Global Meat Substitutes Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
Meat Substitutes Market Overview:
The Meat Substitutes Market was valued at $24 million in 2020 & is projected to reach $34 million by 2030. It is expected to grow at a 5% CAGR between 2021 and 2030.
Meat substitutes are healthier alternatives for meat. They resemble actual meat in terms of flavor, taste, and also in some cases appearance.
Most meat substitutes are a combination of ingredients such as wheat, soy, milk, etc., and are consumed widely by individuals looking for an alternative for meat and meat products.
The most popular types of meat substitutes consumed by individuals include Tofu and Tempeh. Tofu is increasingly consumed as an alternative to pork, chicken, and beef products.
Increasing health concerns and growing preference for vegan diets among individuals in developed economies are major factors driving the growth of the global meat substitutes market.
In addition, several disease outbreaks in animals, increasing disposable income, and increasing incidence of obesity due to processed meat consumption are other factors expected to fuel the growth of the global meat substitutes market over the forecast period.
However, the high costs of meat substitutes as compared to meat products are a major factor restraining the growth of the global meat substitutes market.
Additionally, problems concerning meat substitute consumption such as soy allergy and gluten intolerance are other factors anticipated to hamper the growth of the global meat substitutes market over the forecast period.
Currently, the market in Europe dominates the global meat substitutes market in revenue terms owing to the increasing adoption of meat substitutes due to increasing health awareness and the high prevalence of obesity in countries in the region.
The market in North America accounted for the second-highest revenue share in the global meat substitutes market, owing to high disposable income, followed by markets in the Asia Pacific, Latin America, and the Middle East & Africa respectively.
The market in the Asia Pacific is projected to witness the fastest growth in terms of revenue, owing to growing awareness about meat substitutes in emerging economies such as China and India.
Global meat substitutes market segmentation:
- Tofu Based
- Tempeh Based
- Textured Vegetable Protein Based
- Quorn Based
- Seitan Based
- Others (milk, rice, pulses, etc.)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Amys Kitchen Inc.
- Beyond Meat
- Cauldron Foods
- Garden Protein International, Inc.
- Meatless B.V.
- Quorn Foods
- Vbites Food, Ltd.
- Morningstar Farms
- MGP Ingredients Inc.
- Sonic Biochem Extractions Limited
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