The Global meat substitute market size is expected to reach USD 5.81 billion by 2022, according to a new study by Grand View Research, Inc., registering a CAGR of 7.5% during the forecast period. Growing health consciousness among consumers and preference for vegan diet can drive the global meat substitutes market. Additionally, increasing occurrence of obesity and diabetes due to inactive lifestyle can create a positive impact on the market. Growing R&D activities for developing less expensive and healthy products will also likely create opportunities for participants.
In 2014, soy accounted for over 80.0% of overall market revenue. Soy is good source of iron, protein, and vitamin B, and is therefore extensively used as an ingredient for producing meat substitutes. Increasing demand for nutritional food due to rising health concerns is anticipated to boost this segment during the forecast period. Wheat is expected to increase its usage as an ingredient for producing meat substitutes in the coming years. The segment is likely to expand at an estimated CAGR of 10.0% from 2015 to 2022.
In depth research report on Meat Substitutes Market
Further key findings from the study suggest:
· Global meat substitute market was valued at USD 3,336.5 million in 2014 and is expected to reach USD 5,810.1 million by 2022, growing at a CAGR of 7.5% from 2015 to 2022.
· Textured vegetable protein (TVP) emerged as the leading product segment and accounted for 43.7% of total market revenue in 2014. Increasing demand for soy based meat substitutes is expected to drive this segment over the forecast period. Seitan is expected to witness the highest growth of 9.8% from 2015 to 2022. Growing wheat gluten consumption in Asia Pacific is expected to drive this segment over the forecast period.
· Europe emerged as the leading regional market and accounted for 42.0% of total market revenue in 2014. Growing health concerns particularly in developed economies of Europe is expected to drive the regional market over the forecast period. Asia Pacific is expected to witness the highest growth of 8.6% from 2015 to 2022. Increasing disposable income level particularly in India, China and Indonesia is expected to drive the regional market.
· Major industry participants have been taking strong initiatives to develop superior quality meat substitute products. Companies have been engaged in mergers & acquisitions and forging partnerships with those possessing R&D capabilities and having strong presence in the agro sector. Prominent industry participants include AMY’s Kitchen, Beyond Meat, Blue Chip Group, Cauldron Foods UK, garden Protein International Inc., Meatless B.V., Quorn Foods and Vbites Food Ltd.
Grand View Research has segmented the meat substitute market on the basis of raw material, product and region:
Global Meat Substitutes Raw Material Outlook (Revenue, USD Million, 2014 - 2022)
· Soy-based
· Wheat-based
· Mycoprotein
· Others
Global Meat Substitutes Product Outlook (Revenue, USD Million, 2014 - 2022)
· Tofu
· Tofu-based
· Tempeh
· Textured Vegetable Protein (TVP)
· Other Soy Products
· Seitan
· Quorn
· Others
Meat Substitutes Regional Outlook (Revenue, USD Million, 2014 - 2022)
· North America
o U.S.
· Europe
o Germany
o UK
o France
· Asia Pacific
o China
o India
o Japan
· Central & South America
· Middle East and Africa
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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