Market Overview
The meat substitutes market is expected to reach a value worth USD 8.84 billion by the end of the forecast period. Further, the market is expected to hold a CAGR of 7.00% during the forecast period. Meat substitutes are becoming increasingly popular due to a decrease in the demand for meat among a specific group of people around the world. Recently, the global food industries have been constantly monitoring and implementing new initiatives to prepare for the rise of the meat substitute category. As a result, in the current period, investment in meat alternative goods has surged. A mix of micro and macroeconomic variables is driving up demand for meat substitutes.
Furthermore, the meat alternatives business has seen significant innovation, resulting in product diversity and new product introductions. Several food brands are also active in research and development initiatives to provide new prospects for the meat alternatives market outlook as well as to demonstrate their presence in the global market. Furthermore, meat substitutes are regarded as the ideal option for meat syncs, with some novel ideas to improve the food's sustainability in the approaching years.
The ongoing global pandemic has influenced the global market. The value chain and supply chain were both interrupted during the Covid-19 period. As a result, investments and production have been lost. Furthermore, the meat alternatives business has experienced a scarcity of raw resources, production capacity, and labor. In the aftermath of the coronavirus outbreak, the market implemented new tactics and safety procedures. In the current research period, the worldwide market is estimated to have a large Meat Substitutes Market Share.
Major Players
The major key meat alternatives market players are Beyond Meat, AMY's Kitchen, Inc., Garden Protein International, Inc., Quorn Foods, Inc, MorningStar Farms L.C., Schouten Europe B.V., Sunfed, Ltd, VBites Foods, Ltd., and Blue Chip Group.
Market Segmentation
Based on the source, the meat substitutes market share has been segmented into Mycoprotein, Wheat, Soy, and others.
Based on the category, the meat substitutes market has been segmented into Refrigerated, Frozen, and Ambient.
Based on the Distribution-Channel, the meat substitutes market has been segmented into Non-store based and Store-based.
Based on the Product Type, the meat substitutes market has been segmented into Textured Vegetable Protein (TVP), Tofu & Tofu Products, other soy-based products, Tempeh, Quorn, Seitan, and other meat substitute products.
Based on the region, the meat substitutes market has been segmented into North America, Asia Pacific, Europe, Latin America, and The Middle East & Africa (MEA).
Regional Classification
The increased knowledge of healthy dietary practices among consumers is credited with Asia Pacific's rise. Health advantages, animal welfare, environmental safety, financial affordability, and the growing diversity of plant-based meat alternatives are all driving expansion in the Asia Pacific region. People are exploring a meat-free diet as a result of increased awareness raised by worldwide animal welfare organizations such as People for the Ethical Treatment of Animals (PETA). Non-meat-based meals are already widespread in Asia, with tofu being widely utilized in Asian cuisines and bean-based congees being popular in places like China. As a result, the Asia Pacific region is the region with the fastest-growing potential for meat replacements.
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