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Classified in: Environment, Covid-19 virus
Subjects: ANW, MRR

Meat Substitute Market to Reach $11.2 Bn, Globally, by 2030 at 7.6% CAGR: Allied Market Research


Increase in obese population, environmental sustainability and animal welfare, and surge in demand for clean label and natural products drive the growth of the global meat substitute market.

PORTLAND, Ore., April 4, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Meat Substitute Market by Product Type (Tofu-Based, Tempeh-Based, TVP-Based, Seitan?Based, Quorn-Based, and Others), Source (Soy-Based, Wheat-Based, Mycoprotein, Pea-based and Others), and Category (Frozen, Refrigerated, and Shelf Stable): Global Opportunity Analysis and Industry Forecast, 2021?2030". According to the report, the global meat substitute industry generated $5.4 billion in 2020, and is anticipated to generate $11.2 billion by 2030, witnessing a CAGR of 7.6% from 2021 to 2030.

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Prime determinants of growth

Increase in obese population, environmental sustainability and animal welfare, and surge in demand for clean label and natural products drive the growth of the global meat substitute market. However, wide availability of substitutes and dissatisfaction with sensory attributes hinder the market growth. On the other hand, product diversity, development, innovation, and untapped developing markets present new opportunities in the coming years.

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Covid-19 Scenario

The soy-based segment to maintain its leadership status throughout the forecast period

Based on source, the soy-based segment held the highest market share in 2020, accounting for nearly two-thirds of the global meat substitute market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to their abundance, low-cost, meat-like texture after hydration, and high amino acid composition. Moreover, the pea-based segment is projected to manifest the highest CAGR of 11.4% from 2021 to 2030, owing to its low risk of allergy, high nutritional value, and enhanced emulsion & foam stabilization abilities.

The frozen segment to maintain its lead position during the forecast period

Based on category, the frozen segment accounted for the largest share in 2020, contributing to more than three-fourth of the global meat substitute market, and is projected to maintain its lead position during the forecast period. 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. Moreover, the shelf stable segment is expected to portray the largest CAGR of 10.3% from 2021 to 2030, owing to increase in demand for shelf-stable meat substitutes.

Europe, followed by North America, to maintain its dominance by 2030

Based on region, Europe, followed by North America, held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global meat substitute market, owing to huge demand for meat substitute in the region. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 9.5% during the forecast period. The market players have focused on new product development and increase in production capabilities, foreseeing the upcoming demand for meat analog products, which in turn, drives the market growth.

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Similar Reports:

Processed Poultry Meat Market: Global Opportunity Analysis and Industry Forecast 2020?2031

Europe Meat Substitute Market: Global Opportunity Analysis and Industry Forecast 2021?2027

Popcorn Market: Global Opportunity Analysis and Industry Forecast 2020?2031

Frozen Pizza Market: Global Opportunity Analysis and Industry Forecast 2020?2031

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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News published on 4 april 2022 at 09:30 and distributed by: