Global Meat Substitutes Market Is Expected to Grow at a CAGR of 6.8% During 2018-2025 Forecast Period

The Meat Substitutes market accounted for USD 4.63 Billion in 2018 and is projected to reach USD 8.43 Billion by 2025, at a Compound Annual Growth Rate (CAGR) of 6.8% over the forecast period.

The different segment of Meat Substitutes market are category, type, source and region.

Market segmented by Category
Frozen
Refrigerated
Shelf-stable

Frozen meat substitute products accounted for the largest market share in 2017. The reason attributed to 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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Market segmented by Type
Tofu & tofu ingredients
Tempeh
Textured vegetable protein
Other soy products (miso, yaso, and nattô)
Seitan
Quorn
Others

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.

Market segmented by Source
Soy
Wheat
Mycoprotein
Others

Soy-based meat substitute products accounted for the largest market share, followed by mycoprotein, in 2017. The reasons attributed to are 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.

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Market segmented by region
North America
Europe
Asia-Pacific
Rest of the World

Europe has dominated the Meat Substitutes market and has generated USD XX million market value in 2017 and is estimated to reach USD XX million market by 2025 with growing XX% CAGR. The reasons attributed due to 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.

The major market players of the global Meat Substitutes market are:
ADM, DuPont, The Nisshin OilliO Group, Sonic Biochem Limited, MGP Ingredients, Garden Protein International, Beyond Meat, Amys Kitchen, Quorn Food, MorningStar Farms, Meatless, VBites and others.

These companies using various strategies such as merger & acquisition, collaboration, partnership and product launch. Whereas, merger & acquisition is the key strategy adopted by the companies in the market.

The factors contributing to the growth of the Meat Substitutes market include rising health concerns as a result of increasing obesity levels brought on by the consumption of meat product, health benefits of meat substitutes and increased preference for vegetarian and vegan food.

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