Meat Substitutes Market Revenue to Hit 4,041.3 million by 2027 | At a CAGR of 13.5%

The report titled "Meat Substitutes Market: Global Forecast to 2027" predicts that the meat substitutes market will experience significant growth during the forecast period. In 2021, the market was valued at USD 1,889.1 million, and it is projected to reach USD 4,041.3 million by 2027, with a CAGR of 13.5%. The increasing consumer concerns about health, rising obesity rates, and the growing popularity of plant-based meat are driving the demand for meat substitutes.

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The adoption of plant-based protein among millennial consumers has been on the rise. Consumers are prioritizing health, wellness, and social issues, leading to a conscious shift in their shopping choices. In the United States alone, there are 200 million shoppers following specific diets or health-related programs, and 180 million have food allergies or intolerances. Plant-based alternatives are becoming more popular among millennials, who are more open to the idea of plant-based products. Between 2013 and 2017, the US witnessed a 54% growth rate in food and beverage product launches with plant-based claims.

Extrudable fat technology is playing a crucial role in making plant-based foods more appealing. This technology mimics animal fat in plant-based meats, allowing for more authentic textures and flavors, such as marbling. By linking fat and protein together, this technology enhances flavor release, texture, taste, and moisture retention, providing a better eating experience.

Increasing awareness about the health benefits associated with fermented food products is driving the demand for meat substitutes like tempeh. Tempeh is a soy-based product with a cake-like consistency, made through a fermentation process. It offers various health benefits, such as increasing antibodies, reducing sugar levels, lowering cholesterol, and decreasing the risk of diabetes and heart diseases.

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North America is expected to be a significant market for meat substitutes, reaching USD 1,536.6 million in 2027. In 2021, North America accounted for a 38.8% market share in the industry. The United States, in particular, has been a leading consumer of plant-based products globally, driven by sustainability awareness and a focus on a healthy lifestyle. Established companies like Cargill, DuPont, Archer Daniels Midland Company, as well as startups, are investing in the meat substitutes market in the region. North American consumers are increasingly adopting a flexitarian lifestyle and incorporating plant-based foods into their diets, even in countries like Mexico, where meatless versions of traditional cuisines are becoming popular.

Key players in the meat substitutes market include ADM, Ingredion Incorporated, DuPont, Kerry Group, and Roquette Frères. These companies are actively participating in the market and contributing to its growth.

Overall, the meat substitutes market is expected to witness substantial growth in the coming years, driven by factors such as the rising adoption of plant-based protein, increasing investments in plant-based protein ingredients, and consumers' inclination towards pea protein ingredients.

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