The major sources of meat substitute ingredients are soy, wheat, peas, fava beans, and mycoproteins. Soy is the most predominantly used ingredient to manufacture plant-based meat due to its texture and protein content. Soy is also more affordable than other plant sources, and it provides ideal texture to the products, which is similar to conventional animal meat products. The rising health consciousness among people owing to the increasing prevalence of obesity, diabetes, and other diseases is compelling people to change their dietary habits. People generally perceive plant-based products to be healthier than the conventional ones. This factor is significantly driving the meat substitute ingredients market growth.
Government bodies across various countries are promoting the consumption of plant-based meat, owing to the rising environmental concerns and health benefits offered by these products. Additionally, the governments are actively investing in R&D and new product launches of plant-based meat products. In 2021, the South Korean Ministry of Agriculture, Food and Rural Affairs established a US$ 70.3 million fund with several sub-funds dedicated to food and agriculture. The Green Bio Fund investments specifically mentioned plant-based and cultivated meat companies. Moreover, in June 2022, the Food Safety and Standards Authority of India (FSSAI) finalized the Vegan Foods Regulations and established a separate regulatory framework for food ingredients free from animal products. Such initiatives by key countries boost the demand for plant-based food.
Several countries have announced investments in meat substitute ingredients such as plant protein. For instance, the Australian Government announced US$ 76 million to support a project led by Australian Plant Proteins to create the largest pulse protein ingredient manufacturing capability in Australia, which is expected to generate up to US$ 2.6 billion in plant-based exports by 2032. Thus, the continuous investment and support by various government bodies are expected to offer lucrative growth opportunities to the meat substitute ingredients market during the forecast period.
Growing veganism is one of the emerging meat substitute ingredients market trends which is projected to amplify the market growth in the coming years. Several dieticians and health practitioners recommend reducing meat consumption and switching to a vegetarian diet to reduce the risks of chronic health issues, such as obesity, heart disease, hypertension, and digestive disorders. According to the Plant-Based Food Association (PBFA), consumer demand rose last year: 19% of households purchased plant-based meat in 2021—up from 18% in 2020—and an impressive 64% of those buyers purchased it multiple times throughout the year. According to Google Trends, veganism was one of the top five searched terms on Google in 2019 in the UK and worldwide.
A report published by Veganuary (a nonprofit organization that encourages individuals worldwide to turn vegan for the whole month of January) states that ~5.8 million people signed up for the Veganuary Campaign in 2021. The increasing adoption of veganism is also attributed to the empathy toward animals and awareness of the ill-treatment of animals in slaughterhouses and similar facilities, which has raised concerns about animal protection among consumers. These factors are boosting the demand for meat substitute ingredients such as soy protein, pea protein, tofu, and tempeh. Thus, surging veganism across the globe is driving the growing meat substitute ingredients market.
The "Global Meat Substitute Ingredients Market Analysis and Forecast to 2030" is a specialized and in-depth study with a significant focus on global market trends and growth opportunities. The report aims to provide an overview of the global market with detailed market segmentation on the basis of source, ingredient type, application, and geography. The report provides key statistics on the consumption of meat substitute ingredients across the world, along with their demand in major regions and countries. In addition, the report provides a qualitative assessment of various factors affecting meat substitute ingredients market performance in major regions and countries. It also includes a comprehensive analysis of the leading players in the meat substitute ingredients market and their key strategic developments. Analysis of the market dynamics is also included to help identify the key driving factors, market trends, and lucrative opportunities, which, in turn, aids in identifying the major revenue pockets.
The ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global meat substitute ingredients market, which helps understand the entire supply chain and various factors affecting the market growth.
The global meat substitute ingredients market is segmented on the basis of source, ingredient type, and application. Based on source, the market is segmented into soy, wheat, pea, mycoprotein, and others. The soy segment accounted for over 49% of the meat substitute ingredients market share in 2022. The mycoprotein segment is projected to register the fastest CAGR of 10.0% from 2022 to 2030. Mycoprotein, also known as fungal protein, is a single-cell protein derived from fungi. Mycoprotein has been considered Generally Recognized as Safe (GRAS) by the Food and Drug Administration (FDA) in the US since 2002. Several producers of mycoprotein have reported that production of mycoprotein has an environmental impact of over 90% less than beef. Thus, mycoprotein is significantly used as a meat substitute ingredient.
Consumers prefer mycoprotein food because of its higher nutrient content, such as fiber, which helps control blood cholesterol and blood sugar. Mycoprotein helps prevent weight gain and overeating. Additionally, mycoprotein provides all essential amino acids, which are rarely found in other protein sources. Quorn, a mycoprotein brand, offers super-protein, healthy, and meat-substitute meals using mycoprotein sources for consumers. The rising adoption of mycoprotein as a significant source of meat substitute ingredients is driving the meat substitute ingredients market.
