The global meat alternatives market is anticipated to grow at a significant CAGR of 7.2% during the forecast period. The increasing vegan population due to the shift of consumers interest towards both vegetarian and vegan diet is rising the demand for plant-based ingredients and alternatives to animal protein. For instance, the 2021 vegan statistics for the UK reveal that the number of vegans in the country increased from 150,000 in 2014, to 720,000 in 2020.
Consumers are continuing to seek substitute for meat which is in turn making the companies in the meat alternative market to increase their product portfolio by introducing vegan and plant-based products in the market. This is one of the major factors propelling to the demand for meat alternatives. For instance, in 2020, ADM launched of Arcon T textured pea proteins, Prolite MeatTEX textured wheat protein and Prolite MeatXT non-textured wheat protein expanding its protein portfolio.
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COVID-19 pandemic had impacted the mental and physical wellbeing of people worldwide which has made consumers more concerned about their health. Thus, the consumer has raised the spending on health food products has been seen during the pandemic. Moreover, the meat alternative products witnessed a surge in demand as a result of shortage of meat products in retail stores. For instance, according to the statement released by Pivot Food Investment, COVID-19 pandemic resulted in an estimated $13.6B to $14.6B in losses for the cattle/beef industry.
The global meat alternatives market is segmented based on the product type and source. Based on the product type, the market is segmented into tofu, textured vegetable protein (TVP), tempeh, seitan, quorn, and others. The other product type includes natto, quinoa, and lupine. Based on the source, the market is sub-segmented into soy-based meat alternatives, wheat-based meat alternatives, mycoprotein meat alternatives, and other sources of meat alternatives such as pea protein. The above-mentioned segments can be customized as per the requirements
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Global Meat Alternatives Market Segmentation
By Product Type
- Tofu
- Textured vegetable protein (TVP)
- Tempeh
- Seitan
- Quorn
- Others (Natto, quinoa, and lupine)
By Source
- Soy-based Meat Alternatives
- Wheat-based Meat Alternatives
- Mycoprotein Meat Alternatives
- Others (Pea protein)
Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
Company Profiles
- All Organic Treasures GmbH
- Archer Daniels Midland Co.
- Axiom Foods, Inc.
- Batory Foods
- BENEO GmbH
- Cauldron Foods
- Cargill
- Conagra Brands, Inc.
- Crespel&Deiters GmbH & Co. KG
- Hain Celestial Group, Inc.
- House Foods America Corp.
- IMARC
- InnovoPro
- Kerry Group plc
- Loveseitan Ltd.
- Meatless
- MGP
- Nasoya Foods USA
- PURIS
- Roquette Frères
- Sonic Biochem
- The Nisshin OilliO Group, Ltd.
- Tofurky Company, Inc
- VBites Foods Limited
- Wilmar International Ltd
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