A new report by ResearchAndMarkets.com demonstrates that 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. The report also indicates that pea protein continues to trend and will record the highest CAGR in the segment.
Owing to the changing perception, consumers and brands are realising that plant-based products are 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.
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.
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.