The global meat substitute ingredients market report provides a detailed overview of the market with respect to five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
In terms of revenue, Europe dominated the meat substitute ingredients market share, accounting for more than US$ 829.68 million in 2022. North America is projected to register a significant CAGR of 8.6% from 2022 to 2030.
The meat substitute ingredients market in Europe is significantly growing owing to the considerable demand for plant-based meat products in countries such as Germany, France, Spain, and the UK. The increasing health consciousness and the rising trend of veganism have made Europe a significant market for meat substitute ingredients. According to the Good Food Institute (GFI), plant-based meat sales alone accounted for US$ 2.1 billion in 2022—up 19% compared with 2020. Similarly, according to “The Smart Protein Project report,” the sales value of plant-based food in Germany grew by 97% during 2018–2020, while the sales volume increased by 80%. Moreover, consumers are highly inclined toward plant-based meat products due to rising awareness of animal welfare and environmental sustainability.
The popularity of plant-based meat products is increasing in Europe due to the shift in consumer demand from animal protein to plant protein owing to factors such as health awareness, sustainability issues, ethical or religious views, environmental concerns, and animal rights. According to the World Health Organization (WHO), consuming natural fats and proteins, including pea and soy, can offer several health benefits, including a healthy gut. Thus, rising health awareness in the region further boosts the demand for meat alternatives made from natural plant-based proteins such as soy, cottonseed, peas, fava beans, and wheat.
The meat substitute ingredients market in North America is also growing at a rapid pace. In the US, consumers are becoming more aware of the importance of a plant-based healthy diet due to the high prevalence of diabetes and obesity. Plant-based meat has a low-fat content and is rich in fiber and protein, which reduces cholesterol levels and blood pressure. According to the Plant-Based Food Association (PBFA), consumer demand increased last year: 19% of households purchased plant-based meat in 2021—as compared to 18% in 2020—and an impressive 64% of those buyers purchased it multiple times throughout the year.
In Canada as well, consumers are increasingly drawn to the health benefits of meat substitutes such as low fat and fiber. Canada emerged as a key country for plant-based food consumption. The innovation supercluster, Protein Industries Canada (PIC), funds 45 plant-based protein R&D projects, including US$ 1.6 million, into a Regulatory Centre of Excellence to promote evidence-based regulatory policy for plant-based foods. The supercluster provided US$ 1 million to help a British Columbia-based plant-based food producer increase the production capacity of their 100-percent Canadian-grown chickpea tofu. Thus, the rising plant-based meat popularity in North American countries drives the meat substitute ingredients market growth.
The regional trends and factors influencing the Meat Substitute Ingredients Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Meat Substitute Ingredients Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 2.19 Billion |
| Market Size by 2030 | US$ 4.02 Billion |
| Global CAGR (2022 - 2030) | 7.9% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Source
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Meat Substitute Ingredients Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Meat Substitute Ingredients Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
Various initiatives taken by the key players operating in the meat substitute ingredients market are listed below:
Crespel & Deiters GmbH & Co KG, SOTEXPRO SA, DuPont de Nemours Inc, Ingredion Inc, Wilmar International Ltd, Archer-Daniels-Midland Co, Axiom Foods Inc, Kerry Group Plc, Roquette Freres SA, and The Scoular Co are among the prominent companies profiled in the meat substitute ingredients market report. These companies focus on launching innovative products with gluten-free, genetically modified organisms-free (GMO-free), allergen-free, organic, and sugar-free claims. Moreover, they are increasing the nutritional value of the products to meet the requirements of consumers. Such innovative products offer a competitive advantage to the companies, increasing market competitiveness. Further, companies adopt merger and acquisition, partnership, and collaboration strategies to expand their consumer base and strengthen their market position. These factors are anticipated to increase the competition among meat substitute ingredient manufacturers worldwide. Thus, the meat substitute ingredients market forecast and trend analysis can help stakeholders plan their growth strategies.
The List of Companies - Meat Substitute Ingredients Market
Rising demand for plant based meat along with increasing number of initiatives by the key players operating in the market are the major growth drivers.
Europe held the largest meat substitute ingredients market share due to rising trend of veganism and increasing empathy for animals.
Based on application, the nuggets is the fastest-growing segment as these are finger foods, easy to eat during snacking and as before meal appetizers.
The soy protein segment held the largest revenue share of the meat substitute ingredients market in 2022 as soy protein is an economical plant protein compared to other sources.
Favorable government policies and initiatives promoting the consumption of plant-based meat products provide lucrative growth opportunities to the global meat substitute ingredients market during the forecast period.
The major players operating in the global meat substitute ingredients market are Crespel & Deiters GmbH & Co KG, SOTEXPRO SA, DuPont de Nemours Inc, Ingredion Inc, Wilmar International Ltd, Archer-Daniels-Midland Co, Axiom Foods Inc, Kerry Group Plc, Roquette Freres SA, and The Scoular Co.