The global meat substitutes market size is expected to reach USD 5.81 billion by 2022. The market is expected to witness a healthy CAGR of 7.5% during the forecast period. The demand for meat substitutes is being driven by a growing desire for a vegan diet due to many health benefits and environmental issues. To meet the rising product demand, manufacturers are taking significant steps to produce better products and expand their product range.
According to several studies, the consumption of large amounts of red and processed meat has been linked to an increased risk of colorectal cancer and heart diseases. As a result, people are increasingly turning to soy and gluten-free foods, as soy-based foods can absorb rich flavors from other foods.
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Meat Substitutes Market Report Highlights
• On the basis of product, Seitan, which has a higher sodium and protein content than tempeh and tofu, is expected to be the fastest-growing product segment. The seitan product segment is expected to register a CAGR of 10.2% over the forecast years.
•Based on the raw material, soy-based products are expected to account for a significant market share. Soy is the most well-known meat replacement and is a complete protein source. Soy-based products can absorb rich flavors from other foods, which contributes to their high market penetration.
•Wheat-based protein is projected to reach USD 308.3 million by 2022 with a CAGR of 9.9% during the forecast period.
•Asia Pacific is expected to register the highest CAGR over the forecast period.
•In September 2020, plant-based burger market Impossible Foods launched plant-based sausage products in Hong Kong. The sausage patty is made from soy protein and is the company’s second product since its faux beef burger in 2016.
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Meat Substitutes Market Segmentation
Grand View Research has segmented the global meat substitutes market on the basis of product, raw material, and region:
Meat Substitutes Raw Material Outlook (Revenue, USD Million, 2012 – 2022)
• Soy-based
• Wheat-based
• Mycoprotein
• Others
Meat Substitutes Product Outlook (Revenue, USD Million, 2012 – 2022)
• Tofu
• Tofu-based
• Tempeh
• Textured Vegetable Protein (TVP)
• Other Soy Products
• Seitan
• Quorn
• Others
Meat Substitutes Regional Outlook (Revenue, USD Million, 2012 – 2022)
• North America
• The U.S.
• Europe
• Germany
• France
• The U.K.
• Asia Pacific
• China
• India
• Japan
• Central & South America
• Middle East & Africa
Key Players in the Meat Substitutes Market
• AMY’s Kitchen Inc.
• Vbites Food Ltd
• Beyond Meat
• Morning Star Farms
• Blue Chip Group
• MGP Ingredients Inc.
• Cauldron Foods U.K
• Quorn Foods
• Garden Protein International Inc.
• Meatless B.V.
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