The global Meat Substitutes Market size is estimated to reach USD 5.81 billion by 2022, progressing at a CAGR of 7.5% during the forecast period. Meat is an excellent source of protein, but it also contains large quantities of saturated fats and cholesterol. People consuming meat on a daily basis are more prone to health related problems such as atherosclerosis and obesity. Increasing consciousness about personal health and shift in dietary preference towards vegan diet are expected to propel the meat substitutes market over the upcoming period. The rise in demand for a healthy source of proteins and plant-based nutrients is the primary driving force of the market.
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Key Players:
Major market participants include
Vbites foo Ltd., Morning Star Farms, MGP Ingredients Inc., Quorn Foods,
Meatless B.V, Garden Protein Internationsl Inc., Amy’s Kitchen Inc., Cauldron
Foods UK and Beyond Meat.
Growth Drivers:
Growing health problems such as
high blood pressure, heart disease, asthma, diabetes and increasing number of
people suffering from obesity all around the globe have led to more and more
number of individuals becoming health conscious. The increasing health concerns about
consumption of meat coupled with several animal disease outbreaks in the recent
past are the significant factors stimulating the growth of the global market.
In the developing regions such as Latin America and Asia Pacific increasing
standard of living due to the rising disposable income have propelled the meat
substitute consumption. However, per-capita consumption of meat has experienced
a decline, especially in developed regions of the world in the recent past.
Food products which have similar
nutrients, taste, and texture of meat, are gaining popularity among consumers.
Moreover, growing consciousness towards the advantages of a vegan diet such as
improved cardiovascular health, lower heart problems, reduced diabetes &
obesity, lower cholesterol risk are projected to impact the global meat
substitute market positively. Despite number of benefits of the product over
the traditional meat, the absence of consumer awareness and usage of GMO seeds
for making the product are the major obstacles for the global meat substitutes
market. Furthermore, availability of various low fat – low cholesterol
alternatives, higher cost and various health concerns such as soy allergy and
intolerance from gluten are expected to pose a threat to the global market.
Raw Material Insights
Meat substitutes are mainly
composed of ingredients such as wheat, soy, and others. Soy-based products are
amongst the most popular ones and dominates the raw material segment; Soy
products accounts for nearly four-fifth of the global market. The regional market
such as North America and Latin America is expected to impact positively on
growing soy production in these regions. The global soy production is dominated
by countries such as Brazil, Argentina, and U.S. which serve half of the global
soy demand.
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