Meat Substitutes Market Research Report by Raw Material, by Application, by End-Use Industry, by Region - Global Forecast to 2028 - Cumulative Impact of COVID-19 - by The Insight Partners

NEW YORK, June 29, 2022 /PRNewswire/ -- The Insight Partners published latest research study on Meat Substitute Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Source (Soy Protein, Wheat Protein, Pea Protein, and Others), Product Type (Tofu, Tempeh, Quorn, Seitan, and Others), and Category (Frozen, Refrigerated, and Shelf-Stable). Meat substitutes is a food product made from vegetarian or vegan ingredients, eaten as a replacement for meat. Meat alternatives typically approximate qualities of specific types of meat, such as mouthfeel, flavor, appearance, or chemical characteristics. Plant- and fungus-based substitutes are frequently made with soy, tofu, tempeh, and textured vegetable protein, but may also be made from wheat gluten as in seitan, pea protein or mycoprotein as in Quorn.

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"Global Meat Substitutes Market Analysis to 2028" encapsulate a detailed market analysis on key segments such as source, product type, and category of meat substitutes market, and a deep dive statistical and qualitative analysis by geography covering five key regions and several countries. As a part of qualitative analysis report offers evaluation of key market dynamics such prevailing market driver, key challenges and opportunities that pave the path for future developments. Further, our analysis on the key competition provides a strategic viewpoint on the market initiatives, SWOT analysis, and highlights on the products and service developments of the players.   

Strategic Insights – Meat Substitute Market

The global market for meat substitutes has experienced a boom in demand in the last decade, with increasing veganism trend. Most people in Europe and North America depended on meat products for their daily protein requirements but now they are starting to prefer plant-based meat products. Animal meat proteins provide the body with essential amino acids, but they are also high in cholesterol, which has been related to a number of serious health issues. This became the primary driver of rising demand for plant-based meat products, especially in developed countries like the US, Germany, France, and the UK. These factors are expected to drive the growth of the global meat substitute market.

Veganism is on the rise in several developed and developing countries across the globe. According to a 2018 report from the Food Revolution Organization, the number of vegans in the US has surged by 600% in the last three years. The market is predicted to rise due to the growing preference for plant-based meat products.

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Regional Insights: Meat Substitutes Market

Asia Pacific is expected to account for a significant share in the global meat substitute market. The rising awareness of healthy dietary practices among consumers is a major factor contributing to the growth of the meat substitutes market in Asia Pacific. Health advantages, animal welfare, environmental safety, cost affordability, and the growing diversity of meat alternatives are all driving expansion in the Asia Pacific region. People are exploring a meat-free diet as a result of increased awareness raised by worldwide animal welfare organizations such as People for the Ethical Treatment of Animals (PETA). Non-meat-based meals are already widespread in Asia, with tofu being widely utilized in Asian cuisines and bean-based congees being popular in countries such as China. These factors are expected to drive the meat substitute market in the region.

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely, North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). The meat substitutes market by each region is later sub segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

Key Recent Developments: Meat Substitutes Market.

• April 2021, ADM announced its new cutting-edge, plant-based innovation lab, located in ADM's Biopolis research hub in Singapore. The new lab enabled the company to develop next-level, on-trend, and nutritious products, catering to the needs of the Asia Pacific market.
• In 2020, Conagra Brands has expanded its Gardein meat-free portfolio in the United States by launching a new plant-based burger patty. The product is made up of pea protein featuring 19 g of protein per serving.

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The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely, North America, Europe, APAC, MEA, and South & Central America after evaluating political, economic, social and technological factors affecting the meat substitutes market in these regions. 

Impact of COVID-19 Pandemic on Meat Substitute Market

The COVID-19 pandemic brought unprecedented challenges for many industries, including the food & beverages industry. Lockdowns, border restrictions, travel bans, plant shutdowns, and other government-led safety protocols disturbed the operations of manufacturing companies. The COVID-19 pandemic also created a shortfall in production due to raw material and labor shortages, which hampered the market shares of small-scale and large-scale food and beverage manufacturers across different geographies.

The manufacturers of meat substitutes could not meet the rising demand due to raw material shortages. This hampered their profitability. Moreover, the closure of supermarkets and hypermarkets also affected the distribution of various meat alternatives product manufacturers. Many manufacturers did aggressive marketing of their products during the pandemic which had a slight positive impact on their revenues. E-commerce contributed significantly to the distribution of meat substitutes products due to their extensive inventories and home delivery options. Further, in 2021, many governments relaxed the restrictions and permitted the manufacturers to operate fully/partially. The manufacturers focused on increasing their production of meat substitutes which boosted the meat substitutes market. Thus, the COVID-19 pandemic had a mixed impact on meat substitutes market.

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The report segments the global Meat Substitutes market as follows:

By Source:

• Soy Protein
• Wheat Protein
• Pea Protein
• Others

By Product Type:

• Tofu
• Tempeh
• Quorn
• Seitan
• Others

By Category:

• Frozen
• Refrigerated
• Shelf-Stable

By Geography

• North America
• US
• Canada
• Mexico
• Europe
• France
• Germany
• Italy
• UK
• Russia
• Rest of Europe
• Asia Pacific (APAC)
• China
• India
• Australia
• South Korea
• Japan
• Rest of APAC
•  Middle East and Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of SAM

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Company Profiles:

• Beyond Meat
• Impossible Foods Inc.
• ADM
• Bob's Red Mill Natural Foods
• MGF
• Conagra, Inc.
• Marlow Foods Ltd
• Kellogg's Company

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