New York, NY -- (SBWire) -- 06/04/2019 --A recent market study on the Meat Substitutes market applies both primary and secondary research techniques to identify new opportunities for development for the Meat Substitutes market for the forecast period, 2018 -2023. The research further screens and analyses data on the market share, growth rate and size to enable stakeholders, product owners and field marketing executives identify the low-hanging fruits and reap a significant return on their investment. Importantly, the data on the current business environment of the Meat Substitutes market proves a boon for companies trying to identify next leg for growth.
The global meat substitutes market is projected to expand at a CAGR of 7.4% during the forecast period (2018-2023) and is expected to be worth USD 6.1 billion by 2023. Rising health issues (which includes obesity and diabetes) owing to the excess consumption of meat products, and increasing awareness of environmental impact caused by rearing of animals (for meat consumption) are major factors driving the consumers to shift towards meat substitutes. The emerging trend in the meat substitutes market includes diversification of raw materials used in the making of alternative meat products, primarily shifting from soy and wheat, to recognizable, clean-label ingredients, and high quality protein, which appeals to non-vegans and non-vegetarians.
This report focuses on the global top players which are:: Amy's Kitchen, VBites, Monde Nissin Corporation, Beyond Meat, Impossible Foods, Sunfed, Next Level Burgers
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Segmentation based on product type:
The different product types offered in the meat substitutes market include tofu and tofu-based products, tempeh, seitan, textured vegetable protein (TVP) and quorn. The tofu and tofu-based food contributed the largest market share of 43% in 2018, due to its ease of availability, and high nutritional value. Seitan is projected to show the highest CAGR of 8.3% during 2018-2023, as it is steadily gaining popularity in the form of vegan 'comfort food', and is also being used in junk food like burger, pizza, fake fried chicken, and kebabs. Due to its versatile nature, it is abundantly available in restaurants in Europe and the US.
Segmentation based on source type:
The different types of sources from which the meat substitute products are derived include soy, wheat and mycoprotein. The soy segment contributed the largest market share of 48% in 2018, owing to the awareness of its high protein content and various health benefits associated with it. Wheat is expected to expand at a CAGR of 7.7% during 2018-2023, as wheat gluten is a key ingredient for the preparation of seitan and it also provides high content of minerals, vitamin B, and zinc, which is essential for a meat substitute product. The mycoprotein segment is expected to expand at the CAGR of 7.8% during 2018-2023, as mycoprotein is associated with numerous health benefits such as stable blood pressure, improved digestive system, and lower cholesterol.
Regional insights:
The meat substitutes market in Europe is expected to expand at the highest CAGR of 9.3% during the 2018-2023 period, as this market is driven by the rise in health-conscious consumers due to the growing incidences of diseases and conditions such as diabetes, high-blood pressure, and constipation coupled with the trend of flexitarian lifestyle that has been fueling the market for meat substitutes.
The North American meat substitutes market is expected to expand at a CAGR of 5.9% during the forecast period, which is driven by the presence of innovative startups like Meatless B.V, Beyond Meat, and Next Level Burgers that offer a wide range of alternatives to meat, and satiate the taste buds of not only vegan consumers, but to non-vegetarians as well.
In 2018, the Asia-Pacific region which contributed USD 0.8 Bn in the total meat substitutes market, is driven by industrial growth and improvements in the food industry, providing new opportunities for the meat substitutes market in this region. In Europe, the contribution of new product launches from the meat substitutes category increased from 9% in 2013 to 11% in 2018 (Jan-Sep). This trend was also seen across the globe with new product launches increasing from 6% to 14%.
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How geography and sales fit together
The study works as a boon for all business owners trying to identify the exact size of the target audience in a specific geographic location. Meat Substitutes enables entrepreneurs to determine the regional market for their business expansion. The study answers the questions below:
- Where do the requirements come from?
- Where do non-potential customers reside?
- What is the buying behaviour of the customers dwelling in a particular area?
- What is the spending power of the customers in a specific region?
The specialist consulting approach adopted to study the Meat Substitutes market by size, share. and growth form an important part of this market intelligence report. Expertise research specialist not only weight upon the company profiles of the major vendors but also significant aspects such as import and export status, supply chain management, demand and supply and distribution channel. Vital statistics on product positioning, consumption volume, a dramatic shift in consumer preferences, spending power and other are explained through resources including charts, graphs, and infographics.
Geographically, this report studies the key regions, focuses on product sales, value, market share and growth opportunity in these regions, covering:
- United States
- Europe
- China
- Japan
- Southeast Asia
- India
We can also provide the customized separate regional or country-level reports, for the following regions:
North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Singapore, Rest of Asia-Pacific, Europe, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, Central & South America, Brazil, Argentina, Rest of South America, Middle East & Africa, Saudi Arabia, Turkey, Rest of Middle East & Africa
In this study, the years considered to estimate the market size of Conveyor Ovens are as follows:
History Year: 2013-2017
Base Year: 2017
Estimated Year: 2018
Forecast Year 2018 to 2023
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Most important Topics covered in this report are:
1. Market Trends & Issues
2. Growth Drivers & Enablers
3. Growth Inhibitors
4. Opportunities and Challenges
5. Recent Industry Activity
6. Product Innovations & Trends
7. Coverage of Major & Niche Players
8. Comprehensive Geographic Coverage
9. Extensive Product Coverage
The research provides answers to the following key questions:
- What will be the size of the market and the growth rate for the forecast period? 2018 - 2023?
- Which key driving forces will keep create more opportunities for the Meat Substitutes market in years to come?
- Which are the most prominent players operating in the Meat Substitutes market? What have been their winning strategies so far?
- Which trends from the yesteryears or the future are likely to shape the progress of the Meat Substitutes market across different regions?
- What are the threats and challenges that can act like a barrier and restrict the development of the Meat Substitutes market?
- What are the future opportunities for prominent market players?
Browse complete report description @ https://www.marketexpertz.com/industry-overview/meat-substitutes-market
Key points from table of content:
Chapter 1: Executive summary
1.1. Market scope and segmentation
1.2. Key questions answered in the study
1.3. Executive summary
Chapter 2: Introduction
2.1. Market definitions
2.2. Revenue based on product type - (2018) (USD Bn)
2.3. Revenue based on source type - (2018) (USD Bn)
2.4. Global market trends
2.5. Global market drivers
2.6. Global market challenges
2.7. Value chain of meat substitute products
2.8. Distribution channel analysis
Chapter 3: Global Meat Substitutes Market Overview
3.1. Market overview
3.1.a. Global historical market revenue - (2015-2017) (USD Bn)
3.1.b. Global forecasted market revenue - (2018-2023) (USD Bn)
3.1.c. Geography-wise market revenue - (2018, 2023) (USD Bn)
3.2. Global trends
Continued….
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CAGR of + 7% for Meat Substitutes Market : Outlook and in-Depth Analysis 2018-2023 by Top Players: Amy's Kitchen, VBites, Beyond Meat, Impossible Foods, Sunfed
This Meat Substitutes Market report covers the size, share, trends, forecast, status of import and export, supply chain management, distribution channels, production volume, production capacity, product price, profit, sale and others elements.