The report "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", is projected to reach USD 3.5 billion by 2026, from USD 1.6 billion in 2019, recording a CAGR of 12.0% during the forecast period. The rising awareness about plant-based meat and increasing health-cautiousness due to increasing obesity are projected to drive industry growth during the forecast period.
Higher demand for plant-based meat products contributes to the growth of the meat substitutes market, by source
Plant-based protein ingredients have proved to be a better substitute for meat products. This is due to their high protein value, along with their texture, which enhances the taste of the final products. The market for soy protein accounted for the maximum market share in the market due to the high demand for soy-based meat alternative products, such as pork, beef, and chicken, owing to their high protein content. The other reason can be the increase in the adoption of healthy and vegetarian diets. Soy-based foods are cholesterol-free, unlike animal protein foods, and serve as a good source of fibers. These factors have proved positive for the soy protein segment in the forecast period.
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Based on type, the concentrates segment is projected to witness the highest growth in the market during the forecast period
Concentrates, if added to a product, offer a high protein content and very low levels of calories. These concentrates are used as ingredients to enhance the volume and texture of different products. Concentrates are more refined than textured whereas less refined than isolates.
North America is projected to account for the largest share in the meat substitutes market for the concentrates segment during the forecast period. This is due to the low prices of concentrates compared to isolates. Another significant factor could be that soy protein concentrates (SPC) are easily digested by humans and contain the same amount of protein as found in milk, meat, and eggs.
With the increasing demand for plant-based meat, North America is estimated to dominate the meat substitutes market in 2019
The changing lifestyle and increasing buying power of consumers have increased the demand for meat substitutes. The growth of the region is owing to the increasing sale of plant-based meat products in North America and the rising acceptance of convenience foods among consumers due to their hectic lifestyles. Also, the inclination of the millennial population toward ready-to-eat foods drives the North American processed food market, which, in turn, is driving the demand for global meat substitutes.
In recent years, the rise in innovation in plant-based meat products has also been seen in the US. This factor is also expected to propel the market growth. Major companies of this region, such as Cargill (US) and ADM (US), are highly focusing on innovations to provide better products to their customers.
This report includes a study of the development strategies of the leading companies. The scope of this report consists of a detailed study of meat substitute manufacturers, such as Cargill, (US), Archer Daniels Midland Company (US), DuPont (US), Ingredion (US), Axiom Foods (US), MGP Ingredient (US), A&B Ingredients (US), and Puris (US).
Ingredion (US) is an ingredient solutions company whose product line includes sweeteners, starches, and unique ingredients from plant sources, such as corn, tapioca, rice, sago, and potato. It also sells biomaterial solutions derived from the wet milling and processing of corn and other starch-based materials to a range of industries, both domestically and internationally. It caters to a variety of customers in diverse industries around the world, including food, beverage, paper & corrugating, brewing, pharmaceutical, textile, and personal care, as well as the global feed and corn oil markets. Its key reportable segments include food, beverages, animal nutrition, brewing, and others. It maintains a strong operational base of 44 manufacturing facilities and has a presence across 60 countries.
Ingredion produces a diverse variety of flours made out of pulses. These flours are used in bakery products, snacks, cereals, meat alternatives, pasta, batters, and breading. Meat alternatives are produced from pea, faba beans, chickpea, and lentils. The company mainly focuses on various expansions & investments to expand itself in the meat substitutes market. For instance,
1. In May 2019, Ingredion invested about USD 185 million toward a new facility in Vanscoy, Canada, which would be operational by 2020. The new facility would play a key role in the development and production of new protein concentrates and flours from lentils, faba, peas, and beans.
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