Global Meat Substitute Market Share, Outlook and Growth Analysis with Forecasts 2019-2027
Bharat Book Bureau Provides the Trending Market Research Report on ‘‘Global Meat Substitute Market 2019-2027”under Food & Beverage Category. The report offers a collection of superior market research, market analysis, competitive intelligence and Market reports.
The Global Meat Substitute Market would witness a CAGR of 7.35% over the forecast period 2019-2027. It generated revenues worth $4093.50 million in 2018 and is estimated to generate net revenue of approximately $7714.84 million by 2027.
Meat substitute (also called faux meat), is a healthy replacement for meat. The substitute has characteristics similar to those of meat, and also has aesthetic qualities such as flavor, taste, texture and the appearance of meat. Soy and wheat, among others, are used for producing meat substitutes. The increasing public awareness regarding the ill effects on health due to meat consumption is pushing the consumers to switch over to vegan dietary habits; this will drive the meat substitute market in the upcoming years.
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Consumers today have become increasingly health-conscious, and prefer to use meat substitutes owing to the health benefits provided by these products. Hence, the rising number of health-conscious people acts as a driver for the growth of the meat substitute market. Other factors influencing the growth of this market are increased demand for plant-based diets and the surge in rates of obesity.
A number of celebrities are opting for a vegan lifestyle, thus influencing a large proportion of the population to become health-conscious and adopt veganism. Moreover, retail stores, such as supermarkets provide a dedicated space to meat substitute products, which is advantageous to the manufacturers. Also, discounts & offers provided by online retail stores attract more number of consumers to purchase these products. Thus, the growing adoption of veganism along with the expansion of the retail chain, are excellent opportunities that can be leveraged by meat substitute manufacturers to further propel the growth of the market.
However, the introduction of meat-based alternatives with low-fat content acts as a limiting factor that restrains the market growth. In addition, a significant percentage of consumers is moving back to consuming meat products, due to high costs levied on analog meat. Though plant-based food is a healthier option, it is financially-straining; and this factor severely decelerates the market growth. Moreover, soy-based foods are a leading cause of allergy, due to their high gluten content. The gluten allergen is the primary cause of celiac disease, which is highly prevalent in the US and Latin America. The consumers in these regions are thus advised to avoid the consumption of gluten-containing foods, which is another factor challenging the growth of the meat substitute market.
The global meat substitute market spans across the regions of North America, Latin America, the Asia-Pacific, Europe and the Middle East & Africa.
Soya-based products are witnessing a huge demand in Asia, which is expected to foster the growth of the meat substitute market over the coming years. The trend of vegetarianism and veganism has gained prominence in the countries of China and Japan. Moreover, the young generation in India is keen on experimenting with their food habits, showing an increased preference for meat substitute products. These factors are largely responsible for the widespread growth of the market in this region. Other factors aiding the growth of the market are the economic progress in developing countries, along with the high nutritional value provided by meat substitutes, which have generated a massive demand for these products.
The companies that have been mentioned in the meat substitute market report are Amy’s Kitchen, Inc., Beyond Meat, Cauldron Foods, Quorn Foods, Kellogg Co., The Tofurky Company, Superbom, Meatless B.V., VBites Food Ltd., MGP Ingredients, Impossible Foods, Inc., Conagra Brands, Inc., The Campbell Soup Company, Sonic Biochem Limited and Vegabom Healthy Option.
Kellogg Co., along with its ancillaries, is engaged in the manufacturing and marketing of convenience foods and ready-to-eat cereal. It operates through the US Specialty Channels, US Morning Foods, US Snacks, North America, Europe, Asia-Pacific, Latin America and Other segments. The company’s frozen foods are sold under the brands ‘Morningstar Farms’ and ‘Eggo’. Kellogg sells its products to brokers, distributors and retailers via direct sales forces in around 180 countries. Founded in 1906, Kellogg Co. is headquartered in Battle Creek, the United States.
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