The Global meat substitute
market is expected to reach USD 5810.1 million by 2022, according
to a new study by Grand View Research, Inc. Rising health awareness coupled
with shifting dietary preferences towards vegan diet is expected to drive the
global meat substitutes market. Recent animal disease outbreaks and
growing prevalence of various lifestyle induced diseases such as obesity and
diabetes are also expected to have a positive impact on the market growth. High
price of various meat substitutes is expected to hinder the market growth.
Increasing R&D initiatives to develop superior and cheaper products is
expected to yield opportunities for market participants.
Soy emerged as the major raw
material used for producing meat substitute products. Soy alone accounted for
over 80% of total market revenue in 2014. Growing demand for nutritional food
on account of growing health concerns is expected to drive this segment over
the forecast period. Soy based meat substitutes is a good source of vitamin B,
protein and Iron. Wheat is expected to be the fastest growing raw material use
for producing meat substitutes. The segment is expected to grow at an estimated
CAGR of 10.0% from 2015 to 2022.
Global meat substitutes market
revenue, by raw material, 2012 - 2022 (USD Million)
Browse full research report on
Meat Substitutes Market
Further key findings from
the report suggest:
- Global meat
substitute market was valued at USD 3,336.5 million in 2014 and is
expected to reach USD 5,810.1 million by 2022, growing at a CAGR of 7.5%
from 2015 to 2022.
- Textured
vegetable protein (TVP) emerged as the leading product segment and
accounted for 43.7% of total market revenue in 2014. Increasing demand for
soy based meat substitutes is expected to drive this segment over the
forecast period. Seitan is expected to witness the highest growth of 9.8%
from 2015 to 2022. Growing wheat gluten consumption in Asia Pacific is
expected to drive this segment over the forecast period.
- Europe
emerged as the leading regional market and accounted for 42.0% of total
market revenue in 2014. Growing health concerns particularly in developed
economies of Europe is expected to drive the regional market over the
forecast period. Asia Pacific is expected to witness the highest growth of
8.6% from 2015 to 2022. Increasing disposable income level particularly in
India, China and Indonesia is expected to drive the regional market.
- Major
industry participants have been taking strong initiatives to develop
superior quality meat substitute products. Companies have been engaged in
mergers & acquisitions and forging partnerships with those possessing
R&D capabilities and having strong presence in the agro sector.
Prominent industry participants include AMY’s Kitchen, Beyond Meat, Blue
Chip Group, Cauldron Foods UK, garden Protein International Inc., Meatless
B.V., Quorn Foods and Vbites Food Ltd.
About Grand View Research, Inc:
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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