Meat Substitutes Market Industry Players to Show High Growth Rate by 2024

Meat Substitutes Market
Meat substitute is also known as faux meat, meat analog, vegetarian meat, and mock meat; they resemble with the aesthetic and chemical characteristics of the meat that includes basic texture, flavor, appearance, and taste of meat. Most of the meat substitute is gluten-based or soy-based. Vegetarians choose to reduce their meat consumption for health or ethical reasons; there are some people who stick to the dietary laws of Judaism, Hinduism, and Islam. The popular meat substitute is tofu.

Meat is a rich source of protein, cholesterol, and saturated fats. Regular consumption of meat causes cardiovascular diseases, obesity, atherosclerosis, diabetes, osteoporosis, and cancer. The consumers are inclining towards the wellness and health these days; this leads to the decline in the consumption of red meat which is rich in protein, this is expected to fuel the growth of the market. Few meat-producing companies who are engaged in the meat products are now entering the meat substitute production market. Rising concerns regarding animal welfare and increased adverse effects of the meat industry on the environment anticipate augmenting the market growth. However, the constant demand for poultry meat especially chicken and fluctuating price of the raw materials are posing a major challenge before the meat substitutes market.

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The meat substitutes market is segmented based on the type, source, category, and region. The type segment is fragmented into textured vegetable protein, tofu and tofu ingredients, soya products, Quorn, seitan, tempeh, pea-protein, values, lupi, and risofu. On the basis of source, the market is categorized into mycoprotein, wheat based, soy based, and others. Depending on the category, the market is divided into frozen and refrigerated. Geographical segmentation of the market is diversified into Latin America, North America, Europe, Asia-Pacific, and the Middle East & Africa.

North America contributed the largest market share, the U.S. is dominating the meat substitutes market currently, which is followed by regions such as Europe and Asia Pacific. Asia-Pacific will witness a significant growth in the near future. Countries such as India, China, and Japan show a strong economic growth in the meat substitutes market due to the presence of a large consumer base. The demand in the Asia Pacific and European regions are rising for gluten-free and soy-free meat. The Chinese government is considering to reduce the consumption of the meat by half owing to the increased consumption of meat by the people, in another decade and a half, this may give rise to the meat substitutes market growth

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Companies that are involved in the global meat substitutes market include Ahimsa Food, Amy’s Kitchen, Quorn Foods, and Meatless B.V. Other prominent market players include Cauldron Foods, Beyond Meat, and Sonic Biochem Extractions Limited.

Global Meat Substitutes Market: Regional Segment Analysis

North America
U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
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