Meat Substitutes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
The global meat substitutes market size was valued at US$ 4.8 Billion in 2018. Meat substitutes, or mock meats, are vegetarian food products that have similar taste, appearance and texture to that of poultry, meat and fish products. They are manufactured using grain- and plant-based sources to replicate animal-based protein and calcium, which aid in reducing cholesterol level, preventing menopausal difficulties and other related ailments. Currently, soy, tofu, tempeh, textured vegetable protein (TVP) and seitan are the most common types of meat substitutes available in the market. They are usually processed with various food additives, emulsifiers, coloring and leavening agents to enhance their flavor, texture and shelf-life.
The increasing health awareness, along with a growing preference for vegetarian foods amongst consumers, is one of the key factors driving the growth of the market. Owing to various health benefits, such as reduction of blood sugar levels, meat substitutes are gaining immense popularity across the globe. The emerging trend of veganism and growing awareness regarding the environmental impact of animals farming for meat production is encouraging consumers to incorporate meat substitutes in their daily diet. The market is further driven by favorable campaigns on animal welfare, which aim at promoting the adoption of all plant foods such as cereals, pulses, vegetables, fruits, nuts, seeds, herbs and spices. Moreover, the development of the organized retail sector and online retail portals for seamless distribution of meat substitute products is also creating a positive outlook for the market. Looking forward, IMARC Group expects the global meat substitutes market to reach a value of US$ 6.6 Billion by 2024, registering a CAGR of around 5% during 2019-2024.
Historical, Current and Future Market Trends
Market Breakup by Type:
Tofu & Tofu Ingredients
Textured Vegetable Protein (TVP)
Based on the type, the market has been segregated into tofu and tofu ingredients, tempeh, textured vegetable protein (TVP), seitan, Quorn and others.
Market Breakup by Source:
On the basis of the source, the report finds that soy represents the most popular source. Other major segments are wheat and microprotein.
Market Breakup by Category:
Based on the category, the market has been segmented into frozen, refrigerated and shelf-stable products. At present, frozen meat substitutes are mostly preferred by consumers across the globe.
Market Breakup by Distribution Channel:
Supermarkets and Hypermarkets
Health and Food Stores
The market has been categorized on the basis of the distribution channel into supermarkets and hypermarkets, health and food stores, convenient stores and others.
Market Breakup by Region:
Middle East and Africa
On the geographical front, Europe exhibits a clear dominance in the world. Other major regions include Asia Pacific, North America, Latin America, and Middle East and Africa.
The report has also analyzed the competitive landscape of the market with some of the key players being The Nisshin Oillio Group, Dupont, Archer Daniels Midland, Amy's Kitchen, Conagra Brands, Quorn Foods, Cauldron Foods, Campbell Soup Company, VBites, Blue Chip Group, Field Roast, Garden Protein International, LightLife, Sweet Earth Foods, MGP Ingredients, Tofurky, Meatless, Sonic Biochem Limited, etc.
Key Questions Answered in This Report:
How has the global meat substitutes market performed so far and how will it perform in the coming years?
What are the key regional markets in the global meat substitutes industry?
What is the breakup of the market based on the type?
What is the breakup of the market based on the source?
What is the breakup of the market based on the category?
What is the breakup of the market based on the distribution channel?
What are the various stages in the value chain of the global meat substitutes industry?
What are the key driving factors and challenges in the global meat substitutes industry?
What is the structure of the global meat substitutes industry and who are the key players?
What is the degree of competition in the global meat substitutes industry?
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