The global meat substitutes market size is estimated to be valued at USD 1,889.1 million in 2021 and is projected to reach USD 4,041.3 million by 2027, recording a CAGR of 13.5% during the forecast period in terms of value. The demand for meat substitutes is increasing moderately due to increasing health concerns and rising obesity among consumers.
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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The key players are fixated upon improving their market shares, while their newer start-ups are being established rapidly in the market. The meat substitutes market can be classified as a competitive market as it has the presence of a large number of organized players, accounting for a major part of the market share, present at the global level, as well as unorganized players present at the local level in several countries. There are numerous existing and emerging companies, particularly in the Asian markets.
Ingredion Incorporated is one of the leading global ingredient solutions providers. The company manufactures sweeteners, starches, and unique value-added ingredients from corn, tapioca, potatoes, plant-based stevia, grains, fruits, and vegetables. It also provides biomaterial solutions derived from the wet milling and processing of corn and other starch-based materials to various industries both domestically and internationally. It caters to a variety of customers in diverse industries around the world, including the food, beverage, paper & corrugating, brewing, pharmaceutical, textile, and personal care industries, and the global feed and corn oil markets. The companys operations are classified into five reportable business segments: food, beverage, animal nutrition, brewing, and others.
Archer Daniels Midland Company (ADM) is primarily engaged in producing food ingredients, animal feed & feed ingredients, biofuels, and naturally derived alternatives to industrial chemicals. The company operates through four business segments: agriculture services and oilseeds, carbohydrate solutions, nutrition, and others. It offers plant protein products through its nutrition segment. ADM offers a wide range of plant-based protein solutions for meat substitutes applications. Soy has been the prime focus of ADM for the plant-based protein market; however, with the rise in demand for pea protein, the company has been entering this sector too.
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
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