NEW YORK, July 12, 2021 /PRNewswire/ -- The increasing concerns being raised over food security and sustainability and the surging investments being made in plant-based protein ingredients are some of the major factors fueling the growth of the global meat substitutes market. Due to these factors, the market reached around $1,769.0 million revenue in 2020, according to the market research firm P&S Intelligence.
The COVID-19 pandemic massively pushed up the demand for meat alternatives, as people became aware about the benefits of protein rich foods on the human body. Plant-based protein substitutes are not only cholesterol-free but also don't lose their taste and texture while being processed into final products. Additionally, the pandemic severely disrupted the supply chain of the meat industry, thereby causing a 45% fall in pig processing capacity in the U.S. in 2020. The shutting down of slaughterhouses has also massively contributed to the burgeoning demand for meat substitutes, thereby driving the expansion of the meat substitutes market.
The meat substitutes market is classified into pea protein, wheat protein, soy protein, and others, depending on source. Out of these, the soy protein category is predicted to contribute the highest revenue to the market during the forecast period. This will be because of the fact that soy-based food items contain essential amino acids and provide a high protein value. Additionally, soy-based food items have the ability to easily absorb the flavors of the ingredients used in various recipes.
The market is also divided, on the basis of product type, into tempeh, tofu, quorn, and seitan. Out of these, the seitan category is expected to exhibit the fastest growth throughout the forecast period. Seitan-based products are widely preferred by vegans who cannot consume soy-based foods. Additionally, these products are available in different forms such as marinated strips, shaped masses, blocks, and slices.
Across the world, North America held the largest share in the meat substitutes market in 2020. This was due to the higher awareness about various meat alternatives and the benefits of healthy eating habits among the masses in the region.
During the forecast period, the Asia-Pacific (APAC) region is expected to register the fastest growth, on account of the growing demand for food products and meat alternatives, because of the surging population and the growing public awareness about healthy diets, including vegetarian and vegan diets, in the region.
The meat substitutes market players are actively focusing on launching innovative products, as per the demands of consumers in different regions. For example, DuPont de Nemours Inc. launched a new product line under the Danisco Planit brand in July 2020. It is an environment-friendly brand and uses ingredients that can be used for developing plant-based beverages, meat, seafood, and dairy alternatives. Hydrocolloids, probiotics, cultures, plant proteins, antioxidants, fibers, emulsifiers, enzymes, and natural extracts are the most widely produced new products. The organization prioritized texture, taste, sustainability, and nutrition while developing the portfolio.
Archer Daniels Midland Company, Conagra Brands, Wilmar International Limited, Kerry Group Plc, Hilton Food Group plc, Marlow Foods Ltd., Unilever NV, Tyson Foods, Axiom Foods, DuPont de Nemours Inc., and The Nisshin OilliO Group Ltd. are some of the major meat substitutes market players.
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