Meat Substitute Market to grow US$ 6.99 Bn by end of 2027, Says Coherent Market Insights

SEATTLE, Nov. 5, 2021 /PRNewswire/ -- According to the Coherent Market Insights, The global meat substitute market is estimated to account for US$ 6.99 Bn in terms of value s by the end of 2027, witnessing a CAGR of 7.6%.

A meat substitute is a meat-like material made entirely from plants. Common substitutes are plant-based meat alternatives, such as tofu, veggie burgers, faux beef, and soy burgers, and, occasionally more commonly, faux pork or fake meat. Though the term "meat substitute" has come to encompass practically any product which can be substituted for an animal-derived product, it is particularly targeted at vegetarian meat substitutes. Even though the vast majority of meat substitute products do not include poultry or fish meat, there are some which may include eggs, seaweed, and cheese. Seaweed and tofu are both derived from plant sources, but how they are created differs greatly. In order to obtain the necessary nutrients and increase protein content, plant-based substitutes for meat substitutes often contain wheat, rye, or other grains which are fermented and then sprouted. After this procedure has taken place, the resulting grain is considered to be complete since it is complete in terms of nutrition and protein content.

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Market Drivers:

The increase of preferences such as veganism among consumers is expected to propel the growth of the global meat substitute market

Keeping in mind animal and environmental welfare, many individuals are inclining towards changing their lifestyle preferences, such as avoiding eating meat and dairy products. They are choosing veganism, which is an all-plant diet, over the consumption of meat.  For instance, according to the U.S. National Institute of Health, there are around 9.7 million individuals in the regions, who have voluntarily chosen the vegan way to live.

Meat substitute is an alternative solution to sustainability, food safety, and food security, and is expected to augment the growth of the global meat substitute market.

With the increasing rate of the global population, food safety has risen as a major concern. For instance, according to the United Nation's Department of Economic and Social Affairs Population Dynamics, in 2019 the global population was approximately 7.7 billion which increased to 7.8 billion in 2020. This steady rise in population is creating more requirements for foods in the global market. While meat is a good source of protein, however, the population rise is resulting in a shortage of supply of meat, which is expected to increase the already rising demand of the global meat substitute market.