NEW YORK, April 8, 2021 /PRNewswire/ -- The global meat substitutes market size is expected to reach USD 4.36 billion by 2028 according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR of 11.8% from 2021 – 2028. Growing awareness among people for having healthy food habits and increasing preference for vegetarian food are some of the major factors that contribute to the overall growth of the market. In addition to this, an emerging trend of veganism coupled with a favorable campaign for animal welfare is further propelling the demand for meat substitute products. Moreover, the rise in investments by market participants for bringing innovation in product offerings is also turning in the favor of the market.
Based on type, the concentrates segment is anticipated to exhibit the fastest growth rate over the forecast period. Concentrates when added to a product, it offers low levels of calories and high protein level. It is also used to improve the texture of the products and comes in a more refined form.
In terms of form, the solid segment accounted for the largest revenue share and is expected to grow at a higher rate over the forecast period. The segment's growth is attributed to increased preference for solid content by food manufacturers due to its ability to preserve the flavor for a longer time.
The COVID-19 pandemic has made a positive impact on the meat substitutes market. Increasing efforts to ensure food hygiene with clean eating and the rising trend of GMO-free eating are projected to create a positive environment for the market. Increasing use of an online medium to order food at consumer's home convenience also favors the market growth.
Asia Pacific's regional market is benefited from the growing awareness among people regarding healthy dietary habits. In addition to this, public-private organization's effort to spread awareness about environmental safety and increasing availability of variety in products contributes to the regional market growth. In North America, the market is expected to witness substantial growth owing to decreasing rate of consumption among the regional population. Furthermore, the rapid development of the retail sector as well as reliable online retail portals for proper distribution of meat substitute products also fueling the market growth in the region.
A continuous shift in consumer food preferences is making manufacturers come up with better products. Market players are involved in numerous activities such as acquisitions, partnerships, and mergers to expand their business. Leading players present in the meat substitutes market include Axiom Foods, MGP Ingredients, Cargill, Dupont, Marlow Foods Ltd., Amys Kitchen Inc., Quorn Foods, Crespel & Deiters, Sonic Biochem Extractions Limited, Vbites Food, Ltd., Sotexpro S.A, Archer Daniels Midland Company, Emsland Group, Conagra Brands Inc., Beyond Meat Inc., and Wilmar International Limited.
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