Meat Substitutes Market Is Likely to Experience Strong Growth During 2022–2028

Stratview Research has published a new report on the Storage as a Service Market, segmented by Source Type (Soy Protein, Wheat Protein, Pea Protein, and Others), by Product Type (Tofu, Tempeh, Seitan, Quorn, and Others), by Type (Concentrates, Isolates, and Textured), by Form Type (Solid, Liquid), and by Region (North America, Europe, Asia-Pacific, and Rest of the World). This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global artificial intelligence as a service market.

Market Highlights

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-19 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.

Market Dynamics

The market for meat substitutes is driven by the surge in demand for plant-based meat products among millennials, globally.

Growing concerns for animal welfare, awareness of health, and environmental safety have motivated humans to avoid animal meat. This has led to increasing demand for meat substitutes. These are the food items that contain protein and nutrients equivalent to animal meat.

Segmentation –

This report studies the Storage as a Service Market and has segmented the market in a few ways, keeping in mind the concentration of all the stakeholders across the value chain. Following are the ways in which the market has been segmented in the report:

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.

Following are the key players in the Meat Substitutes Market:

• Archer Daniels Midland Company
• DuPont
• Roquette Frères
• Kerry
• Ingredion
• Sotexpro S.A
• CRESPEL & DEITER
• CHS INC.
• Suedzucker
• MGP
• Ingredient.

About Stratview Research-

Stratview Research is a global market intelligence firm having a strong team of industry veterans and research analysts. Stratview Research has been serving multiple clients across a wide array of industries. Our services cover a broad spectrum of industries including but not limited to Energy Chemicals, Advanced Materials, Automotive, and Aerospace. At Stratview, we believe in building long term relations with our clients.

Connect with our team here–
https://www.stratviewresearch.com/contact

Or

Call us @: +1–313–307–4176