Dublin, Feb. 05, 2020 (GLOBE NEWSWIRE) -- The "Meat Substitutes Market by Source (Soy protein, Wheat protein, Pea protein), Type (Concentrates, Isolates, and Textured), Product (Tofu, Tempeh, Seitan, and Quorn), Form (Solid and Liquid), and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The meat substitutes market is estimated to be valued at USD 1.6 billion in 2019 and is projected to grow at a CAGR of 12%, recording a value of USD 3.5 billion by 2026.
Owing to the changing perception, plant-based products are turning to be an ideal solution. The aspect of a healthy lifestyle, supported by the integration of plant-based alternatives, has become a popular notion among consumers who are increasingly open to the idea of plant-based products. Also, the rising per capita income is further accelerating market growth. However, the rising market for cultured meat and insect protein is hampering the meat substitutes market growth.
The market for pea protein in the meat substitutes market is projected to record the highest CAGR during the forecast period.
Pea protein has minerals, such as manganese and molybdenum, which enhances the metabolism in the human body. Protein from legumes, such as pea, helps in the prevention of diabetes and coronary heart diseases. This has led to an increase in demand by consumers. Consumers today are becoming more concerned about weight management, which is accelerating the growth of the meat substitutes market. These factors make pea protein a highly nutritious option for meat substitutes.
The solid segment is a faster-growing segment, based on form, in the meat substitutes market.
The solid form of proteins is preferred by manufacturers of plant-based meat products, and this is because of the numerous benefits they offer. Proteins available in the solid form are easy to handle and have better storage conditions as compared to the liquid form. Thus, they have a better shelf life, which increases the profit margin of food manufacturers.
North America is projected to account for the largest market share during the forecast period.
North America dominated the global meat substitutes market in 2018. This is due to the increasing demand for convenience food items in the vegan category. Also, the high standard of living has accelerated the plant-based meat industry of this region, which, in turn, is accelerating the meat substitutes market.
The US is projected to dominate the North American meat substitutes market during the forecast period. This is due to the high awareness among consumers and food centers about the usage of these substitutes. Also, the presence of prominent players such as Cargill, (US), Archer Daniels Midland Company (US), DuPont (US), Ingredion (US), and Puris (US) is expected to aid market growth in the future.
Competitive Landscape
The global meat substitutes market is moderately fragmented, with a large number of emerging companies developing generic soy protein ingredients and pea protein ingredients. A few established companies have been showing an inclination toward expansion in this market; these companies comprise major players, such as DuPont (US), Archer Daniels Midland Company (US), Kerry Group (Ireland), Ingredion (US), Roquette Frres (France), Puris (US), and Cargill (US). New geographical expansions and investments in manufacturing facilities to increase production have highly contributed to the growth of the meat substitutes market.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Meat Substitutes Market
4.2 Meat Substitutes Market, By Region, 2019 vs 2026
4.3 Meat Substitutes Market, By Source, 2019 vs 2026
4.4 Meat Substitutes Market, By Form, 2019 vs 2026 (USD Million)
4.5 North America: Meat Substitutes Market, By Type and Country, 2018
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Adoption of Plant-Based Protein
