April 28, 2021
According to the research report titled ‘Global Meat Substitute Market 2019-2027’, available with Market Study Report LLC, global meat substitute market was valued at USD 4093.5 million in 2018 and is anticipated to grow with a CAGR of 7.35% through 2027, generating revenues worth USD 7714.84 million.
Increasing awareness among the people regarding the harmful effects of meat consumption, and improved mindfulness concerned with health are boosting the demand for vegan products, thereby bolstering the growth of global meat substitute market.
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Further, rise in rate of obesity, and preference for plant-based foods due to their health benefits are generating lucrative prospects for the market. With many people opting for veganism, and development of the retail stores having reserved section for meat substitute products are augmenting the industry outlook.
For the record, meat substitute is a green & healthy alternative for meat. The replacement has similar appealing characteristics like meat with respect to taste, flavor, appearance, and texture. Primarily, wheat and soy are used for manufacturing meat substitutes.
However, low-fat content in meat substitutes, and high costs of the products act as barriers to the market growth. In addition, soy-based foods, due to high gluten content, are a primary cause of allergy which leads to celiac disease that is highly prevalent in Latin America and the U.S., in turn hampering the worldwide meat substitute market expansion.
Moving on to regional outlook, North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa are significant contributors towards global meat substitute industry remuneration.
The report cites that Asia Pacific is poised to hold significant market share by the year 2027, owing to escalating demand for soy-based products. Rising trend of veganism in nations like Japan and China, inclination among millennials towards meat substitutes for its high nourishing value, and overall economic development are positively swaying business dynamics in APAC.
Key contenders in global meat substitute market sphere include Quorn, Tofurky, Cauldron Foods, The Kellogg Company, Superbom, Beyond Meat, Amy's Kitchen, MGP Ingredients Inc., Impossible Foods Inc., Conagra Brands Inc., VBites, Campbell Soup Company, Sonic Biochem Extraction Pvt. Ltd., Vegabom Healthy Option, and Meatless B.V.