The global meat substitutes market is estimated to be valued at USD 1.9 billion in 2021 and is projected to reach USD 4.0 billion by 2027, recording a CAGR of 13.5%, in terms of value.
The rising health concerns and the changing consumer perception have fuelled the demand for meat substitute products. A healthy lifestyle, supported by the integration of plant-based alternatives, has become a popular notion among consumers who are increasingly open to the idea of plant-based products.
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Opportunities: Emerging markets illustrate the great potential for meat substitutes
Developing countries, such as China and India, in the coming years, will experience a strong upsurge in demand for meat substitutes. This demand is driven by an increase in processed and convenience food production. Emerging economies, such as India and China, in Asia Pacific, are exhibiting high growth. Asia Pacific also provides a cost advantage in terms of production and processing. High demand, coupled with the low cost of production, is a key feature that will aid meat substitute suppliers and manufacturers target this market. Developing countries are experiencing busier lifestyles and changing food consumption patterns, leading to an increase in demand for processed, ready-to-cook, and ready-to-eat food, which is expected to push the demand for meat substitutes in these regions.
Challenges: Pricing pressure
Pea protein is relatively expensive compared to soy protein and wheat protein. Since soy is a well-established product and the availability of raw material is easy, manufacturers have increased their production capacities to reduce costs. However, pea protein, being in its introductory phase, has to overcome these challenges. Its manufacturers are looking to increase production capacities by using advanced technologies for pea protein extraction and processing. However, the less availability of pea protein is forcing food manufacturers to import pea, increasing the price of raw materials and eventually increasing the prices of the final meat substitute products. Due to this, pea protein-based meat substitute is considered a premium product in various countries.
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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).
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