Meat Substitute Market by Product Type (Tofu, TVP, Burger Patties, Sausages, Meatballs, Nuggets), Source (Soy Protein, Wheat Protein), and Distribution Channel (Business to Business and Business to Customers) – Global Forecast to 2027
The research report titled “Meat Substitute Market by Product Type (Tofu, TVP, Burger Patties, Sausages, Meatballs, Nuggets), Source (Soy Protein, Wheat Protein), and Distribution Channel (Business to Business and Business to Customers) – Global Forecast to 2027” provides an in-depth analysis of meat substitute market in five major geographies and emphasizes on the current market trends, market size, recent developments, and forecast till 2027. The meat substitute market is expected to grow at a CAGR of 15.1% from 2020 to 2027 to reach $17.5 billion by 2027.
Factors such as rising intolerance for animal protein, increasing vegan population, and significant venture investments in the plant-based meat products market are the major factors driving the growth of this market. However, the comparatively higher price range of meat substitutes, significant preference for animal-based products, and consumer preference for soy and gluten-free products are expected to hinder the growth of this market to some extent.
The study offers a comprehensive analysis of the overall meat substitute market with respect to product type, source, distribution channel, and geography.
Based on product type, the market is segmented into tofu, TVP, Tempeh, Seitan, burger patties, sausages, ground meat, meatballs, nuggets, crumbles, and others. In 2020, the tofu segment is estimated to hold the largest share of the overall meat substitute market. With its low cost, easy availability, and high nutritional & medicinal value, tofu is expected to dominate the market in the coming years as well.
Based on source, the meat substitute market is segmented into soy protein, wheat protein, almond protein, pea protein, rice protein, and others. In 2020, the soy protein segment is estimated to command the largest share of the overall meat substitute market. The preference for soy ingredients as the key source for meat substitutes is the major driver for this segment.
On the basis distribution channel, the meat substitute market is segmented into business-to-business and business- to-customers. In 2020, the B2C segment is estimated to account for the largest share of the overall meat substitute market due to the rising number of supermarkets & hypermarkets globally and the rise in sales of meat substitutes at these outlets.
On the basis of geography, the global meat substitute market is segmented into North America, Europe, APAC, Latin America, and the Middle and Africa. In 2020, Europe commanded the largest share of the global meat substitute market. The rising awareness for a protein-rich diet, increased health consciousness, higher vegan & vegetarian population, and higher adoption of technological advancements in the F&B industry are the major drivers for the European market.
The key players operating in the global meat substitute market are Beyond Meat Inc. (U.S.), Impossible Foods Inc. (U.S.), Garden Protein International, Inc. (Canada), Amy’s Kitchen Inc. (U.S.), The Hain Celestial Group, Inc. (U.S.), Sahmyook Foods (South Korea), Axiom Foods (U.S.), Lightlife Foods, Inc. (U.S.), Marlow Foods Ltd. (U.K.), Taifun –Tofu GmbH (Germany), Atlantic Natural Foods LLC (U.S.), VBIte Food Ltd (U.K.), and Nutrisoy Pty Ltd. (Australia) among others.
Key questions answered in the report-
What is the current value of revenue generated by the meat substitute business across the globe?
At what rate the demand for global meat substitutes is projected to grow for the next 5-7 years?
What is the historical market size and growth rate for meat substitutes across the globe?
What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing market players and new entrants in the market?
What impact does the current COVID-19 pandemic have on the meat substitute market?
How is the investment scenario and venture capital funding trends into the meat substitute market across the globe?
Which segments, in terms of the product type, source, and distribution channel are creating the major traction for the vendors in this market?
What are the key geographical trends in this market? Which regions/countries are expected offer significant growth opportunities for the vendors operating in the global meat substitute market?
Who are the major players in the global meat substitute market? And also, what are their specific product/service offering in this market space?
What recent developments have taken place in the global meat substitute market and what impact these strategic developments are creating on the global market?
Scope of the report
Meat Substitute Market, by Product Type
Meat Substitute Market, by Source
Meat Substitute Market, by Distribution Channel
Business to Business
Business to Customers
Meat Substitute Market, by Geography
Middle East and Africa
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