Meat Substitute Market: Market Outlook
These days’ people are shifting towards the plant-based protein diet in comparison to meat-based protein. Meat products are high in trans-fat and not easily digested by the body resulting in overweight and the number of diseases. Plant-based protein products are the better substitute for meat products due to they are nutritional, higher in protein, and give good taste and texture. Today’s generation is more concerned about their health and they influenced the aging population towards plant-based products. Due to a rise in the population of diabetes and cardiovascular patient people are more shifted towards the plant-based protein products. Soy-based protein is the other substitute in the market. Soy protein is highly demanded due to its spongy in appearance and higher in protein content. Plant-based protein is mainly available in two forms Liquid and solid. Solid protein is more demand in comparison to liquid form because it fulfils the food appetite and easy to store. Meat product is higher in the saturated product in comparison to plant protein. Consumption of meat also causes several diseases such as fat, cardiovascular, increase the level of pH in the intestine, heart failure, Blood pressure, and others.
Higher the demand of plant based protein or plant based meat product are drivers that growth the meat substitute market in global market.
Tofu is the other better substituted of meat products, due to high in protein content and low in price. Changes in preference of food among the consumer are the factors that drive the growth of the meat substitute market in the global market. Increasing the risk of disease and concern over the higher weight are the other factors that accelerate the meat substitute market worldwide. Roquette is one of the leading players in plant-based ingredient products and recently launching two new plant-based textured proteins as per the growing consumers’ demand. Plant-based product has more sodium content and more help full to reduce the greenhouse effect in comparison to meat-based. According to the Oxford Martin Programme on the Future of Food if the world switch to diets that rely less on meat and more on fruit and vegetables could save up to 8 million lives by 2050, reduce greenhouse gas emissions by two thirds, and lead to healthcare-related can save and avoided climate damage of $1.5 trillion (US).
Global Meat Substitute market: Segmentation
On the basis of product type, the Meat Substitute market has been segmented as follows:
On the basis of Product, the Meat Substitute market has been segmented as follows:
On the basis of Form, the Meat Substitute market has been segmented as follows:
On the basis of Category, the Meat Substitute market has been segmented as follows:
On the basis of Region, the Silage additives market has been segmented as follows:
Global Meat Substitute Market: Key Players
Some of the key players of Meat Substitute market are Wilmar International Limited, CRESPEL & DEITERS, CHS INC., Suedzucker AG, MGP Ingredient INC., Puris, Sonic Biochem Ltd., The Top Health Ingredients, The Emsland Group, Cargill, Roquette Frère, Kerry, Ingredion, The Nisshin OilliO Group Ltd, Axiom Foods, Sotexpro S.A, Archer Daniels Midland Company, DuPont Nutrition and Bioscience and other key manufacturers.
Opportunities for Market Participants in the Meat Substitute Market-
Rising the disease in the animal, change in preference of the food over the youth and people are more health cautious due to increase in obesity are the factors that drive the growth of the meat substitute market in the global market. The key manufacturers are investing in R&D and developing the new plant-based protein, which may increase the demand for meat substitutes in the global market. Rise in the disease rate by consuming the meat product is also the other reason that affects the meat substitute market.
COVID-19 Impact on Meat Substitute Market
The spread of COVID-19 hinders the global economy and subsequently the other industries especially food and beverage. The industries are highly facing a decline in the production of the food product due to this virus. However, the pandemic of COVID-19 is one of the major drivers that shift the consumer demand towards the plant-based protein. Therefore, the meat substitute market is expected to witness improve demand during this pandemic.