Market Insights-

The meat substitutes market was estimated at USD 2.1 billion in 2021 and is likely to grow at a CAGR of 12.9% during 2022-2028 to reach USD 4.9 billion in 2028. 

COVID-19 IMPACT

There was a spike in the sales of meat substitutes in 2020, increasing sales as compared to 2019. The disruption in the supply chain of the meat market due to the Covid-19 pandemic positively impacted the meat substitute market. Hence notable growth in the market was observed in the year 2020.

Report Insights:

The report focuses on market based on demographics, geography, features, and volume, among other things, and determines the most appealing segments and sub-segments. The segmentation has been based on the fact that it will not only help businesses save time, money, and other resources, but it will also allow businesses to learn more about their target audience in order to adapt campaigns and gain market share and income.

The report on Meat Substitutes by Stratview Research helps clients in discovering the simplest opportunities to achieve success within the market with effective methods of research used while formulating the market report.

Based on the source type, the market is segmented as soy protein, wheat protein, pea protein, and others. The soy protein segment is expected to be the largest segment, during the forecast period, due to the high demand for soy-based meat alternative products, such as pork, beef, and chicken, on account of their high protein content.

Based on the type, the market is segmented as concentrates, isolates, and textured. The concentrates segment is expected to be the fastest-growing segment due to its low price and high protein content.

Based on the form type, the market is segmented as solid and liquid. The solid segment is expected to remain the larger segment of the market during the forecast period owing to its ability to preserve the flavor and color of food products.

In terms of regions, Asia-Pacific is estimated to be the fastest-growing market during the forecast period. Awareness for animal welfare, health benefits, cost affordability, and a growing variety of meat substitute products are driving the market in the region with China and India as the growth engines. 

The study conducted while compiling this market report analyses the market status, share, rate of growth, present and future trends, market drivers, opportunities and challenges, risks within the industry. This market research report delivers full knowledge about the market and competitive landscape.

Market Dynamics

The market for meat substitutes is driven by the surge in demand for plant-based meat products among millennials, globally.

Growing concerns for animal welfare, awareness of health, and environmental safety have motivated humans to avoid animal meat. This has led to increasing demand for meat substitutes. These are the food items that contain protein and nutrients equivalent to animal meat.

Key Players

Some of the major players in the market are-

• Archer Daniels Midland Company
• DuPont
• Roquette Frères
• Kerry
• Ingredion
• Sotexpro S.A
• CRESPEL & DEITER
• CHS INC.
• Suedzucker
• MGP
• Ingredient.

Attributes of the market report:

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value, critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. Furthermore, we have thoroughly leveraged our huge database, gathered during the preparation of our comprehensive reports on the Meat Substitutes market, in order to take the veracity of market estimations to the next level.

The following are the key features of the report:

• Comprehensive overview of market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend & forecast analysis
• Recent market segment forecast
• Competitive landscape and dynamics: Market share, product portfolio, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors
• In-depth market segmentation (Trends, Growth with Historical & Forecast Analysis)

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