Pune, India, 13 August 2021 (GLOBE NEWSWIRE) – Global meat substitute market is set to gain traction from the massive shift of people towards vegan diets, especially in North America and Western Europe. The Vegan Society, for example, stated that if the world became vegan, it could reduce greenhouse gas emissions by two-thirds, save about 8 million lives, and save on health care costs by 2050. This information is provided by Fortune Business Insights raport in a report, entitled, “Meat Substitutes Market, 2021 – 2028According to the report, the market size was $ 4.98 billion in 2020. It is projected to grow from $ 5.37 billion in 2021 to $ 10.80 billion by 2028, showing a CAGR of 10.48% over the forecast period.
Lack of availability of fresh meat amid the COVID-19 pandemic to boost market growth
The COVID-19 pandemic has accelerated demand for meat substitutes across the globe due to supply chain disruptions, shortages of workers in meat processing plants and shortages of fresh meat. At the same time, several types of research conducted in the midst of the pandemic, such as one from the Food and Agriculture Organization, stated that numerous diseases are directly related to animal-based food items.
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Soybean Based Ingredient Segment Holds 63.65% Turnout in 2020: Fortune Business Insights
Based on the source, the soy-based ingredients segment was created 63.65% in terms of market share of meat substitutes in 2020. It is expected to remain dominant in the near future due to the presence of essential amino acids and high quality proteins. Also, the emergence of soy protein isolates that bear a close resemblance to the organoleptic properties of meat and animal products will promote segment growth.
The research report provides a comprehensive analysis of the organizations that may influence the outlook over the coming years. Furthermore, it provides an authentic assessment by highlighting information on several aspects that may include growth drivers, opportunities, trends and barriers. It also represents the size of the meat analogue industry from a global perspective by analyzing qualitative knowledge and historical data.
Leaders and limitations
Increased Demand for Allergen-free alternatives to promote growth
Plant-based meat made from peas and soy has a high protein content. Therefore, people are choosing them over chicken, beef and pork. They also have a similar quality to meat. Moreover, the growing vegetarian population and the growing trend of health and fitness worldwide will boost the market in the coming years. People nowadays are looking for allergen-free alternatives, especially chickpeas due to increased health awareness. Therefore, various companies are trying to come up with products packed with pea protein. However, meat substitutes are very expensive and can inhibit growth.
Presence of Flexible customers to help Europe grow in the future
Geographically, Europe has procured $ 1.62 billion in revenue-related revenue by 2020. The growing ethical focus of consumers, high millennial demand, and the presence of flexible consumers will drive growth in the region. Asia Pacific, on the other hand, is expected to be the fastest growing region due to the high popularity of unique diet models and the demand for soy-based meat analogues.
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Leading players focus on introducing new products to meet customer requirements
The global market for meat substitutes houses a large number of companies that are currently trying to keep up with high consumer demand. To do this, they are launching innovative products or collaborating with government agencies to set up R&D centers.
Below are two significant developments in the industry:
January 2020: Gardein launched its latest Ultimate Plant-based Burger that smells, cooks and looks just like real beef, with no GMOs and soy ingredients. The company aims to meet the needs of those who follow a vegan or vegetarian diet.
February 2019: Mumbai Institute of Chemical Technology (ICT) joined hands with The Good Food Institute India to establish the world ‘s first government – supported research center for the development of lean meat. It will be located in Maharashtra.
List of well-known providers of meat substitutes operating in the global market:
Tyson Foods, Inc. (Arkansas, United States)
Greggs plc (Newcastle upon Tyne, United Kingdom)
Marlow Foods Ltd (Middlesbrough, United Kingdom)
Brands Conagra, Inc. (Illinois, United States)
Unilever NV (London, United Kingdom)
Hilton Food Group plc (Cambridgeshire, United Kingdom)
Kerry Group Plc (Tralee, Ireland)
Savage River Inc. (California, United States)
JUST, Inc. (California, United States)
Impossible Foods Inc. (California, United States)
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