The surging investments in plant-based protein sources drive the meat substitutes market, attributed to increasing concerns over food security and sustainability. Moreover, the pandemic has resulted in growing concerns regarding meat product consumption. Therefore, it is expected that plant-based protein adoption will grow and resulting in meat substitutes industry propulsion. In addition, the COVID-19-led lockdown has massively affected the meat-based products’ supply chain, resulting in decreased availability of fresh meat. It has fetched the customers’ attention toward meat substitutes, resulting in increased sales of the products. 

Under the source segment, soy-based products are predicted to capture the significant meat substitutes market share in the near future, ascribed to the higher absorption of rich flavors from other food products, and its usage in various recipes, resulting in its increased preference as a meat alternative. Moreover, soy-based products are also rich in protein sources, including their resemblance to the color and texture of meat products. 

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The rising concerns over food security drive the meat substitutes market. The reliable access to a sufficient quantity of nutritious and affordable food is known as food security. Moreover, food security can be damaged, if there is the absence of a shift in food habits from red meat to a plant-based food diet, that includes fruits, legumes, and vegetables and animal-based protein sources such as pigs, chicken, eggs, and milk products that simulate fewer greenhouse gases than the red meat. According to the U.N. report, the world population is expected to reach 9.7 billion by 2050, and hence it will bolster the demand for meat production making it unsustainable. 

The top meat substitute companies are Unilever NV, Hilton Food Group plc, Wilmar International Limited, Kerry Group Plc, and Impossible Foods Inc. The key players of the market are focusing on the new product launches developed as per regional preferences. For Instance, various new products were launched by DuPont in July 2020, under the brand name Danisco Planit, it included cultures, probiotics, antioxidants, fibers, emulsifiers, natural extracts, hydrocolloids, and enzymes. 

Therefore, the growing veganism and rising awareness of food security drive the market.