
The Meat Substitutes Market is expected to experience significant growth in the coming years. It was estimated to be worth USD 1.9 billion in 2021 and is projected to reach USD 4.0 billion by 2027, with a compound annual growth rate (CAGR) of 13.5% in terms of value. The increasing awareness among consumers regarding the environmental impact of meat consumption is a key factor driving the demand for meat substitutes.
The seitan segment is anticipated to grow at a high CAGR based on product type. Seitan is known for its ability to absorb the flavors of the food it is cooked with, allowing it to replicate the taste of various meats such as steak, chicken, pork, or sausage. As wheat is a crop native to many Asian countries, seitan production can be done on a regional level, making it particularly popular in Japan, China, and other East and Southeast Asian countries.
Among the different sources of meat substitutes, wheat protein is the second-largest segment. Wheat protein is a low-fat protein that is favored by manufacturers of low-fat and high-protein foods, which aligns with the increasing trend of low-fat diets. It also serves as a binder in products like meatballs, meatloaf, veggie burgers, and tofu.
The meat substitute market is further segmented based on type into confectioneries, textured, and isolates. Textured protein, also known as Textured Vegetable Protein (TVP), is a common meat substitute primarily made from soybeans. However, companies are exploring the use of other sources such as oats, wheat, cottonseed, and other plants.
In terms of form, the meat substitutes market is divided into solid and liquid. The liquid segment holds the second-largest market share overall. Liquid meat substitutes include concentrates and textured proteins, although their demand is lower compared to the solid form. Liquid plant proteins are mainly used as emulsifiers in the plant-based meat industry.
Several leading companies are actively participating in the meat substitutes market. These include DuPont, ADM, Kerry Group, Ingredion Incorporated, Roquette Frères, PURIS, Cargill, Axiom Foods, MGP Ingredients, The Top Health Ingredients, Sonic Biochem Ltd, Crespel & Deiters, Wilmar International Limited, Sotexpro S.A, The Nisshin OilliO Group, Ltd, and A&B Ingredients.