The Meat Substitute Market has experienced explosive growth in recent years as consumer preferences shift towards more sustainable and plant-based dietary choices. Driven by concerns about health, the environment, and animal welfare, this market has seen the emergence of innovative products that mimic the taste and texture of meat, offering consumers a compelling alternative. With a wide range of plant-based and lab-grown options available, the meat substitute market is poised for continued expansion, challenging traditional meat production and reshaping the future of food.
The report "Global Meat Substitute Market, By Type (Tofu Based, Tempeh Based, Textured Vegetable, Protein Based, Quorn Based, Seitan Based, and Others), By Source (Soy, Wheat, Mycoprotein, Others (Milk, Rice, Pulses)), By Category (Frozen, Refrigerated, and Shelf-Stable), and Region - Global Forecast to 2029"
Key Highlights:
In October 2018, for instance, Cauldron Foods Ltd. has initiated Discover Cauldron Inspiration Everyday with redesigned product packaging of meat substitute product to capture a younger target audience.
Analyst View:
The meat substitute market presents a promising and disruptive force in the food industry. Its sustained growth reflects changing consumer attitudes towards sustainability, health, and ethical considerations. With advancements in technology and culinary innovation, meat substitutes are evolving to closely resemble traditional meat products, making them increasingly appealing to a broader consumer base. As investments and research continue to pour into this market, it is likely to become an integral part of the global food landscape, impacting both traditional meat producers and the choices available to consumers.
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Key Market Insights from the report:
The global meat substitute market accounted for US$ 1.8 billion in 2020 and is projected to register a CAGR of 11.9% over the forecast period. The market report has been segmented on the basis of type, source, category, application, and region.
· By type, the protein based segment is accounted for major revenue share in 2018, since textured soy protein is the basic ingredient in many soy-based meat substitute products.
· By source, the soy segment accounted for major revenue share in 2018, owing to its nutritional contents, as it is a source of calcium and linoleic acid.
· By category, the frozen segment is accounted for major revenue share in 2018 due to rising demand for convenience foods, due to rising disposable income levels of consumers.
· By region, Europe meat substitute market accounted for major revenue share of the global meat substitute market and is further anticipated to maintain its dominance over the forecast period. This is attributed to presence of well-established meat substitute brands in the countries in the region. Increasing health awareness and high prevalence of obesity are some major factors expected to support growth of the Europe market over the forecast period. The market in North America is expected to account for second-highest revenue share in 2018.
The prominent player operating in the global meat substitute market includes Amys Kitchen Inc., Beyond Meat, Inc., Cauldron Foods Ltd., Garden Protein International, Inc., Meatless B.V., Quorn Foods, Inc., Vbites Food, Ltd., Morningstar Farms L.C., MGP Ingredients Inc., and Sonic Biochem Extractions Limited.
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