The global meat substitutes market size is expected to reach USD 4.36 billion by 2028 according to a new study by Polaris Market Research. The report “Meat Substitutes Market Share, Size, Trends, Industry Analysis Report, By Product (Shelf-Stable, Refrigerated, Frozen); By Type (Seitan-based, Tofu-based, Textured Vegetable Protein, Quorn-based, Tempeh-based); By Source; By Form; By Distribution Channel; By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The substitutes market is projected to witness growth over the forecast period. The consumption of substitutes has increased significantly owing to the increasing disposable income of consumers, especially in developing regions. A rising shift of consumers towards vegan and vegetarian diets has further increased the demand for substitutes.
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The different sources of meat substitutes include wheat-based, soy-based, mycoprotein, pea-based, and others. There has been increasing adoption of pea-based meat substitute products owing to their nutritional benefits, good taste, and low fat and carbohydrate content. It is a plant-based source increasingly being used as meat alternatives for its high protein and iron. Pea-based products are manufactured using vegetables, pea protein, and spices. The increasing inclination of consumers towards the vegan diet has fueled the growth of this segment.
The solid form substitutes segment is expected to account for the highest share during the forecast period. The increasing demand for healthy snacks and on-the-go meals has increased the demand for this segment. Companies operating in this segment are developing healthy snacking products for specific demographics such as children and the aging population. The introduction of new food products containing meat substitutes focuses on providing nutritional benefits along with a good taste to cater to customer requirements.
The different distribution channels include supermarkets, grocery, and departmental stores, specialty retail stores, online sales, and others. The online sales segment is expected to grow at a significant rate during the forecast period owing to increasing disposable income, busy lifestyles of consumers, rising penetration of mobile devices, and improved internet penetration.
Market leaders are gradually taking the initiative to set up their online portals for sales. The emerging trend of e-commerce and the easy availability of products on e-commerce portals have boosted the sales of these products through online platforms.
The U.S. has recorded one of the highest obesity rates in the world. The high obesity rate in the country is due to the high consumption of fast food. However, people are increasingly realizing the importance of healthy eating and switching to substitutes. There has been a shift to low-calorie, plant-based, and organic food products in the country.
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