According to the report, the meat substitutes market was estimated at USD 2.1 billion in 2021 and is likely to grow at a CAGR of 12.9% during 2022-2028 to reach USD 4.9 billion in 2028. 

What is a meat substitute?

A meat substitute, also known as a meat alternative or mock meat, is a food product that is designed to replace the taste, texture, and nutritional profile of the meat. It is typically made from plant-based ingredients or other non-meat sources, and it can be used in place of meat.

The health benefits associated with these ingredients are almost similar to real meat, and this is a major factor behind the rising demand for meat substitutes.

COVID IMPACT

There was a spike in the sales of meat substitutes in 2020, increasing sales as compared to 2019. The disruption in the supply chain of the meat market due to the Covid-19 pandemic positively impacted the meat substitute market. Hence notable growth in the market was observed in the year 2020.

Report Findings

Based on the source type, the market is segmented as soy protein, wheat protein, pea protein, and others. The soy protein segment is expected to be the largest segment, during the forecast period, due to the high demand for soy-based meat alternative products, such as pork, beef, and chicken, on account of their high protein content.

Based on the type, the market is segmented as concentrates, isolates, and textured. The concentrates segment is expected to be the fastest-growing segment due to its low price and high protein content.

Based on the form type, the market is segmented as solid and liquid. The solid segment is expected to remain the larger segment of the market during the forecast period owing to its ability to preserve the flavor and color of food products.

In terms of regions, Asia-Pacific is estimated to be the fastest-growing market during the forecast period. Awareness for animal welfare, health benefits, cost affordability, and a growing variety of meat substitute products are driving the market in the region with China and India as the growth engines. 

FAQs in the report -

The research report aims to help the users learn about their market size and potential to connect with customers. This report answers to the following questions:

• How big is the potential Meat Substitutes?
• Will this market grow or shrink in the future?
• Who are our top competitors or key players?
• What market share do the competitors own?
• How Covid19 has affected the market?
• How long will it take to recover from the Covid-impact?

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