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The global meat substitutes market size is projected to grow from USD 5.37 billion in 2021 to USD 10002E80 billion by 2028. The rising number of flexitarian consumers who want to reduce the levels of animal meat, but still consume dairy and meat products would affect growth positively. As per a survey conducted by the Institute of Food Technologists in December 2020, 36% of people identified themselves as flexitarian. Fortune Business Insights™, in a report, titled, “Meat Substitutes Market Size, Share & COVID-19 Impact Analysis, By Source (Soy-based Ingredients, Wheat-based Ingredients, Textured Vegetable Proteins, and Other grain-based Ingredients), Distribution Channel (Mass Merchandisers, Specialty Stores, Online Retail, Other Retail Channels, and Foodservice), and Regional Forecasts, 2021-2028,” mentioned that the market stood at USD 4.98 billion in 2020. It is set to exhibit a CAGR of 10.48% during the forecast period in 2021-2028.
Beyond Meat Launches Plant-based ‘Beyond Burger’ in Canada
In April 2019, Beyond Meat, a producer of plant-based meat substitutes headquartered in Los Angeles announced the availability of Beyond Burger in the meat case at retail outlets across Canada. It is the company’s first plant-based burger that satisfies, cooks, and looks exactly like beef, but is made with plants. As per one of the company officials, “Canadians will now be able to taste this delicious burger during the summer BBQ season at home with family and friends, while receiving added environmental and health benefits of plant-based meat.”
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Surging Need to Reduce Anthropogenic Greenhouse Gas Emission will Aid Growth
The rising concerns of food security are expected to augment the meat substitutes market growth in the upcoming years. As per United Nations report, the population worldwide is anticipated to reach 9.8 billion by the end of 2050. As the production of meat is highly resource-intensive, sustaining such an enormous population is not feasible only on animal meat. Also, it is not good for the environment as around 15% of anthropogenic greenhouse gas is emitted from the production of livestock. Therefore, numerous companies are striving persistently to control the production of unique items and increase sustainability. However, the lower acceptance of meat analogues may hamper their demand.
Partnerships and New Product Development — Vital Strategies of Key Companies
The market for meat analogues is fragmented with the presence of a large number of prominent companies worldwide. Most of them are trying to meet the high consumer demand by launching new products, thereby enhancing their existing product offerings. A few others are participating in the partnership strategy to co-develop unique meat products.
Fortune Business Insights™ lists out the names of reputed vendors of meat substitutes operating in the global market. They are as follows:
A Notable Industry Development-
Further Report Findings-
The global market can be segmented in this way:
Value (USD Billion)
By Distribution Channel