meat substitutes marketMeat Substitutes Market, 2021 – 2028
Unavailability of Fresh Meat amid COVID-19 Pandemic to Bolster Growth of Market
The COVID-19 pandemic has accelerated the demand for meat substitutes across the globe because of disruptions in the supply chain, the absence of employees in meat-processing plants, and the unavailability of fresh meat. At the same time, several types of research conducted amid the pandemic, such as one from the Food and Agriculture Organization, stated that multiple diseases are directly associated with animal-based food items.
Soy-based Ingredients Segment Held 63.65% Share in 2020: Fortune Business Insights™
The research report offers a comprehensive analysis of organizations that can affect the outlook throughout the forthcoming years. Besides, it provides an authentic assessment by highlighting information on several aspects that may include growth drivers, opportunities, trends, and hindrances. It also represents the size of the meat analogs industry from a global perspective by analyzing qualitative insights and historical data.
Drivers & Restraints
Increasing Demand for Allergen-free Alternatives to Propel Growth
Plant-based meat made from peas and soy has high protein content. Hence, people are choosing them over chicken, beef, and pork. They also have a meat-like texture. Besides, the rising vegetarian populations and surging trend of health and fitness worldwide would propel the market in the upcoming years. People are nowadays looking for allergen-free alternatives, especially chickpeas because of rising health consciousness. Therefore, various companies are striving to come up with products infused with pea protein. However, meat substitutes are very expensive and it may hamper growth.
Presence of Flexitarian Consumers to Help Europe Grow in Future
Geographically, Europe procured USD 1.62 billion in terms of revenue in 2020. The surging ethical focus of consumers, high demand from millenials, and the presence of flexitarian consumers would drive growth in this region. Asia Pacific, on the other hand, is expected to be the fastest-growing region on account of the high popularity of unique diet patterns and demand for soy-based meat analogs.
Key Players Focus on Introducing Novel Products to Meet Consumers’ Demand
The global market for meat substitutes houses a large number of companies that are currently striving to keep up with the high consumer demand. To do so, they are launching innovative products or are collaborating with government agencies for setting up R&D centers.
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