The global meat substitutes market size is projected to reach USD 8,155.79 million by 2026. Driven by increasing veganism trends, the market will rise at a considerable rate in the coming years.
According to a premium report published by Fortune Business Insights™, titled “Meat Substitutes Market Size, Share & Industry Analysis, By Source (Soy-based Ingredients, Wheat-based Ingredients, Textured Vegetable Proteins, and Other grain-based Ingredients), Distribution Channel (Mass Merchandisers, Specialty Stores, Online Retail, Other Retail Channels, and Foodservice), and Regional Forecasts, 2019 – 2026” the market was worth USD 4,340.54 million in 2018 and will exhibit a CAGR of 8.39% in the forecast period, 2019-2026.
Meat substitutes are a growing trend among users across the world. They are substances that are produced as a direct replacement for animal meat. The increasing awareness regarding the consumption of meat and dairy products will contribute to the growing demand for their substitutes. Recent advances in the ways to manufacture meat substitutes, coupled with the increasing emphasis on the research and development of newer products will have a direct impact on the growth of the market in the coming years.
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The report provides an in-depth analysis of the global infant formula market. It encompasses several factors that have contributed to the growth of the market in recent years. Besides, this, it highlights a few of the factors that have restrained the growth of the market. The report provides forecast values for the market for the period of 2019-2026. Factual figures have been evaluated through trusted sources. Other data is gathered through interviews and opinions of world leaders and experienced market research professionals. Several aspects of the market have been analysed, with key focus on elements such as leading products and major companies.
List of the leading companies that are operating in the global meat substitutes market are:
- Tyson Foods, Inc.
- Greggs plc
- Marlow Foods Ltd
- Conagra Brands, Inc.
- Unilever NV
- Hilton Food Group plc
- Kerry Group Plc
- Savage River Inc.
- JUST, Inc.
- Impossible Foods Inc.
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Growing Veganism Trends Will Yield Several New Products
Among all factors that have influenced the growth of the market, the increasing number of product launches have had the highest impact on market growth. The adoption of plant-based foods and veganism is a growing trend among users across the world. The increasing veganism trends have encouraged companies to launch newer plant-based meat substitutes. In May 2019, Beyond Meat announced a collaboration with Zandbergen World’s Finest Meat to set up a new manufacturing facility at Zandbergen in Zoeterwoude. The company plans to expand its customer reach in the Netherlands. The report highlights major factors similar to this, and discusses their impact on the growth of the market in the coming years.
Asia Pacific is Currently Dominating the Market; Established Patterns for Soy-based Products to Aid Growth
The market is segmented on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these, Asia Pacific is currently the largest market for meat substitutes in the world. The increasing consumption of plant-based products in vastly populated nations such as India, Sri Lanka, and Thailand. The growing concerns regarding the consumption of meat-based products will lead to a subsequent rise in the demand for plant-based meat substitutes. Besides Asia Pacific, the market in North America will witness considerable growth in the coming years.
Key Industry Developments:
February 2019: The Institute of Chemical Technology (ICT) India announced an agreement with Centre of Excellence in Cellular Agriculture in Maharashtra, India. The company is focused on promoting plant and cell-based meat substitutes.
Browse Summary Meat Substitutes Market Research Report: https://www.fortunebusinessinsights.com/industry-reports/meat-substitutes-market-100239
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