Portland, OR, April 17, 2019 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, “Meat Substitute Market by Product Type (Tofu-based, Tempeh-based, TVP-based, Seitan-based, Quorn-based, and Others), Source (Soy-based, Wheat-based, Mycoprotein, and Other Sources), Category (Frozen, Refrigerated, and Shelf Stable) - Global Opportunity Analysis and Industry Forecast, 2018–2025”. According to the report, the global meat substitute market accounted for $4.18 billion in 2017 and is projected to reach $7.55 billion by 2025, registering a CAGR of 7.7% from 2018 to 2025.
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Rise in obese population, rapid development in the food service industry, and increase in awareness regarding environmental sustainability and animal welfare are the major drivers of the global meat substitute market. However, availability of substitutes hampers the market. On the contrary, untapped developing markets and increase in health awareness and vegetarianism are expected to create lucrative opportunities in the near future.
Global meat substitute market is divided on the basis of product type, source, category, and region. Based on product type, the market is bifurcated into tofu-based, tempeh-based, TVP-based, seitan-based, Quorn-based, and others. The TVP-based segment dominated the market in terms of revenue in 2017, contributing more than one-third of the market. However, the seitan-based segment is projected to register the fastest CAGR of 9.4% during the forecast period.
On the basis of source, the market is segmented into soy-based, wheat-based, mycoprotein, and other sources. The wheat-based segment is estimated to manifest the fastest CAGR of 8.7% during the study period. However, the soy-based segment held the largest share in 2017, contributing about two-thirds of the total market.
Based on category, the market is segmented into frozen, refrigerated, and shelf stable. The frozen segment held the largest share in 2017, contributing more than three-fourths of the total market. However, the shelf stable segment is projected to manifest the fastest CAGR of 9.1% during the forecast period.
The market is analyzed in the regions of North America, Europe, Asia-Pacific, and LAMEA. The market in Europe held the largest share in 2017, contributing nearly two-fifths of the market. However, the market in the Asia-Pacific region is expected to register 9.4% CAGR during the forecast period.
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The report includes analysis of the major market players including Beyond Meat, Amy’s Kitchen, Garden Protein International, Inc., Cauldron Foods, Quorn Foods, Meatless B.V., Morningstar Farms, Vbites Food, Ltd., Sonic Biochem Extractions Limited, and MGP Ingredients.
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