(Entertainment-NewsWire.com, August 16, 2021 ) The report “Meat Substitutes Market by Source (Soy protein, Wheat protein, Pea protein), Type (Concentrates, Isolates, and Textured), Product (Tofu, Tempeh, Seitan, and Quorn), Form (Solid and Liquid), and Region – Global Forecast to 2026″, the market size is projected to reach USD 3.5 billion by 2026, from USD 1.6 billion in 2019, recording a CAGR of 12.0% during the forecast period. The rise in adoption of plant-based protein, increase in vegan & flexitarian population across the world, and a surge in investments in plant-based protein ingredients are projected to drive the market growth during the forecast period.
The tofu product segment is estimated to dominate the meat substitutes market due to the increase in acceptance of them among plant-based meat manufacturers
Tofu has been traditionally considered a meat substitute in many countries. This is due to its low cost and easy availability. Tofu also resembles the taste of meat products and helps to replace pork, chicken, and beef products. Moreover, the rise in awareness pertaining to its high nutritious value is projected to drive the market growth.
Furthermore, the market dominance is due to the increased trust about the health benefits of tofu among consumers, as it is has been traditionally consumed in many countries for a long time. The demand for tofu products has increased in the Asia Pacific region, as well as in countries such as the UK and Canada, which had witnessed a rise in the Asian population in recent years.
The demand for pea protein as a source to remain high during the forecast period
The market for pea proteins as a source of meat substitutes is projected to grow at the highest CAGR during the forecast period. The growth in this market is due to the high nutritious value of pea protein. Furthermore, pea offers the benefits of process stability, emulsion stability, and extrusion stability. Key players in the global meat substitutes market are focusing on the production of pea protein-based meat substitutes due to their nutrition value and health benefits, as well as the adoption of this protein by major plant-based manufacturers. In addition, companies such as Beyond Meat (US) are investing and expanding in the pea protein segment, as it has a high nutritious value and is allergy-free.
The textured segment is estimated to dominate the meat substitutes market due to the increase in acceptance of dry soy chunks for burger patties
The textured segment, by type, is projected to be the fastest-growing segment and account for a maximum market share during the forecast period. This is due to the low prices associated with textured protein. Textured protein is generally used as a meat substitute, or sometimes as a meat extender, with protein concentration between 50%-70%. It has a texture similar to ground beef. Hence, it is a perfect meat substitute for spaghetti sauces, hamburgers, and tacos. Due to these factors, the segment is projected to dominate the market.
The solid segment is estimated to dominate the meat substitutes market due to the increase in consumption by food manufacturers
The solid segment, by form, is projected to dominate the global meat substitutes market during the forecast period. This is due to the high consumption of solid meat substitutes in powder and chunks forms. Solid meat substitutes also help to increase the shelf life of products, which help food manufacturers to buy solid meat substitutes at a wholesale level. This reduces the cost of raw materials. These factors have been driving the growth of this segment for the past few years.
With the increase in demand for plant-based meat, North America is estimated to dominate the meat substitutes market in 2019
The change in lifestyle and increase in buying power of consumers have led to a rise in demand for meat substitutes. The growth of the region is due to the increase in sales of plant-based meat products in North America and the rise in acceptance of convenience foods among consumers due to their hectic lifestyles. In addition, consumers in the region are adopting a flexitarian lifestyle and are incorporating plant-based foods in their daily routine diets. In Canada, plant-based meat is a relatively emerging area, wherein consumers are willing to add plant-based foods to their diet due to the health concerns related to the consumption of animal protein products.
In recent years, the rise in innovation in plant-based meat products has also been witnessed in the US. These factors are also projected to drive the market growth. Major companies of this region, such as Cargill (US) and ADM (US), are increasingly focusing on investing in innovations to provide better products to their customers.
This report includes a study of the development strategies of the leading companies. The scope of this report consists of a detailed study of meat substitute manufacturers, such as Cargill (US), Archer Daniels Midland Company (US), DuPont (US), Ingredion (US), Axiom Foods (US), MGP Ingredient (US), A&B Ingredients (US), and Puris (US).
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