Global meat substitutes market is growing as a result of health benefits associated with meat substitutes which content high protein. The meat substitutes market is highly driven by demand for healthy and diversified foods. There are opportunities for expansion of organized retail sector and innovation in product offerings. Changing perceptions for meat substitutes among various consumer groups is motivating meat substitute’s manufacturers to develop products according to their preferences.
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The major key players in meat substitutes market are Beyond Meat (U.S.), Garden Protein International, Inc. (Canada), Amy’s Kitchen Inc. (U.S.), Quorn Foods (U.K.), MGP Ingredients Inc. (U.S.), Sonic Biochem Extractions Limited (India), Meatless B.V. (Netherlands) and Cauldron Foods (U.K.).
Companies such as Amy’s Kitchen offer a huge range of innovative vegan meals and snacks. Beyond Meat, a leading player in meat substitutes market offers highly innovative substitutes of chicken, pork, turkey and beef.
Global meat substitutes market is mainly driven by increasing health awareness among the consumer along with rising preferences of vegetarian diet. Increase in number of incidences of various animal diseases and their impact on human health by consumption of the diseased meat products is supporting the market growth. Growing concerns about environment has created renewed interest in vegetable protein foods in world which is driving the sales of meat substitutes products. Many people especially in developing countries are including meat substitutes as a part of their healthy diet, as they provide source of vegetarian protein, vitamins and minerals without the high saturated fat and cholesterol of meat products.
These factors will play a key role to grow meat substitutes market at CAGR of 4% during forecast period.
Downstream market Analysis-
Soy-based meat substitutes are most widely used meat substitutes worldwide due to large availability of raw material. The use of this soy protein as a functional ingredient is increasing in the food industry. Soy is used as a source of protein in various meat substitutes such as tofu, tempeh, miso, textured vegetable protein (TVP), and other tofu ingredients. Most of the food products, marketed as meat substitutes are frozen, refrigerated or shelf-stable. Products offered by leading meat substitutes companies mainly belong to frozen food category.
Access the market data and market information presented through more than 25 market data tables and 25 figures spread over 110 numbers of pages of the project report “Global Meat Substitutes Market”
The global meat substitutes market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Among this Europe region has major market share followed by Asia Pacific. The demand for meat substitutes in various region is influenced by the availability of raw materials in that particular region such as North America is influenced by soy production while regions such as Asia Pacific and Europe are influenced by wheat production. Such a scenario would play a critical role in augmenting the particular meat substitute’s raw material in that particular regional market.
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Global meat substitutes market is segmented by type, source, category and region
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