Meat Substitutes Market to Procure USD 8,800 Million by 2027 at 7.0% CAGR - Report by Market Research Future (MRFR)

Meat Substitutes Market Research Report and Industry Insights by Type (Tofu & Tofu Products, Tempeh, Seitan, and Others), Source (Soy, Wheat, Mycoprotein, and Others), Category (Frozen, Refrigerated, Ambient, and Others), Distribution Channel (Store based, Non-store based), and Region, Competitive Market Size, Share, Trends, and Forecast till 2027

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New York, US, July 26, 2021 (GLOBE NEWSWIRE) --

Meat Substitutes Market Overview:

As per an extensive research report published by Market Research Future (MRFR), the “Meat Substitutes Market Information by Type, Source, Category, Distribution Channel, and Region - Forecast till 2027”, the market is projected to reach USD 8,800 Million by 2027 registering a CAGR of 7.0%.

Market Scope:

A meat substitute, also known as a meat analogue, mimics the texture, flavor, and appearance, as well as the chemical features, of a certain meat. Changes in consumer habits are increasing the popularity of meat substitutes as environmental awareness and vegetarianism expand.

Market Drives

Consumers are embracing healthier lives around the world as they become more mindful of the food and beverages they consume. Nearly every excellent product has a nutritional label, and many people are aware of the various ingredients and actively seek out better choices. Because it is difficult to consume enough meat to achieve varied health goals, meat substitutes are an useful approach to improve protein intake. As a result, many health-conscious consumers have begun to incorporate meat alternatives into their meals in order to increase their protein intake. Furthermore, the vegetarian and vegan population is rapidly expanding. Animal welfare concerns, as well as the immoral tactics employed by meat producers, have played a big influence in the rise of the vegan population. Vegans and vegetarians are among the most frequent purchasers of meat substitutes.

Furthermore, meat substitutes are becoming more widely available through a variety of distribution channels. The convenience of purchasing meat alternatives has improved as the retail sector has grown. Furthermore, there are a number of online purchasing sites where meat alternatives can be purchased. In the approaching years, the market is projected to have more growth prospects.

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Competitive Landscape:

Important market players that have been profiled in the report are

  • MorningStar Farms L.C.
  • Blue Chip Group
  • Quorn Foods, Inc.
  • AMY's Kitchen, Inc.
  • Beyond Meat
  • Garden Protein International, Inc.
  • Schouten Europe B.V.
  • Sunfed, Ltd.
  • VBites Foods, Ltd.

Market Restraints:

The innovative character of many meat substitute products, on the other hand, is encouraging consumers of all demographics to try them. Meat replacements are a specialised product that is more expensive than regular vegan foods. The demand for the same is only increasing, and because of the price barrier, customers are likely to seek out more economical sources of protein or make homemade versions from store-bought ingredients, limiting market growth.

Browse In-depth Market Research Report (126 Pages) on Meat Substitutes: https://www.marketresearchfuture.com/reports/meat-substitutes-market-1969

COVID-19 Analysis

Consumer demand for meat reduction and replacement options has temporarily slowed during the COVID-19 outbreak. From the point of view of the consumer, COVID-19 has raised awareness of humanity's influence on the environment. Several rising regions are projected to have a surge in the segment that will outlast the virus, as the worldwide plant-based meat business continues to thrive despite the disruption caused by the Covid-19 outbreak.

Market Segmentation

Product type, source, category, distribution channel, and geography have all been used to segment the meat alternatives market.

Tofu and tofu products, textured vegetable protein (TVP), tempeh, other soy-based goods, seitan, Quorn, and other meat substitute products are the different product types in the market.

Soy, wheat, mycoprotein, and other sources are used to manufacture meat alternatives. In 2017, the soy segment had the highest market value of USD 4,629.7 Mn, making it the largest market segment by source.

Meat substitutes are divided into three categories: frozen, refrigerated, and ambient. The frozen segment accounts for more than half of the total market share and is expected to remain so throughout the forecast period.

Meat replacements are sold through both store-based and non-store-based distribution methods. Store-based distribution channels have a market share of well over 70%, making them by far the most popular.

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Regional Analysis:

North America and Europe are two of the most important regions in the world. The existence of various market players who are developing unique items has resulted in a continually rising meat replacement portfolio in North America. Because of the region's high obesity rate, there has been a shift toward healthier food options, with meat substitutes being one of the most popular.

The Asia Pacific region is a big market for meat replacements, with plenty of opportunities. During the evaluation period, the region saw rapid growth, with a CAGR of 7%. There are a number of emerging markets in the region where rapid urbanization has resulted in rising purchasing power, fueling demand for meat substitutes. Furthermore, the APAC region has a sizable vegetarian population, and a number of meat substitute goods originate there.

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