New York July 01, 2019 - According to a new report released by Research on Global Markets, the global meat substitutes market is projected to expand at a CAGR of 7.4% during the forecast period (2018-2023) and is expected to be worth USD 6.1 billion by 2023. The rise in the demand for meat alternatives is an indicator that meat substitutes are no longer seen as a product exclusively for vegetarians or vegans, but is an attempt to push towards plat based alternatives for a more nutritious diet and healthier lifestyle.
According to the report, the increasing cases of obesity and diabetes and rising awareness of the environmental impact caused by the rearing of animals are the key growth factors of the global meat substitutes market. New trends in the meat substitutes market include using soy and wheat based meat alternatives, which are high in protein and will appeal to non-vegans and non-vegetarians.
Meat substitutes can be segmented on the basis of product and source type. The tofu and tofu based products segment held the largest share of the market with 43% in 2018 due to its easy availability and high nutritional value. Seitan is gaining popularity as a form of vegan comfort food and is used in junk food such as, sandwiches, burgers, pizzas, friend chicken, and kebabs. Owing to its versatility, Seitan has found favour in American and European restaurants.
Soy is by far the most popular meat substitute, it is a source of complete protein and can be adapted to suit several recipes. Its meat-like texture is another reason why so many people opt for it while preparing primarily meat based dishes. Quinoa is the next crowd favourite. It is populari n Asian diets and has also found its way in high profile western restaurants. The avocado has been a popular choice with healthy eaters it is a tasty and healthy alternative to meat based products and it is grown around the world. Oats are another source of meat alternative and are used in many different and delicious recipes.
Based on the source, meat products are derived from soy, microprotein and wheat. Wheat is anticipated to expand at a CAGR of 7.7% by 2023 and the soy segment held a market share of 48% in 2018. The popularity of wheat can be attributed to its high content of vitamin B, mineral and zinc, its role in preparing seitan and making it a perfect meat substitute component. The mycoprotein segment is expected to expand at 7.8% as it is associated with health benefits such as improved digestion, lower cholesterol and stable blood pressure.
Geographically, The North American meat substitutes market is expected to expand at a CAGR of 5.9% by 2023 due its increasing use in fast food joints. Europe is expected to expand at the highest CAGR of 9.3% during the 2018-2023 period, due to the growing health consciousness among consumers and growing prevalence of conditions such as diabetes, high blood pressure, and constipation has been accelerating the market for meat substitutes in this region.
For more information, download Global Meat Substitutes Market: https://www.researchonglobalmarkets.com/pressrelease/post/global-meat-substitutes-market-poised-to-expand.html
About Research On Global Markets:
Owned by Netscribes, Research On Global Markets draws from the company’s vast experience in market research and intelligence. For any queries related to our products and services, feel free to get in touch with us at [email protected].
Contact Us:
Ankita Basu
Research On Global Markets
41 East, 11th Street,
New York
NY
10003
USA
US Toll-Free: 18888313350
M: + 919903154956
Email: [email protected]
Website: https://www.researchonglobalmarkets.com
Players, stakeholders, and other participants in the global Meat Substitutes market will be able to gain the upper hand as they use the report as a powerful resource.
To meet the increasing demand, plant-based meat manufacturers are launching new products in the market.
Key factors driving the market growth in the Asia Pacific region include the need for health benefits, animal welfare, environment safety, cost affordability, and the growing variety of plant-based meat products.
Non-meat-based meals are already popular in Asia, with tofu used extensively in Asian cuisines and bean-based congees widely consumed in countries such as China.
Moreover, the increase in the number of start-ups in Asian countries, such as India, Japan, and China, is further encouraging the market growth.
Segment by Type, the Meat Substitutes market is segmented into Tofu & Tofu IngredientsTempehTextured Vegetable Protein (TVP)SeitanQuorn Segment by Application, the Meat Substitutes market is segmented into CommercialHousehold Regional and Country-level AnalysisThe Meat Substitutes market is analysed and market size information is provided by regions (countries).The key regions covered in the Meat Substitutes market report are North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
The global meat substitutes market is projected to expand at a CAGR of 7.4% during the forecast period (2018-2023) and is expected to be worth USD 6.1 billion by 2023.
Rising health issues (which includes obesity and diabetes) owing to the excess consumption of meat products, and increasing awareness of environmental impact caused by rearing of animals (for meat consumption) are major factors driving the consumers to shift towards meat substitutes.
The emerging trend in the meat substitutes market includes diversification of raw materials used in the making of alternative meat products, primarily shifting from soy and wheat, to recognizable, clean-label ingredients, and high quality protein, which appeals to non-vegans and non-vegetarians.
Seitan is projected to show the highest CAGR of 8.3% during 2018-2023, as it is steadily gaining popularity in the form of vegan 'comfort food', and is also being used in junk food like burger, pizza, fake fried chicken, and kebabs.
Download Free Sample Report @ https://www.radiantinsights.com/research/global-meat-substitutes-market-2018-2023/request-sample Segmentation based on source typeThe different types of sources from which the meat substitute products are derived include soy, wheat and mycoprotein.
