportunities: Product diversity, development, and innovation
Product development in the chilled, ambient, and frozen segments has been fueled by increased demand for novel goods. Consumers have a larger range of products and brands to choose from, and meat substitutes are gaining shelf space and awareness due to innovation. Supermarkets have reacted to the market's rise by considerably expanding the shelf space devoted to meat substitutes. Furthermore, established industry players, particularly multinational food and beverage corporations, have grown increasingly conscious of small-scale startup enterprises developing in the meat replacement sector.

Moreover, a wide variety of ingredients offers consumers more choice and innovative flavors and ensures that their dietary requirements are met. Therefore, the rise in the number of consumers preferring meat alternatives and significant investment in new product innovation is expected to offer remunerative opportunities to expand the global market during the forecast period.

Scope of the Report
The study categorizes the meat substitute market based on product type, source, and category at the regional and global levels.

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By Product Type Outlook (Sales, USD Million, 2017-2027)
Tofu-based
Tempeh-based
TVP-based
Seitan-based
Quorn-based
Others
By Source Outlook (Sales, USD Million, 2017-2027)
Soy-based
Wheat-based
Mycoprotein
Others
By Category Outlook (Sales, USD Million, 2017-2027)
Frozen
Refrigerated
Shelf Stable
By Region Outlook (Sales, USD Million, 2017-2027)
North America (US, Canada, Mexico)
South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The TVP-based segment is projected to account for the largest market share by product type
Depending on product type, the meat substitute market is classified into tofu-based, tempeh-based, TVP-based, seitan-based, Quorn-based, and others. In 2020, the TVP-based segment accounted for the largest market share of 34.9% in the global meat substitute market. Due to their meat-like texture and associated health benefits, TVP-based products have gained popularity in developed regions, including Europe. Soy proteins are the most commonly used base materials for TVPs. However, cottonseed, wheat, peanut, corn, and similar proteins can be texturized. The wide variation of TVPs available in the market allows food processors to use these products in numerous applications. The key area of usage is in-ground meat-containing products. TVPs can be used to extend or completely replace ground meat in canned meat products such as chili, sloppy Joes, spaghetti sauces, meat stews, and meat sauces. TVP is found in many commercially prepared foods such as burgers, sausages, and lasagna. It can replace ground meat in canned products such as patties and meatballs. Brands offering TVP-based products include VBites Food Ltd., Meatless Farm, and Premier Foods Plc.

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Asia Pacific accounts for the highest CAGR during the forecast period.

Based on the regions, the global meat substitute market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Asia-Pacific is expected to witness considerable CAGRs of 9.4% during the forecast period 2021-2027. The Asia-Pacific region includes countries such as China, India, Japan, Australia, South Korea, ASEAN, and the rest of Asia-Pacific. Tofu and tempeh are among the traditional foods in China, Japan, Indonesia, and others. Tofu is a major ingredient in Kicap, Bakso Martabak, and other popular foods in Indonesia. Adopting meat substitutes prepared from tofu, tempeh, and other kinds of soy and wheat-based meat analogs has witnessed double-digit growth in Australia and Singapore in recent years.

Moreover, the market players have focused on new product development and increased production capabilities, foreseeing the upcoming demand for meat analog products. Life Health Foods has emerged to be the largest manufacturer and marketer of meat analogs in Australia after acquiring Sanitarium's meat analog brand, Vegie Delights. The inclination of consumers toward traditional food in countries such as China, Japan, Indonesia, and others, fosters the market growth of tofu, tempeh, and other such traditional meat analogs in the Asia-Pacific region. An increase in health & fitness consciousness and innovative product launches by companies operating in the market are other major factors that boost overall consumer demand.

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Key Market Players
Every company follows its business strategy to attain the maximum market share. Currently, Cauldron Foods, Garden Protein International, Inc., Amy's Kitchen, BeyondMeat, Meatless B.V., VBites Foods Ltd., Kellogg Company, Sonic Biochem Extractions Limited, Archer-Daniels-Midland Company, and MGP Ingredients are some of the leading players operating in the global meat substitute market.

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