Market Overview and Growth Factors:
The diversification in the food sector is motivating the growth of the meat substitute market globally. Reports that appraise the food, beverage, and nutrition industry have been presented by Market Research Future, which creates reports on industry verticals that assess the market development and prospects. The market is projected to net a CAGR of 6.50 % while earning USD 9,235.5 Mn by the conclusion of the forecast by 2023.
The rise in popularity of veganism is a key factor prompting the growth of the meat substitute market in the forecast period. The inclination towards an improved lifestyle is expected to induce development in the meat substitute market further. The individual need to condone unethical practices related slaughtering of animals is expected to motivate the meat substitute market in the upcoming period.
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The volatility perceived in the forces that are supporting the growth of the market is expected to lead to a rather slow pace of growth. The economies around the world are responding to the market forces by applying advantageous policies and cutbacks so as avert a slowdown in the advancement of the market. The variations in the income levels globally are backing the growth of the market substantially. The upsurge in personal discretionary spending is projected to lead to the development of the market. The improvement of the distribution channels in the market is anticipated to stimulate market growth considerably. The beneficial nature of the monetary and fiscal policies is expected to tip towards strong growth in the market. Moreover, the escalation in international transactions is estimated to reinforce the development of the market noticeably. The optimistic effect exerted by governments in the progress of the market is anticipated to direct the market towards robust development in the approaching years.
The notable contenders in the meat substitute market are:
- MorningStar Farms L.C.,
- Blue Chip Group,
- Schouten Europe B.V.,
- Quorn Foods, Inc.,
- AMY’s Kitchen, Inc.,
- Beyond Meat,
- Sunfed, Ltd.,
- Garden Protein International,
- VBites Foods, Ltd.
The Segmentation Study Of The Meat Substitutes Market has been carried out on the basis of product type, distribution channel, source, category, and region. Based on the product type, the meat substitutes market is segmented into textured vegetable protein (TVP), tofu & tofu products, tempeh, seitan, quorn, other meat substitute products, and soy-based products. Based on the Sources, the meat substitutes market comprises of soy, mycoprotein, wheat, and others. On the basis of Categories, the meat substitutes market comprises of refrigerated, frozen, and ambient. On the based on the distribution channels, the meat substitutes market comprises of non-store based and store-based. Based on the regions, the meat substitute market comprises of Europe, North America, Asia Pacific, and rest of the world.
Detailed Regional Analysis:
The regional analysis of the meat substitute market observes that the North American and European region is among the top most substantial regions in the market. The North American region has a steadily rising meat substitute portfolio owing to the incidence of many market companies who are introducing innovative products. The region also has an increased obesity rate, which led to an alteration toward healthier food choices, with meat substitutes being among the most common options. The awareness concerning nutrition and the positive marketing campaigns that are directed by key players is playing a major part in the development of the meat substitutes market. The European region also has a huge consumer population, which is increasingly conscious of the health advantages of meat substitutes. The rising trend to veganism is also accountable for the rising demand in the region. The developments in the product range due to technology improvements are likely to develop the market. The Asia Pacific is a noteworthy market for the meat substitutes market and has an increased potential for growth. Furthermore, the region has a huge vegetarian population, and quite a few meat substitute products stems from cuisine in the APAC region. Products such as tempeh, tofu, and natto are among the more popular and preferred meat substitutes, which are gaining traction in the coming years.