The meat substitute is considered to be a healthy alternative to meat. They resemble characteristics as well as aesthetic qualities such as taste, flavor, appearance and the texture of meat.
The global meat substitutes market will escalate at an anticipated CAGR of 6.41% during the forecast period & will reach revenue of $7,372.9 million by 2027. The base year considered for the market study is 2018 & the forecasted period is between 2019 & 2027. The growing demand for plant-based protein is a major factor driving the growth of the global meat substitute market.
The growing demand for plant-based protein, rising health consciousness among consumers, and the rise in the obese population are primarily propelling the faux meat market in the last few years. The rise in health concerns on the intake of meat is driving the need for meat alternatives in the market. Increase in obesity and supportive government schemes is aiding the growth of meat substitutes globally.
However, the diverse availability of low-fat meat is challenging the growth of the market. Lean meats have gained prominence among consumers owing to the increase in health and fitness consciousness. Also, the high cost of meat substitutes is further restraining the growth of the market.
Geographically the meat substitutes market is segmented into Asia Pacific, Europe, North America and the Rest of World regional segment. Europe had been the largest market with a market share of XX% in terms of revenue in 2018. The presence of key players in the region is driving the demand for faux meat in the region. The demand for meat substitute is also driven by an increase in the consumption of convenient food, owing to the urbanized lifestyle and demand for snacks made from mock meats.
The Campbell Soup Company, Quorn Foods, Superbom, Meatless BV, Kellog Co., Beyond Meat, Amy’s Kitchen Inc., Cauldron Foods, Vegaboom Healthy Option, Vbites Food Ltd., Sonic Biochem Limited, Conagra Brands Inc., MGP Ingredients, The Torfurky Company, and Impossible Foods Inc. are the major companies operating in the market.