Global Meat Substitutes Market by product type (Tofu & Tofu Ingredients, Tempeh, Textured Vegetable Protein (TVP), Seitan, Quorn, and Others), by source (Soy, Wheat, Mycoprotein, and Others), by category (Frozen, Refrigerated, and Shelf-Stable), by distribution channel (Direct and Indirect), and by region (North America, Europe, Asia Pacific, Middle East & Africa, and South America)” Global Meat Substitutes Market was valued at US$ 1.6 Bn in 2019 and is expected to reach US$ 4.02 Bn by 2027, at a CAGR of 12.2 % during a forecast period.
Growing demand for the veg sources of the rich proteins from consumers across the globe is expected to fuel the market growth during the forecast period. The increasing popularity of meat substitutes among vegetarians is projected to surge the global meat substitutes market growth in the near future. Rising consumption of soy-based food products such as soy turkey, soy burgers soy bacon, soy chicken, which is influencing the global meat substitutes market growth in a positive way.
The tofu & tofu ingredients segment is leading the Meat Substitutes Market.
The tofu & tofu ingredients segment is expected to hold the largest share in the global meat substitutes market during the forecast period owing to it has rich proteins and minerals. Textured vegetable protein segment is anticipated to generate the highest CAGR in the global meat substitutes market during the forecast period.
The frozen segment is leading the Meat Substitutes Market.
The frozen segment is estimated to hold the largest share in the market during the forecast period due to increased demand for convenience foods products among consumers across the globe.
The soy segment is leading the Meat Substitutes Market.
The soy segment is projected to hold the largest share in the market in the forecast period owing to they have features such as reliability, cost-effectiveness, and a rich source of proteins. The mycoprotein is also estimated to surge the market growth in a positive way.
Europe is the leading regional market for Meat Substitutes Market.
Europe is expected to hold the largest share in the market during the forecast period owing to the presence of key manufacturers in this region. Growing innovation in the product such as low-fat and fortified snack with meat substitutes, which is propelling the market growth in a positive way. North America is estimated to generate the highest CAGR in the market during the forecast period owing to the rising demand for the convinced food products in this region. The Asia Pacific is projected to drive the market during the forecast period. Changing eating habits coupled with an increased disposable income of consumers in this region, which is expected to propel the global meat substitutes market growth in a positive way.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading manufacturers such as are Sweet Earth, Inc., VBites Food ltd., The Kraft Heinz Company, Turtle Island Foods, Inc., Nutrisoy Pty Ltd, Pinnacle Foods, Inc., Amy’s Kitchen Inc., Atlantic Natural Foods, LLC, Impossible Foods Inc., The Hain Celestial Group, Inc., Beyond Meat Inc., Pacific Foods of Oregon, Inc., Monde Nissin Corporation, Kellogg Company, Fry Group Foods (Pty) Ltd., Nasoya Foods, Inc., Hügli Holding AG, Schouten Europe B.V., Lightlife Foods Inc. , and Taifun-Tofu GmbH.
Maximize Market Research, a global market research firm with dedicated team of specialists and data has carried out extensive research about the Meat Substitutes Market. The report encompasses the market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for taking an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the Meat Substitutes Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain Meat Substitutes Market positioning of competitors.
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