As per the report titled ‘GLOBAL MEAT SUBSTITUTE MARKET 2019-2027’, available with Market Study Report, worldwide meat substitute market generated revenues worth USD 4093.5 million in 2018 and is projected to grow with a CAGR of 7.35% to amass USD 7714.84 million by the year 2027.
 

Increasing health conscious population is the primary growth driver of global meat substitute market. Rising prevalence of obesity and upsurge in the demand for plant-based diets are the other factors stimulating the industry growth. Moreover, rising adoption of a vegan lifestyle among public figures is positively impacting the market outlook. Additionally, innovative policies incorporated by retail stores towards driving the sales of substitute meat products, and various discounts & offers available on online retail channels are further enhancing the revenue flow, cites the study.
 

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For the uninitiated, meat substitute or faux meat is a healthy alternative to meat. Apart from having similar characteristics to that of meat, these products also replicate aesthetic qualities such taste, flavour, texture, and appearance of meat. In addition, growing awareness pertaining to the ill effects of excess meat consumption is strengthening the demand share of global meat substitute industry.
 

On the contrary, emergence of meat-based alternatives with low-fat content is major restraint for worldwide meat substitute market growth. Moreover, high cost imposed on meat analogue, and allergies linked with soy which is an essential component of meat-substitutes are hindering the industry expansion. Moreover, high gluten content in soy has restricted its consumption especially in the United States and Latin America due to the prevalence of celiac disease in these nations, whose root cause is gluten. 
 

Based on category, global meat substitute industry is split into frozen, refrigerated, and shelf-stable. Speaking of the source, the industry is categorized into soy-based, mycoprotein, wheat-based, and others. Whereas the product spectrum constitutes tofu-based, TVP-based, tempeh-based, quorn-based, seitan-based, and others. 
 

Geographically, North America, Middle East & Africa, Asia Pacific, Europe, and Latin America are the prime contributors to global meat substitute market remuneration. As per trusted records, high demand for soy-based products is projected to accelerate the growth of meat substitute industry in APAC. Growing adoption of vegetarianism and veganism particularly in Japan and China will further stimulate business expansion. Besides, economic progress in developing nations, rising disposable income, and increasing cognizance about the nutritional profile of meat substitutes are complementing Asia Pacific meat substitute market outlook.
 

Prominent vendors in worldwide meat substitute industry are Vegabom Healthy Option, Sonic Biochem Extraction Ltd., The Campbell Soup Company, Conagra Brands, Inc., Impossible Foods, Inc., MGP Ingredients, Inc., VBites Food Ltd., Meatless B.V., Superbom, The Tofurky Company, Kellogg Co., Quorn Foods, Cauldron Foods (Marlow Foods Ltd.), Beyond Meat, and Amy’s Kitchen, Inc.