5.2.1.1.1 Increasing Vegan & Flexitarian Population Across the World
5.2.1.1.2 Increasing Obesity Globally
5.2.1.2 Increasing Investments in Plant-Based Protein Ingredients
5.2.1.3 Increasing Inclination for Pea Protein Ingredients
5.2.2 Restraints
5.2.2.1 Rising Market of Cultured Meat and Insect Protein
5.2.2.2 Allergy Concerns Among Consumers for Soy and Wheat Products
5.2.3 Opportunities
5.2.3.1 Emerging Markets Illustrate Great Potential for Meat Substitutes
5.2.3.2 Increasing Government Initiatives
5.2.3.3 Technological Advancement in Extrusion and Processing
5.2.4 Challenges
5.2.4.1 Pricing Pressure
5.2.4.2 Perception of Taste
5.3 YC & YCC Shift
5.4 Supply Chain
5.5 Regulations
5.5.1 Introduction
5.5.2 Regulations, By Country
5.5.2.1 US
5.5.2.2 Canada
5.5.2.3 Europe
5.5.2.4 India
5.6 Patent Analysis
6 Meat Substitutes Market, By Product
6.1 Introduction
6.2 Tofu
6.2.1 Major Application in the Production of Plant-Based Burgers and Patties
6.3 Tempeh
6.3.1 Increasing Awareness About the Health Benefits Offered By Fermented Food Products Drives the Tempeh Market
6.4 Seitan
6.4.1 Dense Texture and Neutral Flavor Make Seitan A Popular Meat Substitute
6.5 Quorn
6.5.1 Quorn Provides High Health and Environmental Benefits
6.6 Other Products
6.6.1 Other Types of Meat Substitutes Include Risofu, Valess, and Lupine.
7 Meat Substitutes Market, By Source
7.1 Introduction
7.2 Soy Protein
7.2.1 Allergy Associated With Soy Protein has Led to A Sluggish Demand in the Global Market
7.3 Wheat Protein
7.3.1 High Availability of Wheat as A Raw Material Encouraging Low-Fact Food Manufacturers
7.4 Pea Protein
7.4.1 High Investments From Manufacturers Boosting the Demand for Pea Protein
7.5 Others Sources
7.5.1 Increasing Demand for Edible Fungus
8 Meat Substitutes Market, By Type
8.1 Introduction
8.2 Concentrates
8.2.1 Lower Price of Concentrates Boosts Their Demand in the Food Industry
8.3 Isolates
8.3.1 Isolates are the Purest Form of Protein, and A Type With the Highest Amount of It
8.4 Textured
8.4.1 Textured Protein to Witness High Growth Due to the Rising Awareness About Healthy Food Habits Among Consumers
9 Meat Substitutes Market, By Form
9.1 Introduction
9.2 Solid
9.2.1 The Solid Form of Proteins is Widely Preferred Because of Benefits Such as Ease in Storage and Handling
9.3 Liquid
9.3.1 Demand for the Liquid Form is Low Across the Globe
10 Meat Substitutes Market, By Region
10.1 Introduction
10.2 North America
10.2.1 US
10.2.1.1 Shift of Focus to Pea Protein By Key Payers
10.2.2 Canada
10.2.2.1 High Growth Potential With Supporting Government Initiatives
10.2.3 Mexico
10.2.3.1 an Untapped Market Owing to the High Prices of Plant-Based Protein in the Country
10.3 Europe
10.3.1 Germany
10.3.1.1 The Rising Trend of Veganism and Support of Government for the Meat Alternatives Market are Driving the Growth
10.3.2 UK
10.3.2.1 Entry of Major Players in the Market Attracting Consumers
10.3.3 France
10.3.3.1 Awareness About the Drawbacks of Animal-Based Meat Driving the Inclination of Consumers Toward Plant-Based Meat
10.3.4 Italy
10.3.4.1 Entry of Key Players in the Italian Vegan Market Driving Growth
10.3.5 Spain
10.3.5.1 Production and Promotion of Plant-Based Meat By Numerous Companies Driving the Growth of the Meat Substitutes Market
10.3.6 Netherlands
10.3.6.1 Market for Meat Substitutes in the Country at an Extremely Nascent Stage
10.3.7 Rest of Europe
10.3.7.1 Rising Environmental Concerns
10.4 Asia Pacific
10.4.1 China
10.4.1.1 Relatively Fragmented Market With Multiple Start-Ups Developing Generic Plant Proteins
10.4.2 Japan
10.4.2.1 Japanese Consumers are More Inclined Toward Cultured Meat Products
10.4.3 Singapore
10.4.3.1 Key Players are Entering the Market Because of the Acceptance of Consumers for Meat Substitute Products
10.4.4 Australia & New Zealand
10.4.4.1 Health Benefits Offered By Vegan Meat Attract Consumers
10.4.5 Rest of Asia Pacific
10.4.5.1 Increasing Per Capita Income of Middle Class Families
10.5 South America
10.5.1 Brazil
10.5.1.1 Increasing Investments in Plant-Based Meat By Key Players to Remain High in This Market
10.5.2 Argentina
10.5.2.1 Argentina to Offer Growth Opportunities for Meat Alternatives Manufacturers
10.5.3 Rest of South America
10.5.3.1 Rising New Entrants of Plant-Based Meat Products Will Provide New Opportunites for Raw Material Manufacturers
10.6 Middle East & Africa
10.6.1 UAE
10.6.1.1 High Per Capita Income
10.6.2 South Africa
10.6.2.1 Affordability of Meat Substitutes Attracts Consumers
10.6.3 Rest of MEA
10.6.3.1 Increasing Partnerships of Global Players With Local Distributors Fuel the Meat Substitutes Market Growth
11 Competitive Landscape
11.1 Overview
11.2 Competitive Leadership Mapping
11.2.1 Dynamic Differentiators
11.2.2 Innovators
11.2.3 Visionary Leaders
11.2.4 Emerging Companies
11.3 Competitive Benchmarking
11.3.1 Strength of Product Portfolios
11.3.2 Business Strategy Excellence
11.4 Competitive Scenario
11.4.1 Expansions & Investments
11.4.2 Acquisitions
11.4.3 Partnerships & Joint Ventures
11.4.4 New Product Launches
12 Company Profiles
12.1 Archer Daniels Midland Company
12.2 DuPont
12.3 Roquette Frres
12.4 Kerry
12.5 Ingredion
12.6 The Nisshin OilliO Group Ltd.
12.7 Axiom Foods
12.8 Sotexpro S.A
12.9 Wilmar International Limited
12.10 CRESPEL & DEITERS
12.11 CHS Inc.
12.12 Suedzucker
12.13 MGP Ingredients
12.14 Puris
12.15 Sonic Biochem Ltd.
12.16 The Top Health Ingredients
12.17 Emsland Group
12.18 All Organic Treasures GmbH
12.19 Cargill
12.20 A&B Ingredients
For more information about this report visit https://www.researchandmarkets.com/r/s2n1j5
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.