Pune, India, October 2018/MRFR Press Release/- Market Research Future has published a cooked research report on the Global Meat Substitutes Market.
Global consumption of meat substitutes has continued to increase at a substantial pace in recent years. As per the report published by Market Research Future (MRFR) the global meat substitute market will expand at a CAGR of 7.0% during the forecast period (2021-2027). Food trends are constantly evolving, and it is important that the food industry aligns itself accordingly. Meat substitutes have become a popular food category in various parts of the world. This is primarily owing to the increased awareness about health benefits of consuming non-meat products. Modern consumers, especially the millennial generation are shifting towards vegan diets. A significant number of consumers in the U.S. and Europe are reducing their intake of meat and opting for vegetarian diets. This, in turn is paving the way for various types of meat substitutes.
Food brands are introducing wide-range of products for veggie-centric dishes. These products are emerging as a better alternative to meet. Other factors that are driving the demand for meet substitutes include rising prise of meat products and limited availability. Livestock is a major segment of food source however meat demand has continued to grow at an unprecedented rate partly due to the increasing number of meat consumers in countries such as India and China. Increased per capita income is influencing the lifestyle and living standards in these countries. The large section of the pollution in these countries are now consuming meat on a more regular basis. This is putting pressure on the global meat supply. At the same time, food brands are looking for other options to sustain the global meet craving where meat substitute are playing an important role.
Global Meat Substitutes Market: Segmental Analysis
The report offers the through segmental analysis of the market based on product type, source, category, and distribution channel. By product type, the market has been segmented into tofu & tofu products, textured vegetable protein (TVP), tempeh, other soy-based products, seitan, quorn and other meat substitute products. The textured vegetable protein segment is expected to retain its leading position over 2023. The segment stood at a market valuation of USD 2,171.3 Mn in 2017 and is projected to exhibit a healthy CAGR during the assessment period. By source, the market has been segmented into soy, wheat, mycoprotein and others. The soy segment is expected to remain highly lucrative during the assessment period. In addition, the segment is anticipated to reach a market valuation in excess of USD 6,700 Mn during the forecast year. By category, the market has been segmented into frozen, refrigerated and ambient. The frozen segment currently holds the largest share of the market and will continue to dominate over the next several years. Between 2018 and 2023, the segment is projected to surge at 6.85% CAGR. By distribution channel, the market has been segmented into store based and non-stored based. The former will continue to outperform the later in 2018 and beyond. The store-based segment is currently valued at over USD 4,800 Mn.
Access Report Details @ https://www.marketresearchfuture.com/reports/meat-substitutes-market-1969
Global Meat Substitutes Market: Regional Analysis
The meat substitutes market has been covered across North America, the Middle East & Africa (MEA), Asia Pacific (APAC), Europe and South America. Among these, the Europe is expected to remain a highly profitable market for meat substitute during the assessment period. Sales of meat substitutes have picking up stream in various European countries. This can be attributed to factors such as rising level of awareness among Europeans regarding the health benefits of meat substitutes. Europe is followed by North America respectively. The U.S will remain the most significant market in the region during the forecast period.
Global Meat Substitutes Market: Competitive Landscape
Some of the key players operating in the global meat substitute market include Beyond Meat, Garden Protein International, Inc., MorningStar Farms L.C., VBites Foods, Ltd., AMY's Kitchen, Inc., Sunfed, Ltd., Quorn Foods, Inc, Blue Chip Group, and Schouten Europe B.V.