The North American meat substitutes market is expected to expand at a CAGR of 5.9% during the forecast period, which is driven by the presence of innovative startups like Meatless B.V, Beyond Meat, and Next Level Burgers that offer a wide range of alternatives to meat, and satiate the taste buds of not only vegan consumers, but to non-vegetarians as well.
The Meat Substitutes Market research report provides the newest industry data, growth, key segments and future trends on the idea of the detailed study.
This market report also allows you to spot the longer term opportunity and rate of growth of the leading segment supported regions and countries.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the meat substitutes market include Turtle Island Foods, Inc., Nutrisoy Pty Ltd, Pinnacle Foods, Inc., Amy's Kitchen Inc., Atlantic Natural Foods, LLC, Impossible Foods Inc., The Hain Celestial Group, Inc., Beyond Meat Inc., Pacific Foods of Oregon, Inc., Monde Nissin Corporation, Kellogg Company, Fry Group Foods (Pty) Ltd., Nasoya Foods, Inc., Hügli Holding AG, Sweet Earth, Inc., VBites Food ltd., The Kraft Heinz Company, Schouten Europe B.V., Lightlife Foods Inc., and Taifun-Tofu GmbH., and many others..
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Meat Substitutes Market Research Report" by requesting FREE Sample Copy athttps://www.valuemarketresearch.com/contact/meat-substitutes-market/download-sampleMarket DynamicsThe rising health awareness, coupled with a growing consumer preference of vegetarian foods across the world, is augmenting the market growth.
Rising occurrences of such health diseases, for instance, obesity-related disorders, such as diabetes, cardiovascular diseases, and others, have considerably increased in the last few years, which, in turn, is excepted to propel the market growth.
Rising awareness regarding the environmental impact of animal farming for meat production and the on-going trend of veganism is boosting the demand.
The Global Meat Substitutes Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
The market segments are also provided with an in-depth outlook of the competitive landscape and a listing of the profiled key players.The comprehensive value chain analysis of the market will assist in attaining better product differentiation, along with detailed understanding of the core competency of each activity involved.
The market attractiveness analysis provided in the report aptly measures the potential value of the market providing business strategists with the latest growth opportunities.The report classifies the market into different segments based on raw material, product, and category.
These segments are studied in detail incorporating the market estimates and forecasts at regional and country level.
The segment analysis is useful in understanding the growth areas and probable opportunities of the market.Leading Segment in this market:By Raw Material – Soy-BasedBy Product – Textured Vegetable Protein (TVP)By Category – Frozen Meat SubstitutesBy Geography – EuropeBrowse the complete Global Meat Substitutes Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 @ https://www.decisiondatabases.com/ip/18168-meat-substitutes-market-reportThe report also covers the complete competitive landscape of the global Meat Substitutes market with company profiles of key players such as:AMY’s Kitchen Inc.Beyond MeatBlue Chip GroupCauldron Foods U.KGarden Protein International Inc.Meatless B.V.MGP Ingredients Inc.Morning Star FarmsQuorn FoodsVbites Food Ltd.SEGMENTATIONS IN THE REPORT:By Raw Material:Soy-BasedWheat-BasedMycoproteinOthersBy Product:TofuTofu-Based ProductsTempehTextured Vegetable Protein (TVP)Other Soy ProductsSeitanQuornOthersBy Category:Frozen Meat SubstitutesRefrigerated Meat SubstitutesBy Geography:North America (NA) – US, Canada & Rest of North AmericaEurope (EU) – UK, Germany, France & Rest of EuropeAsia Pacific (APAC) – China, Japan, India & Rest of APACLatin America (LA) – Brazil & Rest of Latin AmericaMiddle East & Africa (MEA) – Middle East and AfricaDownload Free Sample Report of Global Meat Substitutes Market @ https://www.decisiondatabases.com/contact/download-sample-18168The Global Meat Substitutes Market has been exhibited in detail in the following chapters –Chapter 1 Meat Substitutes Market PrefaceChapter 2 Executive SummaryChapter 3 Meat Substitutes Industry AnalysisChapter 4 Meat Substitutes Market Value Chain AnalysisChapter 5 Meat Substitutes Market Analysis By Raw MaterialChapter 6 Meat Substitutes Market Analysis By ProductChapter 7 Meat Substitutes Market Analysis By CategoryChapter 8 Meat Substitutes Market Analysis By GeographyChapter 9 Competitive Landscape Of Meat Substitutes CompaniesChapter 10 Company Profiles Of Meat Substitutes IndustryPurchase the complete Global Meat Substitutes Market Research Report @ https://www.decisiondatabases.com/contact/buy-now-18168Other Reports by DecisionDatabases.com:Global Milk Permeate Powder Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026Global Meat Speciation Testing Market Research Report – Industry Analysis, Size, Share, Growth, Trends And ForecastAbout-Us:DecisionDatabases.com is a global business research reports provider, enriching decision makers and strategists with qualitative statistics.
DecisionDatabases.com is proficient in providing syndicated research report, customized research reports, company profiles and industry databases across multiple domains.Our expert research analysts have been trained to map client’s research requirements to the correct research resource leading to a distinctive edge over its competitors.
