GLOBAL MEAT SUBSTITUTES MARKET - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028

 The market for meat substitutes worldwide is anticipated to grow at a CAGR of 10.85%. The most popular meat alternative consumed globally is textured vegetable protein. From 2016 to 2021, the sales value of TVP increased by 34.44%. Food producers are increasingly using TVP, which is primarily made from soy, wheat, and peas, as a practical and wholesome meat substitute. ADM, Cargill, Ingredion Incorporated, and Kerry Group PLC are a few of the leading producers of TVP. To expand their market share, major firms are collaborating with producers of meat alternatives like Beyond Meat, Impossible Foods, Eat Just, and Quorn.

When compared to 2019, the consumption of meat alternatives increased by 11.96% in 2020. Although the pandemic had a negative economic impact, meat substitute use has grown over time. Because consumers were looking for healthier options after the COVID-19 epidemic, meat substitute manufacturers reported record-breaking sales. Consumers stocked up on food items with a longer shelf life during the early phases of the outbreak, including as canned goods such vegan fake meat, canned tofu, and meatless lunches. While meat from animals has a finite shelf life, meat substitutes made from soybeans can stay fresh for an entire year, increasing their appeal.

Major Players: Amy's Kitchen Inc., Beyond Meat Inc., China Foodstuff & Protein Group Co. Ltd, House Foods Group Inc. and Vitasoy International Holdings Ltd

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