The global meat substitutes market size was valued at US$ 4.9 Billion in 2019. Meat substitutes include vegetarian alternatives to poultry, fish, and meat products with similar taste, appearance, and texture. They are produced from plant-based sources and help in controlling blood cholesterol, pressure and sugar levels. Few common types of meat substitutes include soy, tofu, tempeh, textured vegetable protein (TVP), and seitan. They are generally processed with food additives, emulsifiers, coloring, and leavening agents for enhanced flavor, texture, and prolonged shelf-life.
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Looking forward, IMARC Group expects the market to exhibit moderate growth during 2020-2025. The rising consumer health consciousness, along with the changing inclination towards a vegetarian diet, is primarily driving the market for meat substitutes. The global meat substitutes market is also gaining momentum due to the emerging trend of veganism, particularly among the millennial and urbanized population. The market is further propagated by the introduction of numerous campaigns promoting animal welfare to adopt plant-based foods over meat-derived food items. Moreover, the emergence of online retail platforms for uninterrupted distribution of meat substitute products is also bolstering the market growth.
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Historical, Current and Future Market Trends
Market Breakup by Type:
- Tofu & Tofu Ingredients
- Textured Vegetable Protein (TVP)
Based on the type, the market has been segregated into tofu and tofu ingredients, tempeh, textured vegetable protein (TVP), seitan, Quorn and others.
Market Breakup by Source:
On the basis of the source, the report finds that soy represents the most popular source. Other major segments are wheat and microprotein.
Market Breakup by Category:
Based on the category, the market has been segmented into frozen, refrigerated and shelf-stable products. At present, frozen meat substitutes are mostly preferred by consumers across the globe.
Market Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Health and Food Stores
- Convenience Stores
The market has been categorized on the basis of the distribution channel into supermarkets and hypermarkets, health and food stores, convenient stores and others.
Market Breakup by Region:
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Europe exhibits a clear dominance in the world. Other major regions include Asia Pacific, North America, Latin America, and Middle East and Africa.
The report has also analyzed the competitive landscape of the market with some of the key players being The Nisshin Oillio Group, Dupont, Archer Daniels Midland, Amy’s Kitchen, Conagra Brands, Quorn Foods, Cauldron Foods, Campbell Soup Company, VBites, Blue Chip Group, Field Roast, Garden Protein International, LightLife, Sweet Earth Foods, MGP Ingredients, Tofurky, Meatless, Sonic Biochem Limited, etc.
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Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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