DUBLIN, September 23, 2021--(BUSINESS WIRE)--The "Global Meat Substitutes Market by Source (Soy Protein, Wheat Protein, Pea Protein, and Other Sources), Product (Tofu, Tempeh, Seitan, Quorn, and Other Products), Type (Textured, Concentrates, and Isolates), Form, Category, and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
According to the publisher, the meat substitutes market is estimated to be valued at USD 1.9 billion in 2021 and is projected to reach USD 4.0 billion by 2027, recording a CAGR of 13.5%, in terms of value.
The market is primarily driven by factors such as increasing health-consciousness among consumers and a rise in consumption of plant-based foods.
North America region accounted for the market share in the meat substitutes market owing to the rising investments and consumers' demand for vegan products in the region. However, one of the restraining factors in the growth of meat substitutes market is the high production cost of meat substitute products.
By product, the tempeh segment is projected to account for the second-largest market share during the forecast period
Based on product, the tempeh segment is projected to account for the second-largest market share in the market during the forecast period. Tempeh is an excellent substitute for ground beef. There are numerous health benefits offered by tempeh.
For example, it helps in increasing the antibodies and decreasing the sugar levels, which reduces the risk of diabetes. It also helps in lowering cholesterol levels, which helps in reducing the risk of heart diseases.
By source, the soy segment is estimated to account for the largest share
The soy segment of the meat substitutes is dominating the market. Soy protein has been one of the most preferred ingredients for imparting the meat texture in the final product. Soy is majorly used as a textured protein in the market, rather than being used as an isolate or concentrate. Also, it is the cheapest plant-based source available in the global market.
The Asia Pacific region is projected to grow at the highest CAGR during the forecast period
The Asia Pacific region is projected to be the fastest-growing market for the period considered for this study. The key factors driving growth in the Asia Pacific region include health benefits, animal welfare, environment safety, cost affordability, and the growing variety of plant-based meat products.
Heightened awareness through global animal welfare organizations, such as People for the Ethical Treatment for Animals (PETA), has led to people considering a meat-free diet.
The meat substitutes market is segmented region-wise, with a detailed analysis of each region. These regions include North America, Europe, Asia Pacific, South America, and RoW (Middle East and Africa).
Rising adoption of plant-based food
Increasing vegan & flexitarian population across the world
Increasing obesity globally
Increasing investments in plant-based protein ingredients
Increasing inclination for pea protein ingredients
Rising market of cultured meat and insect protein
Allergy concerns among consumers for soy and wheat products
Emerging markets illustrate the great potential for meat substitutes
Increasing government initiatives
Technological advancements in extrusion and processing
Perception of taste
All Organic Treasures GmbH
Crespel & Deiters
Shandong Jianyuan Group
Sonic Biochem Ltd.
The Green Labs Llc
The Nisshin Oillio Group, Ltd.
Wilmar International Limited
For more information about this report visit https://www.researchandmarkets.com/r/ktnly5
View source version on businesswire.com: https://www.businesswire.com/news/home/20210923005709/en/
Laura Wood, Senior Press Manager
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