The Vegetarian Meat Substitutes Market report focuses on company overview, financial standing, global market position, revenue contribution, production and manufacturing capacity, and business expansion plans. It also focuses on recent mergers and acquisitions, joint ventures, collaborations, partnerships, agreements, product launches, and brand promotions, among others. The study includes SWOT analysis and Porter’s Five Forces analysis to provide a comprehensive overview of the competitive landscape.
The global Vegetarian Meat Substitutes Market size is expected to reach USD 5.28 Billion in 2028 and register a revenue CAGR of 13.8% over the forecast period, according to a latest report by Reports and Data. Growing consumption of plant-based foods and changing perception of consumers towards sustainability are factors expected to drive market revenue growth during the forecast period. Rising demand for healthy food and growing vegetarian population are boosting demand for plant-based Vegetarian Meat Substitutes, globally.
The food and beverage industry is involved in transforming raw food materials into consumer food products. The sector includes groceries, oils and fats, food additives, functional foods and beverages, canned food, packaged foods, health and natural foods, baby food, animal food, syrup, baked food, soft drinks, alcoholic and non-alcoholic drinks, energy drinks, and packaging. The companies in this industry are looking for innovations in food that meet the changing consumer’s preferences in terms of global flavors, and varieties. The touchless transactions, open kitchen concept, ghost kitchens and e-commerce trends (especially during Covid 19) are reshaping the food and beverage sector.
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Key Participants:
Key participants in the Vegetarian Meat Substitutes market include DowDuPont, ADM, The Nisshin OilliO Group, Sonic Biochem Limited, MGP Ingredients, VBites, and Garden Protein International, among others. DowDuPont is an American conglomerate. The company’s DuPont Nutrition & Biosciences offers an extensive line of ingredients through its brand Danisco.
Market Dynamics:
Driver: Rise in Consumption of Plant-based Vegetarian Meat Substitutes Driving Revenue Growth
Interest and preference of consumers in non-meat-based protein options is increasing globally. A large vegetarian population and greater demand for healthy foods are boosting the rapid expansion of plant-based Vegetarian Meat Substitutes across the world. Increasing vegan population, changing consumer’s perception towards sustainability, and rising incidence of obesity and diabetes among the growing population are several other factors boosting the demand for plant-based Vegetarian Meat Substitutes made from soy and wheat. Excessive consumption of meat products may result in diet-related diseases such as obesity, type-2 diabetes and heart diseases, and other chronic diseases. Plant-based meat products are replacing conventionally processed meat products as these contain lower levels of cholesterol, saturated fat, and calories in comparison to the animal-based meat products. Plant-based Vegetarian Meat Substitutes offer nutritional benefits such as higher levels of micronutrients including iron, zinc, and calcium. Moreover, limited environmental impact of plant-based Vegetarian Meat Substitutes is boosting market growth.
Further key findings from the report suggest:
- Textured Vegetable Protein (TVP) is expected to witness lucrative growth at a CAGR of 6.7%. TVP is a by-product of soybean oil extraction. It is low in carbohydrates, calories, and fat. Along with this, the low cost of TVP is also likely to boost its demand in the forecast period thereby driving the Vegetarian Meat Substitutes market.
- Asia Pacific is expected to account for 23.4% of the global Vegetarian Meat Substitutes market. Increased preference for vegetarian food coupled with the limited production of animal products are some factors driving the growth of this segment. Moreover, growing awareness towards health and the environment are also projected to fuel Vegetarian Meat Substitutes market in the region.
- On the basis of source, soy dominates the meat substitute market with 57.1% share. Increase in consumption of soy, due to its application in food items, such as snacks, cookies, and baked products and various health benefits such as in the reduction of obesity and sugar levels drive the growth of this segment.
- Based on type, the tempeh segment is expected to grow at the highest CAGR of 7.8%. Tempeh is a low-cost substitute which offers various health benefits such as increasing antibodies production and reduced risk of diabetes.
- However, health concerns associated with these products and their high cost are likely to hinder the growth of Vegetarian Meat Substitutes market during the forecast period.
Market Segmentation:
Type (Revenue, USD Million; 2018–2028)
- Tofu & Tofu Ingredients
- Tempeh
- Textured Vegetable Protein (TVP)
- Seitan
- Quorn
- Others
Source (Revenue, USD Million; 2018–2028)
- Soy
- Wheat
- Mycoprotein
- Others
Category (Revenue, USD Million; 2018–2028)
- Frozen
- Refrigerated
- Shelf-Stable
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Regional Outlook (Revenue in USD Million; 2018–2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
Objective of Studies:
- To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the global Vegetarian Meat Substitutes market.
- To provide insights about factors affecting the market growth. To analyze the Vegetarian Meat Substitutes market based on various factors- price analysis, supply chain analysis, Porte five force analysis etc.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, Latin America and Rest of the World.
- To provide country level analysis of the market with respect to the current market size and future prospective.
Thank you for reading this article. You can also get chapter-wise sections or region-wise report coverage for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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