The global meat substitutes market is estimated to be valued at USD 1.9 billion in 2021 and is projected to reach USD 4.0 billion by 2027, recording a CAGR of 13.5%, in terms of value.
The rising health concerns and the changing consumer perception have fuelled the demand for meat substitute products. A healthy lifestyle, supported by the integration of plant-based alternatives, has become a popular notion among consumers who are increasingly open to the idea of plant-based products.
Nowadays, consumers are extremely cautious about their health due to increased obesity cases and other diseases, such as cardiac diseases and diabetes. Hence, consumers are changing their food habits and are including healthy diet. The increasing awareness among consumers about the benefits of a vegan diet is one of the major factors propelling the demand for plant-sourced meat products worldwide. However, the rising market of cultured meat and insect protein may hamper the growth of the market.
Impact of COVID-19 on Meat Substitutes Market:
Majority of the companies present in the food & beverage industry expect COVID-19 to impact their operations. Indeed, the sector's grim expectations become a reality amid plummeting raw material prices, supply chain bottlenecks, spending slowdowns, and jitters over the credit markets. Some major food & beverage companies have closed facilities and are mulling the extent of layoffs to help curb the spread of the virus, as well as for economic reasons.
For example, the food & beverage manufacturing sector, which employs several workers in the US, is poised to be hit hard during this outbreak, primarily for two reasons: (i) many jobs are on-site and cannot be carried out remotely; (ii) the slowed economic activity has reduced the supply. Safeguarding consumer and workforce health is the priority among businesses and governments. Plant closures (full or partial) could continue to be necessary for manufacturers in hard-hit regions for a prolonged period.
For companies vulnerable to a viral outbreak within their ranks, this would be a critical time to explore a proactive deployment of automation technologies (collaborative robotics, autonomous materials movement, and industrial internet of things) to decrease worker density throughout their operations.
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).