Meat Substitute Market worth USD 8,823.6 million by 2027

The Market Statsville Group (MSG) publishes the new report on the "Meat Substitute Market by Product Type (Tempeh-based, TVP-based, Seitan-based, Quorn-based, Tofu-based, and Others), by Source (Soy-based, Wheat-based, Mycoprotein, and Others), by Category (Frozen, Refrigerated, and Shelf Stable), by Region – Global Share and Forecast to 2027". The global meat substitute market size is expected to grow from USD 5,477.7 million in 2020 to USD 8,823.6 million by 2027, at a CAGR of 7.2% during the forecast period. Meat substitutes are less likely to cause food illness or contamination than meat products. Livestock farming is sometimes viewed as a complicated enterprise, including the control of animal waste and butchering. Furthermore, the risk of food contamination is significant throughout the supply chain, particularly inexpensive refrigeration and unreliable power sources.

Furthermore, the risk of animal-borne disease connected with meat products has increasingly impacted consumers negatively and raised health concerns. On the other hand, plant-based food production has lower risks of contamination or spoiling, whereas cultured meat production ensures complete process control at the laboratory level. This has enabled to create a positive impact on the meat substitute market.

Global Meat Substitute Market Segmentation

The overall meat substitute market has been segmented into product type, source, category, and region.

• By Product Type (Tempeh-based, TVP-based, Seitan-based, Quorn-based, Tofu-based, and Others)
• By Source (Soy-based, Wheat-based, Mycoprotein, and Others)
• By Category (Frozen, Refrigerated, and Shelf Stable)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Frozone segment, by category, is estimated to hold the largest market share during the forecast period

By category, the meat substitute market is fragmented into refrigerated, shelf-stable, and frozen. The frozen segment accounted for the highest revenue, with 77.1% of the market share in 2020. The frozen segment accounts for the largest share of the overall global meat substitute market. Crumbles, sausages, patties, nuggets, pizza, Frozen burgers, strips, and other products have gained popularity due to their longer shelf life. Leading companies, such as Quorn Foods and Foods for Tomorrow (Heura), offer food in the frozen category.

Ready meals, including cooked and semi-cooked meat substitute food products, have become increasingly popular across most countries and have registered considerable growth in the past few years. Supermarket & hypermarket chains have increased the shelf space dedicated toward frozen meat substitutes, which has notably contributed to the expansion of the meat substitute market. Furthermore, large retail outlets have introduced their range of fresh meat substitutes, such as Tesco’s Plant Chef. In addition, frozen foods are nutritionally more stable as freezing prevents sensitive nutrients from being lost during transportation. Moreover, frozen foods are available year-round and are thus more reliable. In addition, frozen meat substitutes help incorporate the health benefits from every food group, including whole grains, vegetables, and proteins, and are thus convenient and affordable.

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Europe accounts for the largest market share in meat substitute market 2020

Based on the regions, the global meat substitute market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Europe accounted for the highest market share of 38.9% in the global meat substitute market and was anticipated to maintain its dominance throughout the forecast period. Europe is a mature market. It includes countries such as Germany, France, Italy, Spain, the UK, and the rest of Europe. Stakeholders in Europe are focusing on leveraging new technologies, owing to which Europe has witnessed a transitional shift in recent years.

Europe has emerged to be the largest market of meat substitutes in the world. The UK, Germany, France, and other countries, primarily in Western Europe, have witnessed a decline in per-capita consumption of meat over the past few years. Canned fake meats, ready meals, burgers, pizza, fillets, patties, sausages, meat-free meatballs, and other culinary and snack products are popular in the region. The European market for meat substitutes is quite competitive. Some of the most well-known meat alternatives, such as Quorn Foods, Cauldron Foods, and others, are available on the market. In recent years, the market has also introduced certain well-known businesses from the meat food industry, such as Rugenwalder Muhle. Quorn Foods, a key competitor in the European meat replacement industry, has concentrated on market expansion while improving its manufacturing capacity to consolidate its market position.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the meat substitute market. It also consists of leading companies such as Garden Protein International, Inc., Cauldron Foods, Amy’s Kitchen, BeyondMeat, VBites Foods Ltd., Kellogg Company, Meatless B.V., Archer-Daniels-Midland Company, MGP Ingredients, and Sonic Biochem Extractions Limited.

Browse complete report: https://www.marketstatsville.com/meat-substitute-market

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