According to the latest report by IMARC Group, titled "Meat Substitutes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global meat substitutes market size reached US$ 5.10 Billion in 2020. Meat substitutes, also known as mock meats, are vegetarian food items that taste, look, and feel like poultry, meat, and fish. They are made from grain- and plant-based sources that mimic animal-based products in taste and appearance. They are processed with various food additives, emulsifiers, coloring and leavening agents for improved flavor, texture, and shelf life. Soy, tofu, tempeh, textured vegetable protein (TVP), and seitan are some of the common meat substitutes available in the market.

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

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Global Meat Substitutes Market Trends:

The global meat substitutes market is primarily being driven by the increasing awareness regarding the associated health concerns with high meat consumption. Consequently, individuals are increasingly adopting vegetarian and vegan diets. This is further catalyzed by the rising health consciousness among the masses. Various animal welfare programs, which promote the consumption of plant-based foods, such as cereals, pulses, vegetables, fruits, nuts, seeds, herbs, and spices, are acting as another major growth-inducing factor. The market is further driven by an enhanced focus toward sustainable development, which is facilitating the uptake of meat substitutes. Numerous fast-food giants, such as McDonald's and Burger King, have launched plant-based burgers in the market to meet consumer demand. The rise of the organized retail sector and online retail portals for seamless delivery services is also boosting the meat substitutes market. Looking forward, the market value is expected to exceed US$ 7.8 Billion by 2026, expanding at a CAGR of 7.50% during 2021-2026.

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Market Breakup:

On the basis of the type, the market has been divided into tofu and tofu ingredients, tempeh, textured vegetable protein (TVP), seitan, Quorn and others.

Based on the source, soy holds the dominant share in the market. Other major segments include wheat and microprotein.

On the basis of the category, the market has been classified into frozen, refrigerated and shelf-stable products, wherein frozen meat substitutes represent the most preferred segment.

Based on the distribution channel, the market has been segregated into supermarkets and hypermarkets, health food stores, convenience stores and others.

On the geographical front, Europe holds the leading position in the market. Other major regions include Asia Pacific, North America, Latin America, and Middle East and Africa.

The competitive landscape of the market has been examined with the detailed profiles of the key players operating in the market. Some of these players include Nisshin OilliO Group, Ltd., DuPont de Nemours, Inc., Archer Daniels Midland Company, Amy's Kitchen, Inc., Conagra Brands, Inc., Quorn Foods (Marlow Foods Limited), Cauldron Foods, Campbell Soup Company, VBites Foods Limited, Blue Chip Group, Inc., Field Roast, Conagra Brands, Inc., Lightlife Foods, Inc., Nestlé SA, MGP, Tofurky Company, Inc, Meatless Farm Ltd. and Sonic Biochem Limited.

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