Meat Substitutes Market: soy based products comprises the highest market share.
The Meat substitute which is also known as meat analogue, meat alternative or faux meat is a non-meat food with similar texture, flavor and appearance of meat. The Meat Substitutes Market deals with the demand and supply, production and scope of meat substitute products in various regions across the globe during 2015-2020.
Vegan lifestyle is on the rise among urban population owing to various lifestyle choices which is propelling the growth of meat substitute products. The global market is growing at a CAGR of over 6% through 2020. Europe dominates the meat substitutes market owing to its rapidly increasing vegan population.
The Meat Substitutes Market is growing moderately in North America and is expected to witness stable demand during 2015-2020 owing to the rise of awareness among population in the region. People are switching from meat to meat substitutes for various health reasons.
The APAC region is the largest region for the Meat Substitutes Market owing to the high population. This region will experience gradual rise in upcoming years. Since, the region is highly populated and more than half of the population is meat consumers, there is a high scope to establish the meat substitutes industry in the region.
According to the IndustryARC market research report, the Meat Substitutes Market is segmented into various categories by type, by source, by category and by geography.
- By type: tempeh textured vegetable protein, tofu, seitan, quom and others
- By source: mycoprotein, wheat, soybeans and others
- By category: refrigerated meat substitutes and frozen meat substitutes
- By geography: North America, South America, Europe, Asia Pacific and ROW
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Some of the prominent companies in the Meat Substitutes Market as suggested in the IndustryARC market research report are as follows:
- Cauldron Foods (U.K.)
- Blue Chip Group (U.S.)
- Quorn Foods (U.K.)
- Beyond Meat (U.S.)
- Morningstar Farms (U.S.)
The Meat Substitutes Market is rapidly growing market, owing its growth to various factors and the consumption of meat substitutes has evidently witnessed a rise in last few years. This market has scope all across the globe and expected to have high growth during 2015-2020.
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