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.
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Further key findings from the study 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.
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About
Grand View Research:
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, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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