Press release
Meat Substitute Market Estimated to Grow at a Rapid Rate during 2018 to 2025
Meat Alternative
The meat substitute market by product type comprises products prepared from tofu, tempeh, textured vegetable protein, seitan, quorn, and other plant-based sources. Textured vegetable protein (TVP)-based meat substitutes occupied the largest market share of 35.8% in 2017 as it is the basic ingredient in most of the soy-based meat substitute products. In terms of growth, Seitan-based meat substitutes are projected to exhibit an impressive CAGR of 9.4%, owing to increase in adoption in the food service industry.
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Major Market Players Included in This Report:
• Amys Kitchen Inc.
• Beyond Meat
• Cauldron Foods
• Garden Protein International Inc.
• Meatless B.V.
• Quorn Foods
• Vbites Food, Ltd.
• Morningstar Farms
• MGP Ingredients Inc.
• Sonic Biochem Extractions Limited
Most of the food and snack products, marketed as meat substitutes are either frozen, refrigerated, or shelf-stable. Products offered by leading meat substitute companies such as Amys Kitchen, Beyond Meat, and others, primarily belong to frozen category. However, shelf stable category is projected to exhibit the fastest growth in the coming years.
Various categories of meat substitutes marketed by players include frozen, refrigerated, and shelf-stable products. Frozen meat substitutes occupied a prominent market share of 77.2% in 2017, followed by refrigerated and shelf stable meat substitute products. The shelf stable category is anticipated to exhibit the fastest CAGR of 9.1% from 2018 to 2025.
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North America and Europe collectively accounted for about more than two-thirds of the share of the global meat substitute market in 2017. Developing lifestyle and rise in disposable income of consumers are expected to drive the growth of the Asia-Pacific market.
Promising Regions & Countries Mentioned In The Meat Substitute Market Report:
• North America
• Europe
• Asia-Pacific
• LAMEA
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