The latest market report published by Credence Research, Inc. “Meat Substitutes Market, By Type (Textured vegetable protein, Quorn, Pea protein, Tofu, Tempeh, Seitan and others), By source (Soy-based meat substitutes, Wheat-based meat substitutes, Mycoprotein meat substitutes, Others), and By Region (North America, Europe, Asia Pacific, Latin America, & Middle East & Africa) – Growth, Future Prospects and Competitive Analysis, 2017 – 2025,” the global Meat Substitutes market was valued at US$ 3.84 Bn in 2016.
Meat substitutes are becoming a popular among vegetarians, non-vegetarians, and flexitarians. Moreover, the manufacturers of meat substitute’s product target specifically non-vegetarians because this consumer group is interested in purchasing healthy foods that resemble familiar flavors and textures. Growth of the market is highly supported by the young generation. The young generation are highly exposed to the media and the internet, they are closely following the latest trends in the food industry and are willing to try new products beneficial for health. Soy-based meat proteins are the most dominant form of meat substitutes, consumed across the world. With the success of soy proteins, the manufacturers explored other sources of proteins and extracted proteins from wheat-gluten and pea for production of meat substitutes. Factors such as growing demand for plant based proteins, increasing demand for meat substitutes due to rising purchasing power, health benefits of meat substitutes, advancement in meat substitute’s production method and technology, environmentally friendly, low cost of meat substitutes, and support from governments will be the major forces driving the growth of meat substitutes market.
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The qualitative study of drivers and limitations of Meat Substitutes Market
Key players in the global Meat Substitutes Market Include Monde Nissin, Archers Daniels Midland Company, MGP Ingredients, E. I. du Pont de Nemours and Company, Blue Chip Group, Pinnacle Foods, Amy’s Kitchen, Kellogg Company, Hain Celestial, Beyond Meat, among others.
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Credence Research has conducted in depth secondary research to arrive at key insights. Data collected from key public industry sources and publications have been scanned and analyzed impartially to present a clear picture of the industry. All recent developments which impact the sector dynamics have been captured and used to support the research hypothesis.
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