Global Meat Substitutes Market to be worth USD 6.1 Bn by 2023
According to the report, the increasing cases of obesity and diabetes and rising awareness of the environmental impact caused by the rearing of animals are the key growth factors of the global meat substitutes market. New trends in the meat substitutes market include using soy and wheat based meat alternatives, which are high in protein and will appeal to non-vegans and non-vegetarians.
Meat substitutes can be segmented on the basis of product and source type. The tofu and tofu based products segment held the largest share of the market with 43% in 2018 due to its easy availability and high nutritional value. Seitan is gaining popularity as a form of vegan comfort food and is used in junk food such as, sandwiches, burgers, pizzas, friend chicken, and kebabs. Owing to its versatility, Seitan has found favour in American and European restaurants.
Soy is by far the most popular meat substitute, it is a source of complete protein and can be adapted to suit several recipes. Its meat-like texture is another reason why so many people opt for it while preparing primarily meat based dishes. Quinoa is the next crowd favourite. It is populari n Asian diets and has also found its way in high profile western restaurants. The avocado has been a popular choice with healthy eaters it is a tasty and healthy alternative to meat based products and it is grown around the world. Oats are another source of meat alternative and are used in many different and delicious recipes.
Based on the source, meat products are derived from soy, microprotein and wheat. Wheat is anticipated to expand at a CAGR of 7.7% by 2023 and the soy segment held a market share of 48% in 2018. The popularity of wheat can be attributed to its high content of vitamin B, mineral and zinc, its role in preparing seitan and making it a perfect meat substitute component. The mycoprotein segment is expected to expand at 7.8% as it is associated with health benefits such as improved digestion, lower cholesterol and stable blood pressure.
Geographically, The North American meat substitutes market is expected to expand at a CAGR of 5.9% by 2023 due its increasing use in fast food joints. Europe is expected to expand at the highest CAGR of 9.3% during the 2018-2023 period, due to the growing health consciousness among consumers and growing prevalence of conditions such as diabetes, high blood pressure, and constipation has been accelerating the market for meat substitutes in this region.
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