Meat Substitute Market to Reach USD 12.30 Billion by 2029 |

Pune, India, Aug. 09, 2022 (GLOBE NEWSWIRE) — The world meat substitute market The size was valued at USD 5.41 Billion in 2021. The market is expected to grow from USD 5.88 Billion in 2022 to USD 12.30 Billion by 2029 at a CAGR of 11.11% during the forecast period . Fortune Business Insight™ elaborated on these contributions in its latest research report, titled, “Meat Substitutes Market, 2022-2029.”

According to the study, plant-based products have become sought after to minimize the problems of reliance on animal production for meat products. The clean meat substitute will grow in popularity with the growing trend of vegan and vegetarian diets. Environmentally friendly food products will continue to be in demand globally. The Economist claimed that the number of vegans in the United States increased from 0.4% to 3.5% in 2021.

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Key Players Featured in the Report:

  • Beyond Meat (US)
  • Impossible Foods (US)
  • Kellogg Company (USA)
  • Tyson Foods (USA)
  • JBS SA (Brazil)
  • Conagra Brands, Inc. (USA)
  • Hain Celestial Group (USA)
  • Unilever Group (UK)
  • Nestlé SA (Switzerland)
  • Sunfed (New Zealand)

Report Scope and Segmentation:

Report cover Details
Forecast period 2022-2029
Forecast CAGR 11.11%
2029 value projection $12.30 billion
Year of reference 2021
Meat substitutes market size in 2022 $5.88 billion
Historical data 2018-2020
Number of pages 207
Segments Covered By source, by distribution channel, by geography
Meat Substitutes Market Growth Drivers Increase in demand for plant-based protein foods to drive market growth
Positive health and environmental impact of consuming plant-based protein foods to further propel market growth

Impact of COVID-19

The expansion of e-commerce has spurred the growth of the industry

As the influence of the COVID-19 pandemic has triggered food insecurity, industry players have shown strong traction for clean meat products. The outbreak disrupted the pea and soybean supply chain and had a noticeable influence on the manufacturing of processed foods. Meanwhile, the growing footprint of the e-commerce industry boded well for the industry’s outlook – the growing preference for online stores amid the pandemic has prompted investment in emerging and advanced economies. . In an effort to improve the shopping experience of customers, businesses have turned to e-commerce sites.

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segments

Soy-based ingredients will remain dominant with growing demand from the vegan population

With respect to source, the market is divided into wheat-based ingredients, soy-based ingredients, other grain-based ingredients, and textured vegetable proteins. The soy ingredients segment may remain dominant due to the growing appeal of the vegan and vegetarian population. Additionally, the growing popularity of tofu and tempeh in North America and Europe will drive adoption of the ingredients.

Mass Merchandiser to grow with easy product availability

Regarding the distribution channel, the market is segmented into other retail channels, mass merchandisers, online retail, specialty stores and food service. The big box segment will show notable growth due to the easy availability and prevalence of discounts.

Report cover

The report provides a global view of market size, share, revenue, and volume. He did a thorough SWOT analysis. Additionally, qualitative and quantitative assessments provided an overall view of the market. Primary interviews validate assumptions, conclusions, and prevailing business scenarios. The report also includes secondary resources such as annual reports, press releases, white papers and journals. The research report also delves into pre and post COVID-19 analysis to provide a comprehensive perspective of the market.

Drivers and Restrictions

Advanced form of packaging design to enhance growth potentials

Both developed and developing countries have shown an increased trend for clean products with carbon labelling. Lately, Millennials and Gen Z populations have shown interest in advanced packaging with regards to environmental impact. The growing preference of health-conscious consumers may favor the market share of meat substitutes during the forecast period. In addition, the increased risk of cardiovascular disease, diabetes and cancer due to the consumption of red meat will further encourage the consumption of plant-based protein foods. However, difficulty in reflecting meat color and challenges in manufacturing meat flavor could restrain the market growth.

Competitive landscape

Stakeholders invest in mergers and acquisitions to boost portfolios

Large companies could invest in product launches, mergers and acquisitions, and technological advancements to strengthen their footprint. Furthermore, an influx of funds into R&D activities will encourage established players and new entrants to boost their portfolios.

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Regional outlook

Europe will gain importance thanks to soy ingredients

Stakeholders expect Europe to see an abundance of investment with the rising trend of soy ingredients and wheat ingredients. With a noticeable shift towards a sustainable trend, herbal products will be in demand in the UK, France, Germany and Italy. The growing trend towards gluten-free and vegan diets bodes well for regional growth.

The growth of the meat substitutes market in Asia-Pacific will be pronounced with an increasing focus on the vegan population. Additionally, consumers have spurred investment in high-quality, nutritious, protein-rich food products. With the growing attention to sustainability, hotels and restaurants could invest in plant-based products.

North America could notably contribute to the global market share due to the growing popularity of vegan meat burgers and sausages. Meat substitute manufacturers are likely to pour funds into nutritious, tastier, and high-quality plant-based products. Clean products are expected to gain traction in online channels and will continue to be sought after in retail food chains.

Detailed Table of Contents:

  • Introduction
    • Search scope
    • Market segmentation
    • Research Methodology
    • Definitions and assumptions
  • Summary
  • Market dynamics
    • Market factors
    • Market constraints
    • Market opportunities
    • Market trends
  • key ideas
    • Overview of parent/related markets
    • Regulatory analysis
    • Industry SWOT Analysis
    • Recent Industry Developments – Policies, Partnerships, New Product Launches and Mergers & Acquisitions
    • Impact of COVID on Meat Substitute Market Supply Chain
      • Impact of COVID-19
      • Supply chain challenges
      • Potential opportunities due to COVID-19
  • Global Meat Substitutes Market Analysis, Outlook and Forecast, 2018 – 2029
    • Main results/summary
    • Market size estimates and forecasts
      • By source (value)
        • Soy ingredients
        • Wheat ingredients
        • Other cereal-based ingredients
        • Textured Vegetable Protein
      • By distribution channel (value)
        • Mass merchandisers
        • Specialty stores
        • Online retail
        • Other Retail Channels
        • food service
      • By region (value)
        • North America
        • Europe
        • Asia Pacific
        • South America
        • Middle East and Africa
  • North America Meat Substitutes Market Analysis, Outlook and Forecast, 2018-2029
    • Main results/summary
    • Market size estimates and forecasts
      • By source (value)
        • Soy ingredients
        • Wheat ingredients
        • Other cereal-based ingredients
        • Textured Vegetable Protein
      • By distribution channel (value)
        • Mass merchandisers
        • Specialty stores
        • Online retail
        • Other Retail Channels
        • food service
      • By country (value)
        • WE
          • By source (value)
            • Soy ingredients
            • Wheat ingredients
            • Other cereal-based ingredients
            • Textured Vegetable Protein

TOC Continued…!

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Key Industry Developments

  • February 2022: Beyond Meat, Inc. announced a three-year global strategic agreement with McDonald’s Corporation. Under the agreement, Beyond Meat, Inc. became the preferred supplier of a new plant-based burger patty for McPlant, a plant-based burger.
  • April 2019: Nestlé has taken the biggest step into the meatless market by unveiling a new ‘cooked from raw’ plant-based burger in Europe. This put more emphasis on delicious and authentic plant-based foods.

Read related information:

Vegetable snacks market Size, Share, Industry and Forecast 2029

Herbal Protein Supplements Market Size | Global report, 2028

processed meat market Size, Growth | Global Industry Trends, 2027

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