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Meat Substitutes Market Worldwide Analysis, Future Scope, Growth, Business Prospects and Forecast to 2023
Market InsightGlobal Meat Substitutes Industry 2020 can potentially touch a valuation close to USD 9.25 Bn by 2023-end, presumes Market Research Future (MRFR). The strong market growth is estimated to be at a high rate between 2020 and 2023 (review period), adds MRFR. We will provide COVID-19 impact analysis with the report, along with an in-depth review post the coronavirus disease outbreak.
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Primary Drivers and Challenges
Increasing awareness level among consumers with regard to the negative health aspects associated with meat consumption has steered them towards vegan diet. This factor is most likely to bolster the demand for meat substitutes across the globe. Also, the benefits associated with consumption of cholesterol-free protein that have meat-like texture further boost the appeal of meat substitutes. The meat-based proteins market has been increasingly recording strong demand in the past decade, especially in Europe as well as North America since a majority of the population in these regions relies mostly on meat products for their daily protein intake.
Key Players
Some of the key firms that are actively operative in the worldwide Meat Substitutes Industry are Cauldron Foods (U.K.), AMYS Kitchen Inc. (U.S.), Meatless B.V. (The Netherlands), Beyond Meat (U.S.), Garden Protein International, Inc. (Canada), Quorn Foods (U.K.), MGP Ingredients Inc. (U.S.), Sonic BIOCHEM Extractions Limited (India), to name a few.
Segment Analysis
Global Meat substitutes industry has been divided with respect to source, type and distribution channel.
The sources discussed in the market study are Mycoprotein, wheat-based, soy-based and more.
The primary types of meat substitutes include tempeh, Yaso, tofu, Quorn, TVP or textured vegetable protein, Miso, Seitan, among others.
The distribution channels specified in the MRFR report include store based as well as non-store-based channels.
Regional Insight
The Meat Substitutes Industry has been geographically considered for Europe, North America, Asia Pacific/APAC, and Rest of the World/RoW.
The meat substitutes market is mainly controlled by Europe and North America, since both the regions consist of a vast population of vegans. Other than meat-free products, these regions are also observing a surge in consumption of gluten-free products, which bolsters the market demand.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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