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Meat Substitutes Market to Exhibit 10.48% CAGR till 2028; Beyond Meat Extends Collaboration with Zandbergen World’s Finest Meat to Produce Plant-based Meats

August 12, 2021 | Food & Beverages

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.”


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/meat-substitutes-market-100239


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:



  • Tyson Foods, Inc. (Arkansa, United States)

  • Greggs plc (Newcastle upon Tyne, United Kingdom)

  • Marlow Foods Ltd (Middlesbrough, United Kingdom)

  • Conagra Brands, Inc. (Illinois, United States)

  • Unilever NV (London, United Kingdom)

  • Hilton Food Group plc (Cambridgeshire, United Kingdom)

  • Kerry Group Plc (Tralee, Ireland)

  • Savage River Inc. (California, United States)

  • JUST, Inc. (California, United States)

  • Impossible Foods Inc. (California, United States)


A Notable Industry Development-



  • May 2019: Beyond Meat, Inc. extended its partnership with Zandbergen World’s Finest Meat for manufacturing its plant-based meats at a new facility that is under construction in Zoeterwoude. It would help the former to expand its geographic presence outside the U.S.


Further Report Findings-



  • In 2020, Europe held USD 1.62 billion in terms of revenue. In 2018, the Federal Ministry of Food and Agriculture, Germany put forward a new rule stating that the packaging of food items should clearly indicate ‘vegan’ or ‘vegetarian’ when applicable. Also, the list of all the used substitutes should be printed on labels.

  • Asia Pacific is anticipated to showcase a CAGR of 11.18% during the forthcoming years on account of the presence of numerous enlightened consumers that are trying to reduce their dependence on animal-derived products.

  • By source, the soy-based ingredients segment earned 59.63% in terms of the Europe meat substitutes market share in 2020 and 63.65% globally. Companies nowadays are developing novel technologies to develop soy protein isolates and soy concentrates that provide organoleptic properties similar to animal meat products.


The global market can be segmented in this way:










































  ATTRIBUTE



  DETAILS



Study Period



 2017-2028



Base Year



 2020



Forecast Period



 2021-2028



Historical Period



 2017-2019



Unit



 Value (USD Billion)



By Source




  • Soy-based Ingredients

  • Wheat-based Ingredients

  • Other grain-based Ingredients

  • Textured Vegetable Proteins



By Distribution Channel




  • Mass Merchandisers

  • Specialty Stores

  • Online Retail

  • Other Retail Channels

  • Foodservice



 By Geography




  • North America (By Source, Distribution Channel, and By Country)

    • U.S. (By Source)

    • Canada (By Source)

    • Mexico (By Source)



  • Europe (By Source, Distribution Channel, and By Country)

    • France (By Source)

    • Spain (By Source)

    • Italy (By Source)

    • Germany (By Source)

    • U.K. (By Source)

    • Russia (By Source)

    • Rest of Europe (By Source)



  • Asia Pacific (By Source, Distribution Channel, and By Country)

    • China (By Source)

    • India (By Source)

    • Japan (By Source)

    • Australia (By Source)

    • Rest of Asia Pacific (By Source)



  • South America (By Source, Distribution Channel, and By Country)

    • Argentina (By Source)

    • Brazil (By Source)

    • Rest of South America (By Source)



  • The Middle East and Africa (By Source, Distribution Channel, and By Country)

    • South Africa (By Source)

    • UAE (By Source)

    • Rest of ME&A (By Source)




Meat Substitutes Market
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