The global meat substitute market was estimated to be US$ 5.70 Billion in 2022 and is expected to reach US$ 16.85 Billion by 2032 at a CAGR of 11.5%.
Factors such as the health advantages linked with meat substitutes, inclination of customers towards these products is rising across the world. The consumption of meat substitutes is beneficial for health owing to the high protein content. Rise in health awareness among consumers along with altering the preferences towards vegetarian diet are anticipated to propel the meat substitutes market growth during the forecasted years. Soy is the major raw material utilized for meat substitutes and is projected to render maximum revenue in the forecast years.
Large number of companies are investing profoundly in research and development activities in order to launch superior products and also broaden their product portfolio in order to meet the developing demand for meat substitutes especially from emerging economies. The organizations working in meat substitutes market are majorly involved in partnerships as well as collaborations in order to reinforce their product portfolio.
The global meat substitutes market is classified based on product type and raw material. Depending upon product type, the global market is divided into tofu based products, quorn, tempeh, textured vegetable protein, tofu, other soy products, seitan, and others. The textured vegetable protein market segment is projected to be the major segment in terms of revenue share over future years. Factors such as rise in demand for soy-based meat substitutes among the consumers are leading to the high growth of the market. Based on raw material used, the global meat substitutes market is classified into wheat based, mycoprotein, soy based and others. Among the different types of raw material utilized for meat substitutes, soy is the leading market segment, followed by wheat based over the forecast years. The wheat based meat substitutes market is increasing especially in Asia-Pacific region owing to the large consumption of wheat gluten by people in Asia Pacific region. Based on region, the global meat substitutes market is classified into North America, Latin America, Europe, Asia Pacific and Middle East and Africa.
The global meat substitutes market is anticipated to witness strong growth over the future years owing to the increasing health awareness along with rising outbreak of animal diseases. Based upon regions, the European regional segment is likely to contribute largest market share, followed by North America during the future period.
Rise in health concern of consumers in developed regions such as Europe and North America is estimated to propel the growth of the meat substitute market. However, the Asia-Pacific regional market is estimated to witness significant growth due to the increasing disposable income of consumers in developing regions.
The major players in the meat substitutes market are Quorn Foods Inc., AMY's Kitchen, Inc., Vbites Foods Ltd , Beyond Meat, gardein, Meatless B.V., Blue Chip Group Pty Ltd and Cauldron Foods. The major players operating in meat substitues market are chiefly adopting strategy to increasingly produce novel and superior products to cater to the budding and unmet need of consumers.
By Product Type
By Raw Material
The meat substitutes market is expected to reach US$ 16.85 Billion by 2032.
The meat substitutes market is expected grow at a CAGR of 11.5% between 2023 to 2032.
The meat substitutes market was estimated to be US$ 5.70 Billion in 2022.
Rise in health awareness among consumers along with altering the preferences towards vegetarian diet are anticipated to propel the meat substitutes market growth during the forecasted years.
Quorn Foods Inc., AMY's Kitchen, Inc., Vbites Foods Ltd , Beyond Meat, gardein, Meatless B.V., Blue Chip Group Pty Ltd and Cauldron Foods among others, are the major players in the meat substitutes market.
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