Meat Substitute Market 2021: Explore Top Factors that Will Boost the Global Market by 2027
Increase in obese population, new product development, rapid growth in the food service industry, and rising concerns regarding environmental sustainability and animal welfare drive the growth of the global meat substitute market. On the other hand, wide availability of substitutes impedes the growth to some extent. Nevertheless, increase in health awareness and veganism is anticipated to create lucrative opportunities in the future.
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• The outbreak of COVID-19 has made people more health consciousness and the demand for plant-based diet and other organic sources has increased to a significant extent, thereby boosting the global meat substitute market.
• Nevertheless, there have been disorders in the supply of raw materials owing to lockdown which has affected the market to some extent.
The global meat substitute market is analyzed across product type, source, category, and region.
On the basis of category, the frozen segment held more than three-fourths of the global meat substitute market share in 2019 and is expected to retain its dominance by the end of 2027. The fact that ready meals, including cooked and semi-cooked meat substitute food products have become increasingly popular across the world has propelled the growth of the segment. The shelf stable segment, on the other hand, would register the fastest CAGR of 9.9% during the forecast period, due to the fact that the outbreak of the COVID-19 pandemic led to increase in demand for shelf-stable meat substitutes among individuals.
On the basis of source, the soy-based segment garnered nearly two-thirds of the total market revenue in 2019 and is anticipated to retain its dominance throughout the forecast period. This is attributed to the fact that soy proteins, including soy protein isolate and soy protein concentrate, are the major ingredients in structured plant-based alternative products, owing to their abundance, low-cost, meat-like texture after hydration, and high amino acid composition. Simultaneously, the wheat-based segment would portray the fastest CAGR of 10.0% from 2021 to 2027, due to high nutritional content in the products.
Based on region, Europe held the major share in 2019, generating nearly two-fifths of the global meat substitute market. At the same time, Asia-Pacific would manifest the fastest CAGR of 9.4% by 2027. The other provinces discussed in the report include North America and LAMEA.
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The leading market players analyzed in the global meat substitute market report include Beyond Meat, Cauldron Foods, MGP Ingredients, Garden Protein International, Inc., Vbites Food, Ltd., Meatless B.V., Quorn Foods, Sonic Biochem Extractions Limited, Morningstar Farms, and Amy’s Kitchen. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to reinforce their status in the industry.
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