Meat Substitute Ingredients Market Growth and Analysis by 2030

[Research Report] The meat substitute ingredients market size was valued at US$ 2,186.83 million in 2022 and is projected to reach US$ 4,017.43 million by 2030; it is expected to register a CAGR of 7.9% during 2022-2030.

MARKET ANALYSIS

The major sources of meat substitute ingredients are soy, wheat, peas, fava beans, and mycoproteins. Soy is the most predominantly used ingredient to manufacture plant-based meat due to its texture and protein content. Soy is also more affordable than other plant sources, and it provides ideal texture to the products, which is similar to conventional animal meat products. The rising health consciousness among people owing to the increasing prevalence of obesity, diabetes, and other diseases is compelling people to change their dietary habits. People generally perceive plant-based products to be healthier than the conventional ones. This factor is significantly driving theMeat Substitute Ingredients Market growth.

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GROWTH DRIVERS AND CHALLENGES

Government bodies across various countries are promoting the consumption of plant-based meat, owing to the rising environmental concerns and health benefits offered by these products. Additionally, the governments are actively investing in R&D and new product launches of plant-based meat products. In 2021, the South Korean Ministry of Agriculture, Food and Rural Affairs established a US$ 70.3 million fund with several sub-funds dedicated to food and agriculture. The Green Bio Fund investments specifically mentioned plant-based and cultivated meat companies. Moreover, in June 2022, the Food Safety and Standards Authority of India (FSSAI) finalized the Vegan Foods Regulations and established a separate regulatory framework for food ingredients free from animal products. Such initiatives by key countries boost the demand for plant-based food.

Several countries have announced investments in meat substitute ingredients such as plant protein. For instance, the Australian Government announced US$ 76 million to support a project led by Australian Plant Proteins to create the largest pulse protein ingredient manufacturing capability in Australia, which is expected to generate up to US$ 2.6 billion in plant-based exports by 2032. Thus, the continuous investment and support by various government bodies are expected to offer lucrative growth opportunities to the meat substitute ingredients market during the forecast period.

Growing veganism is one of the emerging meat substitute ingredients market trends which is projected to amplify the market growth in the coming years. Several dieticians and health practitioners recommend reducing meat consumption and switching to a vegetarian diet to reduce the risks of chronic health issues, such as obesity, heart disease, hypertension, and digestive disorders. According to the Plant-Based Food Association (PBFA), consumer demand rose last year: 19% of households purchased plant-based meat in 2021-up from 18% in 2020-and an impressive 64% of those buyers purchased it multiple times throughout the year. According to Google Trends, veganism was one of the top five searched terms on Google in 2019 in the UK and worldwide.

A report published by Veganuary (a nonprofit organization that encourages individuals worldwide to turn vegan for the whole month of January) states that ~5.8 million people signed up for the Veganuary Campaign in 2021. The increasing adoption of veganism is also attributed to the empathy toward animals and awareness of the ill-treatment of animals in slaughterhouses and similar facilities, which has raised concerns about animal protection among consumers. These factors are boosting the demand for meat substitute ingredients such as soy protein,pea protein, tofu, and tempeh. Thus, surging veganism across the globe is driving the growing meat substitute ingredients market.

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This release was published on openPR.