Reportocean.com have announced the addition of a new report titled "Global Meat Substitute Market and Forecast to 2026"
Delhi, Delhi/NCR -- (SBWIRE) -- 12/02/2019 -- Based on the latest insights in the report title "Global Meat Substitute Market by Product (Tofu-based, Tempeh-based, TVP-based, Seitan-based, Quorn-based, and Others), Source (Soy-based, Wheat-based, Mycoprotein, and Others), Category (Frozen, Refrigerated, and Shelf Stable): Global Opportunity Analysis and Industry Forecast, 2019-2026" by Report Ocean, the Market is projected to reach $8.1 billion by 2026, growing at a CAGR of 7.8%.
The meat substitute market is anticipated to attain massive gains over the forecast period. The global market is predicted to record a CAGR of 7.8%, surpassing a valuation of $ 8.1 billion during the anticipated timeframe of 2019 to 2026.
Meat is considered to be an ideal source of protein, making it a highly consumed product by people across the globe. Vegetarians, however, seek for meat substitute so that they can intake the same amount of protein consumed by the non-vegetarians. This has augmented the demand for meat substitutes among the consumers.
Rising incidences of obesity-related disorders such as, cardiovascular diseases, diabetes, and others have considerably augmented in the last few years. Occurrence of such health disorders will boost fitness and health consciousness among the consumers, which is finally estimated to fuel the meat substitutes market over the anticipated timeframe. Rapid development noticed in the food service industries along with attractive marketing and promotional strategies for vegetarianism companies have impacted the growth graph positively. The increasing number of consumers preferring vegetarian food is likely to provide lucrative growth opportunities to the market players to launch new substitutes in the global market.
Moreover, rising awareness towards environment sustainability as well as animal welfare is predicted to augment in the coming years, mainly to initiatives undertaken by government authorities across the globe. Initiatives undertaken by organizations such as, Vbites Foods Ltd. have further contributed significantly towards propelling animal consciousness among the individuals. Also, marketing and promotional activities are likely to propel consciousness towards sustainability, thereby encouraging the meat substitutes market growth across the globe.
On the contrary, it contains high amount of saturated fats as well as cholesterol. Individuals consuming it on a regular basis will develop chronic health ailments such as, atherosclerosis and obesity. This is considered a major concern likely to slowdown the growth of the meat substitutes market over the forecast period. Also, growth in the number of innovative and low-cholesterol meat production launches is likely to impede the market growth in the next few years.
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The global meat substitutes market has been segmented on the basis of product, source, and category.
By product, the global meat substitutes meat market is segmented into tempeh, tofu, Quorn, textured vegetable protein (TVP), seitan, and others.
By source, the meat substitutes market is segmented into wheat, soy, mycoprotein, and others.
By category, the meat substitutes market is segmented into refrigerated, frozen, and shelf-stable meat substitutes.
Geographically, the meat substitutes market spans across Asia Pacific, North America, Europe, and LAMEA.
Considering the global scenario, the Asia Pacific region is predicted to record lucrative growth opportunities, and it can be majorly accredited to the rising adoption of western lifestyle as well as increasing disposable income of the consumers. Moreover, innovative product launches is likely to propel the growth of the regional market over the estimated timeframe.
The key players operational in the meat substitutes market include Beyond Meat, Amys Kitchen Inc., Garden Protein International, Inc., Cauldron Foods, Quorn Foods, Meatless B.V., Morningstar Farms, Vbites Food, Ltd., Sonic Biochem Extractions Limited, and MGP Ingredients Inc..
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