Meat Substitutes Market by Source...
Meat Substitutes Market by Source (Soy Protein, Wheat Protein, Pea Protein, and Other Sources), Product (Tofu, Tempeh, Seitan, Quorn, and Other Products), Type (Textured, Concentrates, and Isolates), Form, Category, and Region - Global Forecast to 2027
Impact of COVID-19 on Meat Substitutes Market
Drivers: Increasing investments in plant-based protein ingredients
Restraints: Allergy concerns among consumers for soy and wheat products
Opportunities: Emerging markets illustrate the great potential for meat substitutes
Challenges: Pricing pressure
By product, the tempeh segment is projected to account for the second-largest market share in the meat substitutes market during the forecast period
By source, the pea protein segment is projected to grow with the highest CAGR in the meat substitutes market during the forecast period
By type, concentrates segment is projected to grow fastest in the meat substitute market during the forecast period
By form, solid is projected to account for a larger share in the meat substitutes market during the forecast period
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 market for meat substitutes.