Meat Substitute Market ($3821.26 Mn by 2028) Growth Forecast at 12.90% CAGR During 2022 to 2028 COVID Impact and Global Analysis by Vantage Market Research

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WASHINGTON, March 17, 2022 (GLOBE NEWSWIRE) -- According to a new market research report " Meat Substitute Market Size, Share & Trends Analysis Report by Product (Tofu, Tempeh, Seitan, Quorn), by Source (Wheat protein, Pea protein, Other sources), by Type (Isolates, Concentrates, Textured), by Form (Solid, Liquid), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)", published by Vantage Market Research, the global post COVID-19 market size of the Meat Substitute Market is expected to grow from USD 1,845.20 Million in 2021 to USD 3,821.26 Million by 2028 at a CAGR of 12.90% during the forecast period.

Synopsis:

Nowadays, consumers are very cautious about their health owing to the growth in obesity cases and other diseases like diabetes, and cardiac diseases, so the consumers are changing their daily food habits and are including a healthy diet in their day-to-day life which is expected to fuel the growth of Meat Substitute Market during the forecast period. Moreover, the increasing health concerns and the changing consumer awareness have increased the demand for Meat Substitute Market products during the forecast period. The increasing awareness about the benefits of a vegan diet among consumers is one of the major factors boosting the demand for plant-sourced meat products globally. The increasing flexitarian and vegan population across the world and the rising adoption of plant-based food among consumers are the other major factors expected to drive the growth of the Meat Substitute Market in the coming years. The increasing government initiatives and growth in the investments from several companies in the plant-based protein ingredient market are further projected to boost the market growth in upcoming years. The growing technological advancement in processes and extrusion is expected to provide a major opportunity for the further growth of the Meat Substitute Market in the coming years. Besides, the growing market of insect protein and cultured meat could hamper the growth of the Meat Substitute Market during the forecast period.

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Key Insights & Findings from the Report:

  • According to our primary respondents’ research, the Meat Substitute market is predicted to grow at a CAGR of roughly 12.90% during the forecast period.
  • The Meat Substitute market was estimated to be worth roughly USD 1,845.20 Million in 2021 and is expected to reach USD 3,821.26 Million by 2028; based on primary research.
  • On the basis of region, Asia Pacific is projected to dominate the worldwide Meat Substitute market.

List of Prominent Players in the Meat Substitute Market:

  • DuPont (US)
  • ADM (US)
  • Kerry Group (Ireland)
  • Ingredion Incorporated (US)
  • Roquette Frères (France)
  • PURIS (US)
  • Cargill (US)
  • Axiom Foods (US)
  • Sonic Bio chem Ltd (India)
  • Crespel & Deiters (Germany)
  • Wilmar International Limited (Singapore)
  • Sotexpro S.A (France)
  • The Nisshin OilliO Group
  • Ltd (Japan)
  • A&B Ingredients (Canada)
  • Batory Foods (US)
  • All Organic Treasures GMBH (Germany)
  • The Green Labs LLC (US)
  • Shandong Jianyuan Group (China)
  • ET Chem (China)
  • Beneo (Germany)

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Market Dynamics:

Drivers:

The increasing investments done by the major food industry pioneers in the plant-based protein ingredients have a positive impact on the Meat Substitute Market and are driving the market growth during the forecast period. The increasing environmental sustainability and animal welfare are the major factors driving the growth of the Meat Substitute Market during the forecast period. Moreover, the growing surge in the demand for natural products and clean labels, increasing development, innovations, and product diversity are the other major factors expected to drive the Meat Substitute Market growth in the upcoming years.

Challenges:

The increasing prices of raw materials which is increasing the prices of final Meat Substitute Market products is the major challenge expected to hinder the Meat Substitute Market growth during the forecast period. The growing allergy concerns among the consumers for wheat and soy products along with the perception of taste is the other prime factor that is expected to hamper the overall Meat Substitute Market growth in coming years.

