Meat Substitutes Market: Growth Opportunities and Recent Developments
The Meat Substitutes Market size is estimated to be valued at USD 1.9 billion in 2021. It is projected to reach USD 4.0 billion by 2027, recording a CAGR of 13.5%, in terms of value. The growing awareness among consumers regarding environmental issues caused by meat consumption is driving the demand for meat substitutes.
Meat Substitutes Market Analysis
Tofu has a Major Application in the production of Plant-Based Burgers and Patties
Tofu is also known as soybean curd or bean curd, as it is made from curdled soy milk. Curdled soy milk is an iron-rich liquid and extracted from cooked soybeans. Tofu is a staple food in Asian cuisines for centuries. The nutrition value of tofu is very high; it contains a significant amount of iron, potassium, protein, calcium, and vitamin 12, which are very important for a healthy vegan diet.
For health reasons, environmental sustainability, and a vegetarian lifestyle or reducing consumption of animal products has become life style today, consumers now pay more attention to the types of food that are vegan. In International Congress of Meat Science and Technology(2018) it has been studied that, consumers are increasingly concerned about fat consumption and they have a viewpoint that red meat is high in fat, but sources of vegetable protein as raw material of burger patties are fat free. Thus, the trend of plant based burgers will propel the meat substitutes market.
High Availability of Wheat as a Raw Material is Encouraging Manufacturers to Incorporate it in the Production of Meat Substitutes
Wheat is among the most commonly consumed cereal grains at a global level. Wheat protein is a low-fat protein preferred by manufacturers of low-fat and high-protein food in response to the rising trend of low-fat diets. It also acts as a binder in meatballs, meatloaf and veggie burgers.
Plant based meat market – an adjacent market to meat substitute industry - too has seen significant growth. Increased adoption of Seitan - made of wheat gluten - is now seen as a sustained practice.
Wheat proteins are very cost-effective meat alternative and can be used in numerous food products, such as nuggets, burger patties, sausages, and can be flavored with ginger, garlic, soy sauce, paprika, and fennel. Several plant-based protein manufacturers across the world are currently producing various plant proteins that cater to food & beverage applications. For consumers not having allergen issues, wheat serves as a source of antioxidants, vitamins, minerals, and fiber. Major players that offer wheat-based protein are Archer Daniels Midland Company (US) and Cargill (US).
Isolates are the purest form of Protein and a type with the highest amount of Protein
In meat substitutes, due to the protein content, they are offered in isolates form or pure form and these are highly accepted and preferred by protein food & beverage manufacturers. The various sources of protein isolates are soy, pea, rice, and canola. Recently, the awareness about protein-rich food and meat substitutes market is increasing because of the health and environmental benefits associated with them. This is driving the demand for protein isolates, as they are an excellent source of protein. Soy Protein Isolate (SPI) is the most consumed type of isolate protein; it is extracted from soybean legumes and contains 93%–97% of protein.
According to the Soyfoods Association of North America, “soy protein isolate is a dry powder -based ingredient that has been separated or isolated from the other components of soybean, making it 90%–95% protein and nearly carbohydrate and fat-free.” Soy protein isolates are not only used to improve the texture of meat products but also to increase protein content, enhance moisture retention, and emulsify. The other reason for using soy protein isolates is their nutty taste and high protein content. Also, they are low in fat, oligosaccharides, and fiber and cause less flatulence due to bacterial fermentation.
Meat Substitutes Market Regional Insights:
Asia pacific is projected to grow at the highest CAGR
Asia Pacific’s growth is attributed to the increasing awareness of healthy dietary habits among consumers. The key factors driving growth in the Asia Pacific region include health benefits, animal welfare, environment safety, cost affordability, and the growing variety of plant-based meat products.
The awareness through global animal welfare organizations, such as People for the Ethical Treatment for Animals (PETA), has led to people considering a meat-free diet. Non-meat-based meals are already popular in Asia, with tofu used extensively in Asian cuisines and bean-based congees widely consumed in countries such as China. This makes the Asia Pacific region the fastest-growing potential in the market.
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