Global Meat Substitutes Market Poised to Expand 7.4% CAGR till 2023
According to a new Research on Global Markets report, the global meat substitutes market is expected to be worth approximately USD 6.1 Bn by 2023, expanding at a compound annual growth rate (CAGR) of 7.4% during 2018-2023. Increasing health issues related to obesity and diabetes, arising from excessive consumption of meat products, coupled with rising awareness about the impact on the environment caused by rearing of animals for meat consumption are the primary factors driving the demand for meat substitutes.
The market research report highlights the emerging trend of diversification of raw materials used to produce meat substitutes, shifting primarily from soy and wheat to clean-label and high quality ingredients, which appeal to non-vegans and non-vegetarians.
Check out the Research on Global Markets report featured in this article:
According to the report, the global meat substitutes market is segmented based on product and source. Based on products, the market is further segmented into tofu and tofu-based products, tempeh, seitan, textured vegetable protein (TVP) and quorn. Tofu and tofu-based products accounted for the highest market share (43%) in 2018, owing to its ease of availability, and high nutritional value.
Based on source, the market is further segmented into soy, wheat and mycoprotein. The soy segment accounted for the largest market share of 48% in 2018, owing to the awareness of its high protein content and various health benefits associated with it, according to Research On Global Markets.
Research On Global Markets tracks the performance of the global meat substitutes market across the key geographies of North America, Europe, Asia Pacific, and Rest of the World. The meat substitutes market in Europe is expected to expand at the highest CAGR of 9.3% during the 2018-2023 period, driven by the increase in the number of health-conscious consumers, coupled with the trend of flexitarian lifestyle that has been fueling the demand for meat substitutes. The North American meat substitutes market is expected to expand at a CAGR of 5.9% during the forecasted period, driven by the presence of innovative start-ups that offer a wide range of alternatives to meat.
Key highlights of this report:
- Global market overview - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), geography-wise market revenue (USD Bn), and key market observations
- Qualitative analysis of the drivers and challenges affecting the global market
- Major trends in the global meat substitutes market
- Analysis of the competitive landscape and profiles of the major players operating in the market
- Market segmentation based on product [Tofu and tofu-based, textured vegetable protein (TVP), seitan, tempeh, and quorn] - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
- Market segmentation based on source (soy, wheat, and mycoprotein) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
- Market segmentation based on region (North America, Europe, Asia-Pacific, and The Rest of the World)
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for meat substitutes across the world to determine the viability of the market, develop strategies based on the drivers, and to help brands identify competition and respond accordingly.