- Vegan consumers and increasing awareness about health benefits obtained from meat substitutes are improving the market.
- Rising demand for meat substitutes have encouraged new players to enter into the global meat substitute market and generate high revenues.
- A boost in fitness and wellness sector has enhanced market growth.
Increasing population and vegan consumers and high demand for plant-based products is supporting growth of global meat substitutes market. Rising population of vegan consumers and increasing awareness about health benefits obtained from meat substitutes have prompted product growth in the global market.
Rising campaigns on animal welfare have influenced the positive sale of meat alternatives among vegan consumers. Health benefits gained out of the meat substitutes industry consumption are the main drivers to development of this segment. Growth of the functional foods manufactured out of plant-based products has also provided an impetus for the increased demand of this sector.
A boost in fitness and wellness sector has enhanced the market growth trajectory of the sector to an elevated level. Rising health awareness about the benefits of consumption of plant-based protein is escalating the demands for meat substitutes to balance consumers’ nutritional requirements. However, food adulteration is one of the major reasons confining the growth of meat substitutes market.
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Rising demand for meat substitutes have encouraged new players to enter into the global meat substitute market and generate high revenues. Established players are focusing more on the R&D sector to enhance the quality of their offerings to sustain their consumer base.
Players are found to compete in terms of prices and quality to capture consumers’ attention toward their offerings. Product promotions and high investments in advertising are also key strategies followed by manufacturers to strengthen their business portfolio in the global meat substitute market.
Key players profiled in Meat Substitutes Market are Amys Kitchen Inc. (U.S.), MGP Ingredients Inc. (U.S.), Beyond Meat (U.S.), Garden Protein International Inc. (Canada), Quorn Foods (U.K.), Sonic Biochem Extractions Limited (India), Meatless B.V. (Netherlands), and Cauldron Foods (U.K.) among many others.
The global Meat Substitutes market has been divided into source, type, distribution channel and region. On The Basis Of Source: Soy-Based, Wheat-Based, MYCOPROTIEN and Others.
On The Basis Of Type: Tofu, Tempeh, TVP (Textured Vegetable Protein), Quorn, Seitan, Miso, Yaso and Others. On The Basis Of Distribution Channel: Store Based and Non-Store Based. On The Basis Of Region: North America, Europe, Asia Pacific and ROW.
Global Meat Substitutes Market is segmented into Europe, North America, APAC and Rest of the World (RoW). Global dietary market is highly dominated by North America and Europe due to rising population of vegan consumers in the region. APAC is the fastest growing region based on increasing inclination of consumers towards healthy life-style and shift in food consumption pattern. The consumption of Meat Substitutes in countries like the U.S., the U.K and China is expected to grow in upcoming years.