Pune, India, April 09, 2019 (GLOBE NEWSWIRE) -- Meat Substitutes Market is poised to touch USD 9.25 billion by 2023 at an impressive 9.4% CAGR during the forecast period (2018-2023), reveals the latest report by Market Research Future (MRFR).
Market Analysis
Consuming meat for many is a part of their daily life, but the majority are opting for a healthy version by switching to non-meat foods for catering their protein needs. Avoiding or restricting meat in the diet may be challenging, yet with the nutritional, environmental and health benefits of selecting meat substitutes over meat, this challenge will be worth the effort. Meat substitutes until recently have been consumed primarily by vegetarian and vegan consumers seeking more healthy, sustainable and ethical alternatives to meat. These days flexitarians (people who mostly eat plant-based food and consume meat, fish and poultry occasionally) are also turning to meat substitutes. Meat substitutes, also called as meat analogues, are successful owing to its low cost, meat-like texture and healthy image as it is cholesterol-free. Food scientists are coming up with meat alternatives which have similar mouth feel and truly taste as meat.
Meat substitutes when combined with appropriate use of vegetables, fresh fruits, legumes, whole grains and low-fat dairy products can add taste, variety, and convenience to a vegetarian diet. The global meat substitutes market is eyeing for a substantial growth over the predicted years (2018-2023), MRFR (Market Research Future) Report reveals in a complete analysis.
Key Players and Industry Buzz
Major players operating in the Meat Substitutes Market include Schouten Europe B.V., Sunfed, Ltd, VBites Foods, Ltd., MorningStar Farms L.C., Blue Chip Group, Garden Protein International, Inc., Quorn Foods, Inc, Beyond Meat, and AMY's Kitchen, Inc. The major players are employing effective strategies including surveys and studies, partnerships, acquisitions, mergers and new product launches to create a footprint in the market.
April 2019 - Burger King has joined the meat substitute trend by introducing a meatless variety of Whopper thereby becoming the latest fast-food joint serving patties that are plant-based. This patty is made from an iron-containing compound, heme. Currently, this meatless version will be available in 59 stores across St Louis, Missouri.
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Market Segmentation
The MRFR report provides an inclusive analysis of the market based on source, product type, distribution channel and category.
Tofu & tofu products, tempeh, textured vegetable protein, quorn, seitan, other soy-based products and other meat substitute products form the product type segmentation of meat substitutes market. Of these, tofu and tofu products will have the maximum share in market over the predicted years.
Mycoprotein, wheat, soy and others form the source-based segmentation of these, soy will dominate the market.
Ambient, refrigerated and frozen form the category segmentation of these, the frozen segment will dominate the market over the predicted years.
Non-store based and store-based form the distribution channel segmentation.
Health Promoting Properties
There are ample benefits of choosing meat substitute over meat namely lower cholesterol, protection from heart disease, increasing bone mass and cutting down the risk of cancer. Adding sufficient amount of protein in the diet can keep weight in check by supporting satiety, decrease caloric intake, reduce the level of ghrelin (hormone which stimulates hunger), boost brain function and maintain blood sugar levels. Some of the healthiest meat substitutes include beans and legumes, nuts and seeds, mushrooms, lentils, natto, jackfruit, tempeh and others.
Multifarious Health Benefits Encourages Meat Substitutes Market
Rising health concerns due to lifestyle and unhealthy food habits such as diabetes, cancer, obesity and cardiovascular disease boosts fitness and health consciousness amid consumers. No wonder people are switching to meat substitutes that offer an array of health benefits especially general well-being and weight loss that is encouraging market growth. The food industry is undergoing considerable innovation culminating in product diversification and new food product launches. Various food companies are channelizing their efforts on R&D programs for unraveling new products which again is contributing to the Meat Substitutes Market growth. Other factors which are fueling the growth of this market include awareness of health benefits, rising environmental concerns, attractive promotional and marketing strategies of brands for vegetarianism, rapid growth in the food service industry, rising concerns about animal welfare, and the meat industry’s adverse effects on the environment.
On the contrary, growing preference of consumers for gluten-free products and the availability of lean meats may act as barriers in the meat substitutes market growth.
Browse the market data and information spread across 126 pages with 112 data tables and 25 figures of the report “Meat Substitutes Market Report - Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/meat-substitutes-market-1969
Europe to Remain Frontrunner
By region, the meat substitutes market covers growth opportunities and latest trends across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of these, Europe will remain the frontrunner in the market over the predicted years. A major part of the populace in this region has shifted to sustainable foods which has augmented the sale of meat substitutes. In North America, the meat substitutes market will have a favorable growth with a good number of people in the region opting for veganism. The meat substitutes market in the APAC region is projected to grow at the fastest pace over the predicted years owing to increase in disposable income coupled with changing lifestyle.
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