The latest market report published by Credence Research, Inc. “Meat Substitutes Market, By Type (Textured vegetable protein, Quorn, Pea protein, Tofu, Tempeh, Seitan and others), By source (Soy-based meat substitutes, Wheat-based meat substitutes, Mycoprotein meat substitutes, Others), and By Region (North America, Europe, Asia Pacific, Latin America, & Middle East & Africa) – Growth, Future Prospects and Competitive Analysis, 2017 – 2025,” the global Meat Substitutes market was valued at US$ 3.84 Bn in 2016.
Browse the full Meat Substitutes Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025 report at http://www.credenceresearch.com/report/meat-substitute-market
Meat substitutes are becoming a popular among vegetarians, non-vegetarians, and flexitarians. Moreover, the manufacturers of meat substitute’s product target specifically non-vegetarians because this consumer group is interested in purchasing healthy foods that resemble familiar flavors and textures. Growth of the market is highly supported by the young generation. The young generation are highly exposed to the media and the internet, they are closely following the latest trends in the food industry and are willing to try new products beneficial for health. Soy-based meat proteins are the most dominant form of meat substitutes, consumed across the world. With the success of soy proteins, the manufacturers explored other sources of proteins and extracted proteins from wheat-gluten and pea for production of meat substitutes. Factors such as growing demand for plant based proteins, increasing demand for meat substitutes due to rising purchasing power, health benefits of meat substitutes, advancement in meat substitute’s production method and technology, environmentally friendly, low cost of meat substitutes, and support from governments will be the major forces driving the growth of meat substitutes market.
Emerging new production technologies and growing demand for meat substitutes from millennial offering new business opportunities for manufacturers. Expansion and new product launches are the preferred strategies adopted by manufacturers present in the market to gain competitive edge over others. Major players present in the market are Monde Nissin, Archers Daniels Midland Company, MGP Ingredients, E. I. du Pont de Nemours and Company, Blue Chip Group, Pinnacle Foods, Amy’s Kitchen, Kellogg Company, Hain Celestial, Beyond Meat, among others.
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- Consumer shift towards from animal to plant based proteins
- Government support for environment friendly production of meat substitutes