Meat Substitutes Market Expected to Reach 6.43 Billion USD by 2023 | Key Players Include - DuPont, Quorn Foods, Beyond Meat

The report "Meat Substitutes Market by Type (Tofu & Tofu Ingredients, Tempeh, Textured Vegetable Protein (TVP), Seitan, and Quorn), Source (Soy, Wheat, and Mycoprotein), Category (Frozen, Refrigerated, and Shelf-Stable), and Region - Global Forecast to 2023", The meat substitutes market is estimated at USD 4.63 Billion in 2018 and is projected to reach a value of USD 6.43 Billion by 2023, at a CAGR of 6.8%. The market is driven by factors such as rising health concerns (which include obesity and diabetes) due to consumption of meat products. Also, due to the health benefits provided by meat substitute products, such as weight loss and general wellbeing, the market for these products is projected to grow. Furthermore, as the adoption level of meat substitutes by consumers is increasing, it helps companies innovate and develop product lines for meat substitutes, which has further contributed to the growth of the meat substitutes market.

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Tofu & tofu ingredients segment accounted for the largest share of the meat substitutes market, by application, in 2017.

On the basis of type, the tofu & tofu ingredients segment accounted for the largest share of the meat substitutes market in 2017, followed by textured vegetable protein segment. Meat substitutes such as tempeh and tofu are rich in proteins and minerals, since they are derived from soy; moreover, they have become a popular meat alternative among vegetarians and vegan consumers for their health benefits.

Frozen meat substitutes accounted for the largest market share in 2017.

On the basis of category, frozen meat substitute products accounted for the largest market share in 2017. The rise in demand for convenience foods, as a result of growing income levels of consumers, is one of the major factors driving the market for frozen meat substitutes.

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Soy-based meat substitutes accounted for the largest market share in 2017.

On the basis of source, soy-based meat substitute products accounted for the largest market share, followed by mycoprotein, in 2017. This is because soy protein is a cost-effective and reliable substitute for meat and has the highest amount of protein as compared to other meat substitutes. Soy-based meat substitutes have the ability to be produced so as to mimic the organoleptic characteristics of meat products. Soy burgers, soy turkey, soy bacon, soy chicken, and soy hot dogs are a few popular soy-based food products.

Europe dominated the meat substitutes market in 2017.

Europe was the largest market for meat substitutes in 2017. The market is characterized by the presence of large-scale meat substitute manufacturers such as Quorn Foods (UK) and Meatless (Netherlands). The increasing number of new modified meat-free product launches by manufacturers such low-fat and fortified snack with meat substitutes act as catalysts for the growth of meat substitutes market.

This report includes a study of marketing and development strategies, along with the product portfolios of the leading companies. It includes profiles of leading companies such as ADM (US), DuPont (US), The Nisshin OilliO Group (Japan), Sonic Biochem Limited (India), MGP Ingredients (US), Garden Protein International (Canada), Beyond Meat (US), Amys Kitchen (US), Quorn Foods (UK), MorningStar Farms (US), Meatless (Netherlands), and VBites (UK).

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