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The global Meat Substitute Market Size is expected to attain a value of $6.5 billion by 2023, rising at a CAGR of 5.9% during the forecast period.
Consuming meat is an essential part of life for many people. However, most of the population is now turning towards the consumption of meat substitutes to fulfill the protein needs. Meat Substitute, also known as meat alternatives, meat replacers, vegan meat or vegetarian meat, or meat analogues, which are plant based products that contain proteins, cereal proteins, or pluses (mainly soy based). Meat substitutes are one of the best sources to easily maintain daily nutrition and protein levels. Some common meat substitutes are seeds, soy products, milk, cereals, eggs and others. These products have similar color, flavoring and appearance; however, these products are much healthier as compared to meat. These products contain amino acid, which is one of main source of protein.
The factors driving the demand for meat substitute market are rising obesity issues among the population base and increase in the number of health problems such as asthma, diabetes, and others. Additionally, changing lifestyle and increasing concern over fitness and nutrition levels have also contributed to the growing demand for meat substitute products. However, availability of new meat products with low cholesterol have become one of the major restrains for the meat substitute market. Based on the Sources, the Meat Substitute market is segmented into Soy, Wheat, Mycoprotein, and Others.
Based on the Types, the market is segmented into Refrigerated and Frozen. Based on Product Types, the market is segmented into Textured Vegetable Protein Based, Tofu Based, Tempeh Based, Quorn Based, Seitan Based, and Others. Based on region, Meat Substitutes market is segmented into North America (US, Canada, Mexico and Rest of North America), Europe (Germany, UK, France, Russia, Spain, Italy and Rest of Europe), Asia Pacific (China, Japan, India, Malaysia, Singapore, Australia and Rest of Asia Pacific) and Latin America, Middle East & Africa. Europe remained the dominant region in the global Meat Substitutes market in 2016. Asia Pacific would witness promising CAGR during the forecast period (2017-2023). The report covers the analysis of key stake holders of the Meat Substitutes market.
Key companies profiled in the report include Amys Kitchen Inc., Beyond Meat, Premier Foods (Cauldron Foods), Monde Nissin Corporation (Quorn Foods), Meatless B.V., MGP Ingredients Inc., and Vbites Food, Ltd.