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Regional Trends:

Asia Pacific region is projected to grow at a considerable CAGR during the forecast period. The growth in the Asia Pacific region is primarily attributed to increasing awareness among consumers about healthy dietary habits and maintaining fitness during the forecast period. The increasing environmental safety, animal welfare, health benefits, cost affordability, and increase in the variety of plant-based meat products are the major factors driving the growth of the Meat Substitute Market in the Asia Pacific region. The growth in awareness about global animal welfare organizations like peoples coming for the Ethical Treatment for Animals (PETA) which has led the people to consider a meat-free diet in daily meals has expected to affect the market in a positive way and therefore increase the growth of the market in coming years. Whereas the non-meat-based meal is previously popular in Asia, along with tofu which is extensively used in Asian cuisines, and bean-based congees are extensively consumed in countries like China, this is the reason for the Asia Pacific region for becoming the fastest-growing potential market for the Meat Substitute Market.

Recent Developments:

In 2020, Conagra Brands has prolonged its Gardein meat-free portfolio in the United States by introducing the latest plant-based burger patty. The product contains a pea protein and the 4oz patties feature 19g of protein per serving.

Browse market data Tables and Figures spread through 135 Pages and in-depth TOC on "Meat Substitute Market Size, Share & Trends Analysis Report by Product (Tofu, Tempeh, Seitan, Quorn), by Source (Wheat protein, Pea protein, Other sources), by Type (Isolates, Concentrates, Textured), by Form (Solid, Liquid), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/meat-substitute-market-market-062780

The report on the Meat Substitute Market highlights:

  • Assessment of the market
  • Premium Insights
  • Competitive Landscape
  • COVID Impact Analysis
  • Historic Data, Estimates, and Forecast
  • Company Profiles
  • Global and Regional Dynamics

Key questions answered in the report:

  • Which regional market will show the highest and rapid growth?
  • Which are the top five players of the Meat Substitute Market?
  • How will the Meat Substitute Market change in the upcoming six years?
  • Which application and product will take a lion’s share of the Meat Substitute Market?
  • What is the Meat Substitute market drivers and restrictions?
  • What will be the CAGR and size of the Meat Substitute Market throughout the forecast period?      

This market titled “Meat Substitute Market” will cover exclusive information in terms of Geographic Segmentation, Forecast, Regional Analysis, Key Market Trends, and various others as mentioned below:

ParameterDetails
Market Size in 2021USD 1,845.20 Million
Projected Market Size in 2028USD 3,821.26 Million
CAGR Growth RateCAGR of 12.90% From 2022 – 2028
Market Size Provided for Years2016-2028
Base Year2021
Historic Years2016-2020
Forecast Years2022-2028
Segments Covered 
• Product
    • Tofu
    • Tempeh
    • Seitan
    • Quorn
    • Other types (risofu, valess, and lupine)

 • Source
    • Wheat protein
    • Pea protein
    • Other sources

 • Type
    • Isolates
    • Concentrates
    • Textured

 • Form
    • Solid
    • Liquid

Region & Counties Covered
 • North America
    • U.S.
    • Canada
    • Mexico

 • Europe
    • U.K
    • France
    • Germany
    • Italy
    • Spain
    • Rest Of Europe

 • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South East Asia
    • Rest Of Asia Pacific

 • Latin America
    • Brazil
    • Argentina
    • Rest Of Latin America

 • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest Of Middle East & Africa

Companies Covered 
• DuPont (US)

 • ADM (US)

 • Kerry Group (Ireland)

 • Ingredion Incorporated (US)

 • Roquette Frères (France)

 • PURIS (US)

 • Cargill (US)

 • Axiom Foods (US)

 • Sonic Biochem Ltd (India)

 • Crespel & Deiters (Germany)

 • Wilmar International Limited (Singapore)

 • Sotexpro S.A (France)

 • The Nisshin OilliO Group

 • Ltd (Japan)

 • A&B Ingredients (Canada)

 • Batory Foods (US)

 • All Organic Treasures GMBH (Germany)

 • The Green Labs LLC (US)

 • Shandong Jianyuan Group (China)

 • ET Chem (China)

 • Beneo (Germany)

Report CoverageMarket growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

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