Meticulous Research® – leading global market research company published a research report titled “Meat Substitute Market by Product Type (Tofu, TVP, Burger Patties, Sausages, Meatballs, Nuggets), Source (Soy Protein, Wheat Protein), and Distribution Channel (Business to Business and Business to Customers) – Global Forecast To 2027”.
According to this latest publication from Meticulous Research®, the global meat substitute market is expected to grow at a CAGR of 15.1% from 2020 to 2027 to reach $17.5 billion by 2027. The rising intolerance for animal proteins, growing consumer awareness about healthy food, growing number of vegan & vegetarian population, and rising investment and venture capital funding are some of the major factors driving the growth of this market. Moreover, continuous product innovation, growing R&D by meat substitute & protein alternative manufacturers, and growing demand for vegan products in emerging economies are expected to create lucrative opportunities for players operating in this market. However, expensive meat substitutes and preference for animal-based and soy & gluten-free products are expected to hamper the adoption of meat substitute to some extent.
The global meat substitute market study presents historical market data in terms of values (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of product type, source, distribution channel, and geography. The study also evaluates in detail the industry competitors and analyses the market at a country level.
Based on product type, the meat substitute market is segmented into tofu, TVP, tempeh, seitan, burger patties, sausages, ground meat, meatballs, nuggets, crumbles, and other meat substitutes. In 2019, the tofu segment accounted for the largest share of the global meat substitute market. Due to its low cost, easy availability, and high nutritional & medicinal value, tofu dominated the meat substitute market.
Based on source, the global meat substitute market is segmented into soy protein, wheat protein, almond protein, pea protein, rice protein, and other sources. In 2019, the soy protein segment commanded the largest share of the overall meat substitutes market. The large share of this segment is mainly attributed to its easy availability, lower cost, increasing demand for soy-based meat alternative products, higher consumer acceptance level, and increasing application of soy protein in various meat substitutes.
Based on distribution channel, the global meat substitute market is segmented into business-to-business (B2B) and business-to-customers (B2C). In 2019, the B2C segment accounted for the largest share of the global meat substitute market. The rapidly growing online retail sector and rising number of supermarkets & hypermarkets are the major factors driving the growth of this segment.
Geographically, this research report provides a comprehensive analysis for five major geographies—North America (U.S. and Canada), Europe (U.K., Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and RoAPAC), Latin America, and the Middle East & Africa. In 2019, Europe commanded the largest share of the global meat substitute market. However, the Asia-Pacific region is projected to grow at a significant pace in the forecast period. The rapid growth of this region mainly attributed to the rising awareness about a protein-rich diet, increasing health consciousness, higher vegan & vegetarian population, and growing technological advancements in the F&B industry.
The key players operating in the global meat substitute market are Beyond Meat Inc. (U.S.), Impossible Foods Inc. (U.S.), Garden Protein International, Inc. (Canada), Amy’s Kitchen Inc. (U.S.), The Hain Celestial Group, Inc. (U.S.), Sahmyook Foods (South Korea), Axiom Foods (U.S.), Lightlife Foods, Inc. (U.S.), Marlow Foods Ltd. (U.K.), Taifun –Tofu GmbH (Germany), Atlantic Natural Foods LLC (U.S.), VBIte Food Ltd (U.K.), and Nutrisoy Pty Ltd. (Australia).
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