The global meat substitutes market size is expected to reach USD 5.69 billion by 2030 according to a new study by Polaris Market Research. The report “Meat Substitutes Market Share, Size, Trends, Industry Analysis Report, By Type (Seitan-based, Tofu-based, Textured Vegetable Protein, Quorn-based, Tempeh-based); By Product; By Source; By Form; By Distribution Channel; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Factors including population growth, urbanization, increasing consumer preference for plant-based healthier diets are some factors propelling the industry. Furthermore, increasing animal-related diseases along with the outbreak of the COVID-19 pandemic have resulted in increasing demand for the products which in turn is expected to drive the demand over the forecast period. Additionally, conventional delivery lines have been and continue to be disrupted as schools, restaurants, as well as other institutions have closed. Consumers had limited options as a result of decreased output and increased pricing, which in turn is boosting the demand for the products among consumers.
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North America is expected to hold the majority of shares over the forecast period due to increased cardiovascular diseases through the intake of red flesh. However, Asia Pacific is expected to grow at a considerable rate due to increasing awareness regarding plant-based protein diets.
Some of the major players operating in the global market include Archer Daniels Midland Company, Amys Kitchen Inc., Axiom Foods, Cargill, Crespel & Deiters, Beyond Meat Inc., Dupont, Emsland Group, Vbites Food, Ltd., Marlow Foods Ltd., Conagra Brands Inc., MGP Ingredients, Quorn Foods, Sotexpro S.A, Sonic Biochem Extractions Limited, and Wilmar International Limited.
Polaris Market Research has segmented the meat substitutes market report on the basis of product, type, source, form, distribution channel, and region:
Meat Substitutes, Product Outlook (Revenue – USD Billion, 2018 – 2030)
Meat Substitutes, Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Textured Vegetable Protein
Meat Substitutes, Source Outlook (Revenue – USD Billion, 2018 – 2030)
Meat Substitutes, Form Outlook (Revenue – USD Billion, 2018 – 2030)
Meat Substitutes, Distribution Channel Outlook (Revenue – USD Billion, 2018 – 2030)
- Grocery & Departmental Stores
- Online Sales
Meat Substitutes, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa