The report “Meat Substitutes Market by Product (Tofu, Tempeh, Textured Vegetable Protein, Seitan, Quorn and Other Product), Source (Soy Protein, Wheat Protein, Pea Protein and Other Sources), Types ( Concentrates, Isolates and Textured), Form (Solid, Liquid), Category (Frozen, Refrigerated and Shelf Table) and Region (North America, Europe, Asia Pacific, Rest of the World) – Global Forecast to 2027″, is estimated to be valued at USD 1.89 billion in 2021. It is projected to reach USD 4.04 billion by 2027, recording a CAGR of 13.5% during the forecast period. The meat substitutes market has witnessed consistent growth over the last few years, and this trend is projected to continue during the forecast period. The rising trend of plant-based meat due to the increasing health concerns and rising obesity has created growth opportunities for meat substitute manufacturers.The key drivers for the market growth are the rising adoption of plant-based protein, increasing investments in plant-based protein ingredients, and increasing inclination of consumers for pea protein ingredients.
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Key players in this market include DuPont (US), ADM (US), Kerry Group (Ireland), Ingredion Incorporated (US), Roquette Frères (France), PURIS (US), Cargill (US), Axiom Foods (US), MGP Ingredients (US), The Top Health Ingredients (Canada), Sonic Biochem Ltd (India), Crespel & Deiters (Germany), Wilmar International Limited (Singapore), Sotexpro S.A (France), The Nisshin OilliO Group, Ltd (Japan), and A&B Ingredients (Canada).
The key players are fixated upon improving their market shares, while their newer start-ups are being established rapidly in the market. The meat substitutes market can be classified as a competitive market as it has the presence of a large number of organized players, accounting for a major part of the market share, present at the global level, as well as unorganized players present at the local level in several countries. There are numerous existing and emerging companies, particularly in the Asian markets.
Ingredion Incorporated is one of the leading global ingredient solutions providers. The company manufactures sweeteners, starches, and unique value-added ingredients from corn, tapioca, potatoes, plant-based stevia, grains, fruits, and vegetables. It also provides biomaterial solutions derived from the wet milling and processing of corn and other starch-based materials to various industries both domestically and internationally. It caters to a variety of customers in diverse industries around the world, including the food, beverage, paper & corrugating, brewing, pharmaceutical, textile, and personal care industries, and the global feed and corn oil markets. The companys operations are classified into five reportable business segments: food, beverage, animal nutrition, brewing, and others.
Archer Daniels Midland Company (ADM) is primarily engaged in producing food ingredients, animal feed & feed ingredients, biofuels, and naturally derived alternatives to industrial chemicals. The company operates through four business segments: agriculture services and oilseeds, carbohydrate solutions, nutrition, and others. It offers plant protein products through its nutrition segment. ADM offers a wide range of plant-based protein solutions for meat substitutes applications. Soy has been the prime focus of ADM for the plant-based protein market; however, with the rise in demand for pea protein, the company has been entering this sector too.
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