“Meat Substitutes Market |Global Industry Share Size, Business Growth & Forecast Till 2027 | Top Market Players Sunfed, Ltd , AMY's Kitchen, Inc, Beyond Meat ,etc.”

Meat Substitutes Market Forecast

As per MRFR, the global Meat Substitutes Market is predicted to grow at USD 8,800 Million by the end of the year 2027. Further, the Market is projected to hold a CAGR of 7.0% during the forecast period of 2020 to 2027. Nowadays, meat substitutes are going mainstream steadily due to the decreasing demand for Meat among some specific group of people in the globe. Recently, the global food sectors have been actively looking forward to the expansion of the meat substitute category by monitoring and developing new initiatives. Hence, the investment has increased in meat substitute products in the ongoing period.

The demand for meat substitutes is increasing due to the combination of micro and macro-economic factors. Moreover, substantial innovation has been introduced in the meat substitutes industry, which is resulting in product diversification, and new product launches. Additionally, the research & development programs are involved by several food brands to bring more opportunities for the meat substitutes market as well as to show their existence in the global market. Along with this, meat substitutes are considered as the best alternative for meat syncs with some unique ideas to enhance the sustainability of the food in the upcoming years.

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Competitive Outlook

Sunfed, Ltd., AMY's Kitchen, Inc., Beyond Meat, Quorn Foods, Inc, VBites Foods, Ltd., Blue Chip Group, Garden Protein International, Inc., Schouten Europe B.V., MorningStar Farms L.C., and others are some of the major players in the meat substitutes market . Collaborations, mergers, and new product launches engulf the market landscape.

Segmentation Analysis

The Meat Substitutes Market Share is segmented by product type, source, category, and distribution channel.

By type, it is segmented into tofu & tofu products, tempeh, textured vegetable protein (TVP), seitan, quorn, other soy-based products, and other meat substitute products. The textured vegetable protein segment was the largest in 2017 and will retain its top position in the coming years. Its derivation from soy combined with its popularity among vegans can drive the segment growth. On the other hand, seitan is presumed to exhibit 6.87% CAGR during the forecast period.

By source, it is segmented into mycoprotein, wheat, soy, and others. The soy segment is anticipated to grow at a robust rate during the forecast timespan. Health benefits such as reduction of obesity due to consumption and application in snacks are likely to boost the segment valuation.

By category, it is segmented into ambient, refrigerated, and frozen. The frozen segment holds close to 50% market share and will continue to dominate till the end of the forecast period. This can be attributed to the availability of frozen vegan products. On the flip side, the refrigerated segment can showcase the fastest growth rate till 2023 due to new launches by companies.

By distribution channel, it is segmented into store-based and non-store based. The store-based channel holds a share above 70% currently. This can be attributed to retail stores and hypermarket chains keeping vegan products in stock for customers. On the other hand, the non-store-based segment can showcase 7.36% CAGR till 2023 due to convenience offered by ecommerce stores.

Regional Analysis

Asia Pacific (APAC), Latin America, the Middle East & Africa (MEA), North America, and Europe are regions covered in the global meat substitutes market Share report.

North America and Europe are major regions of the global market. The former can contribute to market revenue by offering a plethora of meat substitutes and the decision of consumers to shift to veganism to reduce obesity levels. Awareness created via advertisements and posters can induce market demand in the region. The latter can exhibit a strong growth rate due to rise of veganism and large consumer population aware of meat substitutes.

On the other hand, the APAC region can display 7% CAGR during the assessment period due to a large vegetarian population, rise in purchasing power, and urbanization.

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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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