Meat Substitute Market to grow US$ 6.99 Bn by end of 2027, Says Coherent Market Insights

SEATTLE, Nov. 5, 2021 /PRNewswire/ -- According to the Coherent Market Insights, The global meat substitute market is estimated to account for US$ 6.99 Bn in terms of value s by the end of 2027, witnessing a CAGR of 7.6%.

A meat substitute is a meat-like material made entirely from plants. Common substitutes are plant-based meat alternatives, such as tofu, veggie burgers, faux beef, and soy burgers, and, occasionally more commonly, faux pork or fake meat. Though the term "meat substitute" has come to encompass practically any product which can be substituted for an animal-derived product, it is particularly targeted at vegetarian meat substitutes. Even though the vast majority of meat substitute products do not include poultry or fish meat, there are some which may include eggs, seaweed, and cheese. Seaweed and tofu are both derived from plant sources, but how they are created differs greatly. In order to obtain the necessary nutrients and increase protein content, plant-based substitutes for meat substitutes often contain wheat, rye, or other grains which are fermented and then sprouted. After this procedure has taken place, the resulting grain is considered to be complete since it is complete in terms of nutrition and protein content.

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Market Drivers:

The increase of preferences such as veganism among consumers is expected to propel the growth of the global meat substitute market

Keeping in mind animal and environmental welfare, many individuals are inclining towards changing their lifestyle preferences, such as avoiding eating meat and dairy products. They are choosing veganism, which is an all-plant diet, over the consumption of meat.  For instance, according to the U.S. National Institute of Health, there are around 9.7 million individuals in the regions, who have voluntarily chosen the vegan way to live.

Meat substitute is an alternative solution to sustainability, food safety, and food security, and is expected to augment the growth of the global meat substitute market.

With the increasing rate of the global population, food safety has risen as a major concern. For instance, according to the United Nation's Department of Economic and Social Affairs Population Dynamics, in 2019 the global population was approximately 7.7 billion which increased to 7.8 billion in 2020. This steady rise in population is creating more requirements for foods in the global market. While meat is a good source of protein, however, the population rise is resulting in a shortage of supply of meat, which is expected to increase the already rising demand of the global meat substitute market.

Market Opportunities:

An increasing amount of chronic diseases, such as cardiovascular issues, cancer, and diabetes, all over the world is expected to create great opportunities in the global meat substitute market. While meat has a lot of nutritional values, however, consumption of some types of meat such as red meat can lead to a lot of health issues, such as heart-related issues. For instance, according to Centres for Disease Control and Prevention, around 18.2 million adults who are aged 20 years or older have been diagnosed with cardiovascular diseases and around 2 in 10 deaths from these diseases happen in adults, who are less than 65 years old. Apart from cardiovascular issues, other health issues such as obesity and type 2 diabetes can also alleviate from consuming too much red meat.

Various fast-food chains are also respecting the preferences of their customers and are launching new vegan options in their menu, which is expected to create good opportunities for the global meat substitute market. For instance, in November 2020 McDonald's, a global fast-food chain, entered the vegan industry with its plant-based sandwich called McPlant. The chain is also planning on launching a plant-based burger in 2021.

Market Trends:

The main trend that has taken the global meat substitute market to another height is plant-based foods launched by food chains, which are mostly known for their meat products. For instance, in December 2020, Burger King launched the first-ever plant-based burger in Mexico, for its vegan customers. This burger has now beco0me a permanent addition to their menu and is available in the 201 Burger King joints across the nation.

Another trend in the global meat substitute market is to add these products to a normal diet of individuals to accelerate the health and wellbeing of the person. For instance, tofu, which is one of the rigorously used meat substitutes, in 122 grams, it contains 177 calories, which is comprised of 5.36 grams of carbohydrate and 12.19 grams of fat.

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Competitive Landscape:

Key players operating in the global meat substitute market include Cargill, The Emsland Group, Puris, MGP Ingredient, Suedzucker, CHS INC., CRESPEL & DEITERS, Sotexpro S.A, Ingredion, Kerry, Roquette Frères, DuPont, and Archer Daniels Midland Company.

In February 2019, the Institute of Chemical Technology, India, and a global non-profit organization, The Good Food, collaboratively promoted a plant and cell-based meat sector through commercialization and research.

In May 2019, Beyond Meat, Inc., partnered with Zandbergen world's Finest Meat, to produce new and innovative plant-based meats in a new facility that has been constructed in Zoeterwoude, the Netherlands by Zandbergen.

Market segmentation:

By Source

• Plant Origin
• Animal Origin

By Application 

• Cereals and Crops
• Fruit and Vegetables
• Lawns and Turfs

By Form

• Solid
• Liquid

By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa

Global Meat Substitute Market, By Region:

• North America
• By Country:
• U.S.
• Canada
• Europe
• By Country:
• U.K.
• Germany
• Italy
• France
• Spain
• Russia
• Rest of Europe
• Asia Pacific
• By Country:
• China
• India
• Japan
• ASEAN
• Australia
• South Korea
• Rest of Asia Pacific
• Latin America
• By Country:
• Brazil
• Mexico
• Argentina
• Rest of Latin America
• Middle East & Africa
• By Country:
• GCC Countries
• Israel
• South Africa
• Rest of Middle East & Africa

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SOURCE Coherent Market Insights