According to the latest report of the IMARC group, entitled “Meat Substitutes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, offers a comprehensive analysis of the industry, which includes information on Meat substitutes market report. The report also includes competitor and regional analysis, as well as contemporary advancements in the global market. The global market for meat substitutes reaches US$5.10 billion in 2020.
Meat substitutes, or meat analogues, are plant-based products designed to replace meat. Made from plant sources, they taste and texture similar to meat and other poultry products. Their consumption helps lower cholesterol levels, maintain sugar levels and prevent the risk of developing other lifestyle-related diseases. Currently, mycoproteins, tofu, tempeh, seitan and textured vegetable proteins are some of the most commonly consumed meat alternatives on the market.
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Like the novel coronavirus (COVID-19[feminine]) the crisis is taking over the world, we are constantly monitoring the changes in the markets, as well as the purchasing behavior of consumers around the world and our estimates on the latest market trends and forecasts are made after taking into account the impact of this pandemic.
Global Meat Substitute Market Trends:
The global market is mainly driven by the growing health consciousness of consumers. With the widespread prevalence of chronic lifestyle disorders among the masses, individuals are avoiding excessive consumption of meat products. This, coupled with inflation in disposable income levels and the rising trend of veganism and vegetarianism, is driving the adoption of meat alternatives across the globe. Additionally, the growing awareness of the importance of animal welfare is also propelling the demand for meat substitutes globally. Other factors, including significant growth in the food sector, changing dietary preferences of the masses, and growing environmental concerns about increasing greenhouse gas emissions from animal production, have also given impetus to market growth. Going forward, the market value is expected to exceed US$7.8 billion by 2026, growing at a CAGR of 7.50% during the period 2021-2026.
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Competitive landscape with key players:
The report has also analyzed the competitive landscape of the market with some of the key players.
- Nisshin Oillio Group
- Archer Daniels Midland
- Amy’s kitchen
- Conagra Brands
- Quorn Foods
- Cauldron Foods
- Campbell Soup Company
- Blue Chip Group
- Country roast
- Garden Protein International
- Sweet foods from the earth
- PGM ingredients
- Without meat
- Sonic Biochem Limited
Meat Substitute Market Segmentation:
Our report has categorized the market based on region, type, source, category, and distribution channel.
Market Breakdown by Type:
- Ingredients of tofu and tofu
- Textured Vegetable Protein (TVP)
Market breakdown by source:
Breakdown of the market by category:
- Long shelf life
Market breakdown by distribution channel:
- Supermarkets and Hypermarkets
- Health and food stores
- convenience stores
Market Breakdown by Region:
- North America (USA, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia-Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
Main highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market drivers and success factors
- SWOT analysis
- Value chain
- Complete mapping of the competitive landscape
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