Meat Substitutes Market is Projected to the Witness a CAGR of 5.8% During 2017 - 2026
The global meat substitutes market is expected to grow due to health benefits such as general wellbeing and weight loss. Increasing adoption level of meat substitutes is influencing the manufacturers to develop and innovate the meat substitutes’ product lines, which eventually contributes considerably towards the growth of the global market for meat substitutes. In addition, perceived environmental and social concerns related to excessive consumption of meat, for instance, religious limitations as well as carbon footprint of meat production, has further directed consumers to decrease meat consumption and go for its substitutes.
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Noteworthy findings from the report indicates that the global market for meat substitutes will upsurge at an evaluated 5.8% CAGR over the forecast period, 2017-2026. The report also expects that by 2026-end, meat substitutes worth US$ 7,067.6Mn will be sold across the globe.
Meat Substitutes That Are Soy-Based to Create Opportunities for Expansion of Global Market
Meat substitute products that are soy-based holds the potential for contributing the largest share in the market, followed by mycoprotein, through 2026. This is due to the fact that soy proteins are cost-efficient and dependable substitutes for meat and possesses the largest amount of protein, compared to various other meat substitutes. Meat substitutes that are soy-based also hold the capacity to be formed, in a way that it can represent the organoleptic features of meat products. Soy hot dogs, soy chicken, soy bacon, soy turkey and soy burger are a few prevalent soy-based food products.
Frozen meat substitutes amongst the category type products accounts for lion’s share in the market through 2026. The increasing demand for convenience foods due to rising income level of consumers, is considered as one of the important factors that is fuelling the frozen meat substitutes market. Major countries like India and China are significantly contributing towards the expansion of the global frozen meat substitutes market.
Notable Highlights from the Report on Meat Substitutes Market for Forecast Period, 2017-2026
Europe will continue to dominate in the global market for meat substitutes. The market is fuelled with the increasing health-conscious consumers, rising incidences of conditions and diseases such as high-blood pressure, diabetes and constipation.
Based on category, frozen meat substitutes holds the lion’s share in the global market for meat substitutes, followed by refrigerated meat substitutes. Market for frozen meat substitutes is gaining traction owing to variable purchasing patterns and shifting consumer preferences from small grocery shops to super and hypermarkets, especially in the emerging economies like Brazil, China and India. Textured vegetable protein accounts for largest share in the market, based on product type, due to the fact that they hold higher protein content and are easily available compared to other products.
Meat substitutes based on soy account for largest share in the market, based on source type, followed by mycoprotein. This is owing to the fact that consumers on a larger basis are preferring meat products that are based on soy, as it holds high protein content compared to other sources. This has led to increase of demand for soy in meat substitutes industry.
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Important market players sketched by the report is inclusive of Amys Kitchen Inc., Cauldron Foods, Meatless B.V., Vbites Food, Ltd., MGP Ingredients Inc., The Nisshin OilliO Group, DuPont, Beyond Meat, Garden Protein International, Inc., Quorn Foods, Morningstar Farms, Sonic Biochem Extractions Limited and ADM.
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