Meat Substitutes Market Overview 2022-2027:
According to the latest report by IMARC Group, titled “Meat Substitutes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on meat substitutes market outlook. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global meat substitutes market reached a value of US$ 6.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 8.9 Billion by 2027, exhibiting a CAGR of 6.8% during 2022-2027.
Meat substitutes refer to alternative products that replicate meat products in taste, texture and appearance. They are produced from grain and plant-based foods such as pea, tofu, tempeh, textured vegetable protein (TVP), and soy protein. Nowadays, meat substitutes are widely preferred by individuals who prefer to avoid meat consumption due to personal beliefs. They are also highly consumed by health-conscious individuals as they are lower in fats and calorie content than meat products.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Meat Substitutes Market Trends:
The global meat substitutes market is primarily driven by the rising awareness regarding the associated benefits of meat substitutes. They help lower cholesterol and blood sugar levels, prevent menopausal difficulties, improve digestion and other related ailments. Various nutritionists and climate activists are also promoting a meat-free diet for sustainable nutrition. This aids in avoiding the strain caused on the environment by the growing meat consumption. Furthermore, with the emerging trend of veganism, several leading manufacturers are introducing plant-based food products like vegan burgers in fast-food giants like McDonald’s and Burger King, thereby positively influencing the market growth.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- The Nisshin Oillio Group
- Archer Daniels Midland
- Amy’s Kitchen
- Conagra Brands
- Quorn Foods
- Cauldron Foods
- Campbell Soup Company
- Blue Chip Group
- Field Roast
- Garden Protein International
- Sweet Earth Foods
- MGP Ingredients
- Sonic Biochem Limited
Meat Substitutes Market Segmentation:
Our report has categorized the market based on region, type, source, category and distribution Channel.
Market Breakup by Type:
- Tofu & Tofu Ingredients
- Textured Vegetable Protein (TVP)
Market Breakup by Source:
Market Breakup by Category:
Market Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Health and Food Stores
- Convenience Stores
Market Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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