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Meat Substitutes Market

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Prapti Hinge

The global meat substitute market size is expected to witness exponential growth owing to increasing preference for plant-based meat alternatives and growing environmental concerns regarding consumption of meat. Fortune Business Insights, publishes this information in its latest report, titled “Meat Substitute Market Size, Share & Industry Analysis, By Source (Soy-based Ingredients, Wheat-based Ingredients, Textured Vegetable Proteins, and Other grain-based Ingredients), Distribution Channel (Mass Merchandisers, Specialty Stores, Online Retail, Other Retail Channels, and Foodservice), and Regional Forecasts 2019 – 2026.” The report observes that the market is likely to reach USD 8,155.8 million by 2026 while exhibiting a CAGR of 8.4% between 2019 and 2026. Furthermore, it observes that market was worth USD 4,340.5 million in 2019 and is anticipated to rise in the forthcoming years.

Meat substitute in a way replicates certain aesthetic qualities such as flavor, texture, and appearance of real meat. These substitutes are mostly based on gluten, soybeans such as tofu, and peas. There has been a drastic increase in consumption of plant-based meat products owing to increasing consumers’ awareness of how their purchasing pattern and lifestyle is affecting the environment. According to the Plant Based Food Association (PBFA), the consumption of plant-based food products generated sales of about 3 billion in 2018. Changing taste preference and increasing awareness for the need of protecting animals is propelling the consumers to switch to meat alternatives.

DRIVING FACTORS

Increasing Focus on Preservation of Environment to Aid Growth

According to the Food and Agriculture Organization of the United Nations, livestock leads to over 15% of the total greenhouse emissions. Besides, rearing livestock takes up a majority of resources such as land, water, and degrading climatic conditions. As per a data by the Impossible Burger, plant-based meat replicates the similar taste and feel as that of the beef, while having a relatively low carbon footprint of 89% lower when compared to a burger made from a cow. Additionally, the burger uses 96% less land, 87% less water, and limits contamination of water by over 92%. A major uproar over environmental degradation is resulting in people switching to meat alternatives. Therefore, increasing focus on the preservation of the environment is expected to drive the global meat substitute market growth during the forecast period.

REGIONAL INSIGHTS

Increasing Preference for Plant-based Diet in Asia-Pacific to Surge Demand

Among all regions, Asia Pacific is expected to register the highest global meat substitute market revenue during the projected horizon. This ascribable to factors such as well-established penetration of soy-product and its consumption. In addition to this, increasing preference for plant-based meat diets in countries such as Sri Lanka, India, and Thailand will contribute to the market growth in the region. North America, on the other hand, is expected to witness significant growth during the projected horizon. This is attributable to factors such as consumer preference to include novel plant-based meat products in their diet. The presence of plant-based food brands such as Field Roast, Beyond Meat, and Gardein that are registering exponential sales in the countries such as the USA will bode well for the market growth between 2019 and 2026.

COMPETITIVE LANDSCAPE

Kennemervis Announces its Acquisition of BFG

In May 2020, Kennemervis, a Dutch seafood processor company, announced its acquisition of Bobeldijk Food Group (BFG), an alternative protein manufacturer. The acquisition has marked its entry into the lucrative plant-based meat products space. Adoption of strategies such as merger and acquisition, introduction of new product, and collaboration by the companies is anticipated to favor the growth of the global meat substitute market during the forecast period.

Browse Complete Report:

https://www.fortunebusinessinsights.com/industry-reports/meat-substitutes-market-100239

 

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