Press release
Why Meat Substitute Market is Booming? Top companies are Archer Daniels Midland Company, Dupont, MGP Ingredients, gardein™, Beyond Meat, Amy’s Kitchen, Quorn Foods, Morningstar, Meatless, VBites Group, Entomo Farm, Bitty Foods, Kreca Food
The factors such as rising consumer preference towards vegetarian or vegan diet across the globe, rising health concerns with consumption of meat products, and various health benefits are driving the growth of global meat substitutes market.
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On the basis of source, plant sourced meat substitutes commanded the largest share of meat substitute market in 2017 due growing health & wellness trend, advances in manufacturing technology, and increased preference for vegetarian and vegan foods. However, insect sourced meat substitute is expected to witness rapid growth during the forecast period. The rapid growth of this market is mainly attributed to the low risk of transmitting zoonotic diseases and high nutritional value of insects
On the basis of category, the frozen meat substitute accounted for the largest share of meat substitutes market in 2018. Frozen meat substitutes help to maintain the nutritional value of food products and retain the flavor and texture. Also, the frozen meat substitutes are gaining popularity due to changes in purchasing patterns coupled with fast lifestyles and the shift from traditional food to convenience food, from small grocery shops to supermarkets, especially in emerging economies such as India, China, and Brazil.
Geographically, North America commanded the largest share of the global meat substitute market in 2017, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. However, Asia Pacific market is expected to witness rapid growth during the forecast period. The rapid growth of this region is mainly attributed to increasing protein rich diet awareness, increasing health consciousness, booming food & beverages industry, growing economy, rapid urbanization, and large base of vegetarian population.
The key players operating in the global meat substitute market are Archer Daniels Midland Company, Dupont, The Nisshin Oillio Group, Sonic Biochem Limited, MGP Ingredients, Garden Protein International, Beyond Meat, Amy’s Kitchen, Quorn Foods, Morningstar Farms, Meatless, Vbites, Kreca Ento-Food BV, Entomo Farms, All Things Bugs, LLC, and Bitty Foods.
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