ALLIED MARKET RESEARCH: MEAT SUBSTITUTE MARKET TO REACH $11.2BN BY 2030
The global meat substitute industry is anticipated to generate $11.2 billion (€10.2bn) by 2030, witnessing a CAGR of 7.6% from 2021 to 2030, according to the latest analysis from Allied Market Research.
Prime drivers for growth in the market, which generated $5.4 billion (€4.96bn) in 2020, include an increase in obesity across the world, environmental sustainability and animal welfare, as well as a surge in demand for clean label and natural products.
Allied Market Research said that product diversity, development, innovation, and untapped developing markets might present new opportunities in the coming years, but that for now, “wide availability of substitutes and dissatisfaction with sensory attributes hinder the market growth”.
According to the report, the outbreak of the Covid-19 pandemic has had a positive impact on the growth of the global meat substitute market, owing to increase in consumer spending on healthy food products.
However, due to the implementation of global lockdown, companies producing meat substitutes had to face some challenges, including disruptions to the supply chain and shortage of labour etc.
Soy-based segment to maintain its leadership status throughout the forecast period
Based on source, said the report, the soy-based segment held the highest market share in 2020, accounting for nearly two-thirds of the global meat substitute market, according to Allied Market Research, and is estimated to maintain its leadership status throughout the forecast period.
This is owing to their abundance, low-cost, meat-like texture after hydration, and high amino acid composition. Moreover, the pea-based segment is projected to manifest the highest CAGR of 11.4% from 2021 to 2030, owing to its low risk of allergy, high nutritional value, and enhanced emulsion and foam stabilisation abilities.
Frozen meat substitutes sector
Based on category, the frozen segment accounted for the largest share in 2020, contributing to more than three-fourth of the global meat substitute market, and is projected to maintain its lead position during the forecast period. Supermarket and hypermarket chains have increased the shelf space dedicated toward frozen meat substitutes, which has notably contributed to the expansion of the meat substitute market, the report said.
In addition, the shelf stable segment is expected to portray the largest CAGR of 10.3% from 2021 to 2030, owing to increase in demand for shelf-stable meat substitutes.
Europe to maintain its dominance by 2030
Based on region, Europe, followed by North America, held the highest market share in terms of revenue in 2020, accounting for nearly two-fifths of the global meat substitute market, owing to huge demand for meat substitute in the region.
Furthermore, the Asia-Pacific region is expected to witness the fastest CAGR of 9.5% during the forecast period. The market players have focused on new product development and increase in production capabilities, foreseeing the upcoming demand for meat analogue products, which in turn, drives the market growth, Allied Market Research said.
Leading market players included in the report are as follows:
Garden Protein International, Inc.
VBites Foods Ltd.
MGP Ingredients (U.S.)
Sonic Biochem Extractions Limited
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