Increase in obese population, new product development, rapid growth in the food service industry, and rising concerns regarding environmental sustainability and animal welfare drive the growth of the global meat substitute market. Based on source, the soy-based segment garnered the major share in 2019. Based on geography, on the other hand, Europe appeared as the dominant share holder in the same year.
portland, or, June 17, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global meat substitute market was pegged at $4.51 billion in 2019 and is estimated to hit $8.82 billion by 2027, registering a CAGR of 7.2% from 2021 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Increase in obese population, new product development, rapid growth in the food service industry, and rising concerns regarding environmental sustainability and animal welfare drive the growth of the global meat substitute market. On the other hand, wide availability of substitutes impedes the growth to some extent. Nevertheless, increase in health awareness and veganism is anticipated to create lucrative opportunities in the future.
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The outbreak of COVID-19 has made people more health consciousness and the demand for plant-based diet and other organic sources has increased to a significant extent, thereby boosting the global meat substitute market.
Nevertheless, there have been disorders in the supply of raw materials owing to lockdown which has affected the market to some extent.
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The global meat substitute market is analyzed across product type, source, category, and region. Based on category, the frozen segment contributed to more than three-fourths of the total market share in 2019 and is expected to lead the trail by the end of 2027. The shelf stable segment, on the other hand, would register the fastest CAGR of 9.9% throughout the forecast period.
Based on source, the soy-based segment accounted for nearly two-thirds of the total market revenue in 2019 and is anticipated to retain its dominance during the forecast period. Simultaneously, the wheat-based segment would portray the fastest CAGR of 10.0% from 2021 to 2027.
Based on region, Europe held the major share in 2019, generating nearly two-fifths of the global meat substitute market. At the same time, Asia-Pacific would manifest the fastest CAGR of 9.4% by 2027. The other provinces discussed in the report include North America and LAMEA.
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The leading market players analyzed in the global meat substitute market report include Beyond Meat, Cauldron Foods, MGP Ingredients, Garden Protein International, Inc., Vbites Food, Ltd., Meatless B.V., Quorn Foods, Sonic Biochem Extractions Limited, Morningstar Farms, and Amy’s Kitchen. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to reinforce their status in the industry.
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