The Global Meat Substitutes Market is accounted for $4.40 billion in 2018 and is expected to reach $9.12 billion by 2027 growing at a CAGR of 8.4% during the forecast period. Growing preference toward a vegan diet owing to several health benefits and increasing consumer awareness regarding fitness are some of the factors fuelling the market growth.Moreover, exploring technological advancements to develop new product lines is providing opportunities for market growth. However, consumer’s increasing choice for gluten-free items can be set back for seitan, and other wheat-based substitute is one of the restraining factors for the market.
Meat substitute, also called a meat alternative, meat analogue, mock meat, faux meat, imitation meat, vegetarian meat, or vegan meat, approximates certain aesthetic qualities (such as texture, flavor, appearance) or chemical characteristics of specific types of meat. Meat Substitutes means food made from vegetarian ingredients, and sometimes without animal products such as dairy.
Based on Source, Soy segment is likely to have a huge demand due to its increasing preference among consumers and various health benefits such as a decrease in obesity and glucose levels. Furthermore, their wide application in various food items such as crackers, snacks, extruded snacks, cookies and other baked foods has led to increased consumption.
By Geography, Europe is going to have a lucrative growth during the forecast period due to increasing awareness regarding nutritional and meatless food and the growing flexitarian population in this region. Furthermore, developing occurrences of meat adulteration and ruined meat have urged buyers to change to vegan diets, which are anticipated to drive the market.
Some of the key players profiled in the Meat Substitutes market include Vegabom Healthy Option, Vbites, Tofurky Company, Superbom, Sonic Biochem Limited, Quorn Foods, Nisshin Oillio Group, Morningstar Farms, MGP Ingredients, Meatless, Garden Protein International, Dupont, Conagra Brands Inc., Campbell Soup Company, Blue Chip Group, Beyond Meat, Amy’s Kitchen and ADM.
- Tofu & Tofu Ingredients
- Textured Vegetable Protein (TVP)
- Other Soy Products
- Other Types
- Other Sources
Distribution Channel Covered:
- Non-Store based
- North America
- ·Rest of Europe
- Asia Pacific
- ·New Zealand
- ·South Korea
- ·Rest of Asia Pacific
- South America
- ·Rest of South America
- Middle East & Africa
- ·Saudi Arabia
- ·South Africa
- ·Rest of Middle East & Africa
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- Market share assessments for the regional and country level segments
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- Supply chain trends mapping the latest technological advancements
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