"Market Intelligence that Adds Flavour to Your Success"
The global meat substitute market size expected to grow at a significant growth rate by 2026. Meat substitute these days are gaining huge traction among the vegan population in every region, especially in the North America and Europe region. The vegan population in the U.S. is expected to be as 1.62 million of the overall U.S population. Also, it is expected that the vegan population will register moderate growth. In other regions, the vegan population is anticipated to expand owing to various factors such as increasing health problems associated with the consumption of meat products. Major meat substitutes consumers are concentrating by targeting the vegan population which is one of the major factor to expand the meat alternative products in various regions.
Owing to the increase in the consumption of meat alternative burgers in the U.S. the company Impossible Burger launched a new product named Impossible Burger 2.0 in January 2019. This meat alternative burger has no gluten, antibiotics, and animal hormones in it. These alternative meat products are completely Kosher certified and Halal Certified.
To get information on various segments, share your queries with us
Meat substitutes are certain food products which are made up of wheat, soy, or other plant products. These meat substitute help by offering the required amount of protein required by humans. There is an increase in the consumption of meat substitutes due to the increase in the awareness among consumer about the consumption of healthy diet which includes plants and plant-based products. There are various health concerns which are associated with the consumption of meat products such as obesity, PCOS, and flues. These are the factors which have led to the usage of meat substitute by various consumers from various regions.
List of the major companies that are present in the global meat substitute market includes;
By Product Types
By Distribution Channel
By the source segment, the soy protein is expected to witness a high growth in the overall meat substitutes market, owing to the high amount of protein present in soy. Followed by soy, vegetable proteins are expected to witness steady growth, as there is an increased awareness among the consumers about vegetable and vegetable derived products for consumption.
On the basis of product type, tofu and seitan are expected to project at a high growth rate in terms of value and volume as the consumers highly prefer these products in the U.S. and Canada. In terms of category, frozen products are expected to have a high growth as it helps in capturing the nutrition which is present in the plants and other derivatives when compared to the non-frozen meat substitutes.
At present, North America holds the major market share in the global meat substitute market and is expected to dominate the market during the forecast period, owing to the well-established food & beverage industry of the region, coupled with the increased vegan population in the region. Followed by North America, Europe is expected to consume more amount of meat substitutes, owing to the expanding vegan population in the region. These factors will help in the growth of the meat substitute market.
The Asia Pacific region is expected to grow at a steady CAGR which in the future will have a major consumption of meat substitutes, owing to the presence of vegetarianism in the region.