Factors such as the increasing concerns about food nutrition, security, and sustainability and mounting investments in plant-based protein sources will drive the meat substitutes market growth during the forecast period (2021–2023). According to P&S Intelligence, the market generated ~$2 billion in revenue in 2020. At present, the surging consumer preference for vegan diets has become a prominent market trend, owing to the growing public awareness of healthy eating habits, hygienic food, and weight management.

One of the key growth drivers of the market is the mounting concerns being raised over food security, nutrition, and sustainability. Food security refers to the state of having reliable access to a substantial quantity of nutritious and affordable food. As per the Climate Change and Land report of the United Nations (UN), food security may be compromised unless there is a transition away from red meat and animal protein sources, such as dairy products, eggs, and pigs to plant-based foods, such as legumes, fruits, and vegetables, which emit lower amounts of greenhouse gases (GHGs) than red meat over their lifetime.

Get More Insights: Meat Substitutes Market Segmentation Analysis Report

In recent years, companies operating in the meat substitutes market have been introducing new products according to regional preferences. For instance, in June 2019, DuPont de Nemours Inc. launched a new egg white replacement system for plant-based meat alternatives. Similarly, in July 2020, the company introduced a new range of products under the Danisco Planit brand, which includes plant proteins, enzymes, cultures, hydrocolloids, fibers, probiotics, natural extracts, antioxidants, and emulsifiers. The company focused on nutrition, taste, sustainability, and texture when developing this portfolio.

The source segment of the meat substitutes market is classified into pea protein, soy protein, and wheat protein. Under this segment, the soy protein category is expected to generate the highest revenue throughout the forecast period, as soy-based products are rich sources of protein and they resemble the color and texture of meat products. Such products can be used in different recipes and can absorb rich flavors from other food products in a better manner.