Meat alternatives market is anticipated to grow at a significant CAGR of 7.2% during the forecast period. The increasing vegan population due to the shift of consumers interest towards both vegetarian and vegan diet is rising the demand for plant-based ingredients and alternatives to animal protein. For instance, the 2021 vegan statistics for the UK reveal that the number of vegans in the country increased from 150,000 in 2014, to 720,000 in 2020.
Consumers are continuing to seek substitute for meat which is in turn making the companies in the meat alternative market to increase their product portfolio by introducing vegan and plant-based products in the market. This is one of the major factors propelling to the demand for meat alternatives. For instance, in 2020, ADM launched of Arcon T textured pea proteins, Prolite MeatTEX textured wheat protein and Prolite MeatXT non-textured wheat protein expanding its protein portfolio.
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Market Coverage
- Market number available for – 2023-2031
- Base year- 2023
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Meat Alternatives Market Report Segment
By Product Type
- Tofu
- Textured Vegetable Protein (TVP)
- Tempeh
- Seitan
- Quorn
- Others (Natto, Quinoa, Lupine)
By Source
- Soy-based Meat Alternatives
- Wheat-based Meat Alternatives
- Mycoprotein Meat Alternatives
- Other Sources (Pea protein)
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Meat Alternatives Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
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