Owing to the health benefits associated with meat substitutes, consumer inclination towards these products is increasing across the globe. The consumption of meat substitutes is beneficial for health due the high protein content it. Increasing health awareness among consumers coupled with changing the preferences towards vegetarian diet are expected to fuel the growth of the meat substitutes market during the forecasted period. Soy is the key raw material used for meat substitutes and is expected to contribute maximum revenue in the coming four to five years. Various companies are investing heavily in R&D activities to launch superior products and also expanding their product portfolio in order to cater to the evolving demand for meat substitutes especially from emerging countries. Companies operating in meat substitutes market are primarily involved in partnerships and collaborations in order to strengthen their product portfolio.
Meat Substitutes Market Segmentation
Apart from regions, the global meat substitutes market segmentation is done on the basis of product type and raw material. Based on the product type segmentation includes tempeh, textured vegetable protein, tofu, tofu based products, quorn, other soy products, seitan, and others. Of which, textured vegetable protein is expected to be the dominating segment in terms of revenue share over forecasted period, followed by other meat substitutes. This is attributed to increasing demand for soy-based meat substitutes among the consumers. Among all the meat substitutes segment seitan is expected to witness highest growth over the forecasted period. On the basis of raw material used meat substitutes market is segmented into, wheat based, mycoprotein, soy based and others. Among all the types of raw material used for meat substitute’s soy is the leading segment, followed by wheat based over the forecasted period. Wheat based meat substitutes market is expanding especially in Asia Pacific due to the rising consumption of wheat gluten by consumers in Asia Pacific. Global meat substitutes market is segmented on the basis of region into North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan, Middle East and Africa and Japan.
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Meat Substitutes Market: Region-wise Outlook
The Global meat substitutes market is expected to witness robust growth over the forecasted period due to the rising health awareness coupled with increasing outbreak of animal diseases. Globally, among all regions, Europe is expected to contribute highest market share, followed by North America during the forecasted period. Increasing health concern of consumers in developed region such as Europe and North America is expected to fuel the growth of the meat substitute market. However Asia Pacific is anticipated to witness significant growth owing to the rising disposable income of consumers in region such as India and China.
Meat Substitutes Market: Drivers
Major factors that fuel the growth of meat substitutes market includes increasing health awareness among consumers coupled with rising preference for vegetarian diet . Other factors that are driving the growth of meat substitutes market are outbreak of various animal diseases and changing lifestyle induced diseases namely diabetes and obesity among consumers. Various factors that hinder the growth of meat substitutes market includes high price associated with meat substitute products and also availability of low quality meat substitute products. However, various government initiatives for increasing health awareness among consumers is expected to have positive impact on the growth of meat substitutes market in next five to six years.
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Meat Substitutes Market: Key Players
Major companies operating in meat substitutes market are Meatless B.V., AMY’s Kitchen, Inc., Cauldron Foods ,Beyond Meat, Vbites Foods Ltd ,gardein, Quorn Foods Inc. ,Blue Chip Group Pty Ltd. Prominent players operating in meat substitues market are mainly adopting strategy to develop new and superior products to cater to the evolving and unmet need of consumers.