The global meat substitutes market size was valued at USD 3.71 billion in 2016 and is projected to expand at an estimated CAGR of 7.5% from 2016 to 2022. Rising environmental concerns and awaress regarding the health benefits of meat substitues are the major factors driving this market. Emerging regions such as Central & South America and Asia Pacific are expected to offer tremendous growth opportunities for the global market.
The U.S. market was valued at USD 553.0 million in 2013, in terms of revenue. Presence of key companies and their focus on collaborating with regional universities is expected to propel the product demand in North America. For instance, Beyond Meat (U.S.) is collaborated with University of Missouri for R&D.
Growing preference toward vegan diet owing to several health benefits and environmental concerns is the major factor driving the market. Thus, manufacturers are taking substantial steps to develop superior products and improve their product portfolio to cater to the growing demand.
Meat production accounts for over 14.5% of the total Greenhouse Gas (GHG) emissions, using nearly 68% of agricultural land, inclusive of a third of arable land needed for crop production. This, in turn, results in deforestation, land degradation, and loss of wildlife. The 2014 IPCC report on climate change emissions identified changing diets as an undeveloped, yet significant area for action.
Among the multiple applications, seitan is presumed to witness the highest growth rate over the forecast period. Developing regions such as Central & South America and Asia Pacific are projected to witness strong demand in the coming years. Europe has been the dominant market and is presumed to continue its dominance over the next few years.
Seitan, which contains higher amounts of sodium and protein than tempeh and tofu, is anticipated to emerge as the fastest-growing product segment. Seitan is available in a variety of forms including marinated strips, shaped masses, slices, and blocks. Tofu-based products (tofu skin, okara, and tofurkey) are expected to emerge as the second-largest product segment, but its growth rate is likely to be lower than tofu product segment. This is due to the variation in regional consumption patterns of tofu and tofu-based products.
Textured Vegetable Protein (TVP) is expected to emerge as the most significant product segment in the meat substitutes market. It is termed as one of the best meat substitutes for consumers looking for low-fat diet and is utilized as a replacement for almost any meat product. It is cheaper than actual meat, which is another major factor driving the segment growth. Rising cases of lifestyle diseases, such as obesity and diabetes, is another factor driving the growth.
Soy-based products are expected to account for a significant market share. Soy is the best-known meat substitute so far. It is known to be a complete protein source and has been used in several types of recipes. Soy-based foods have the ability to absorb rich flavors from other foods and this further adds to their high market penetration. Soy-based alternatives are made with the aim to resemble the form, color, texture, and taste of various meat products.
Moreover, it is a good source of essential fatty acids and contains no cholesterol and little or no saturated fat. On the other hand, wheat-based products are anticipated to emerge as the fastest-growing segment. Being a popular substitute to soybean-based foods such as tofu, they are at times used as meat substitutes. They have a stringy or chewy texture, identical to meat.
Wheat-based meat substitutes are more prevalent in the Asia Pacific region while soy-based products are more prevalent toward the west. Strong demand from emerging economies such as China and India paint an opportunistic picture in the regional markets.
On the basis of region, the market has been segmented into North America, Europe, Asia Pacific, and Central and South America, and Middle East and Africa (MEA). Europe led the global market, followed by North America and Asia Pacific. Asia Pacific is touted to register the highest CAGR over the forecast period. However, European dominance over the global market is slated to continue over the next seven years.
Strong demand in the European market is expected to boost the market growth. Demand from the emerging economies such as China, India, Brazil, and Argentina is also likely to play a critical role in augmenting the regional market.
Manufacturers develop their own indigenous products according to the regional preferences and their own manufacturing capability. Some major companies have also developed strong relationships with distributors to seek access to the markets.
Few industry majors own cultivable land, as well as other technological capabilities, to process the raw materials. Most of the producers have their own retail stores across several regions and are thus in a position to penetrate the markets effectively.
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2012 to 2022. For the purpose of this study, Grand View Research has segmented the global meat substitutes market report on the basis of raw material, product, and region:
Raw Material Outlook (Revenue, USD Million, 2012 - 2022)
Product Outlook (Revenue, USD Million, 2012 - 2022)
Textured Vegetable Protein (TVP)
Other Soy Products
Regional Outlook (Revenue, USD Million, 2012 - 2022)
Central & South America
Middle East and Africa
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