Meat Substitutes Market is anticipated to grow at a CAGR of 6.5% from 2019 to 2030

Market Industry Reports (MIR) has published a new report titled Meat Substitutes Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the Global Meat Substitutes Market is estimated to be over US$ 5 Billion in 2019. It is anticipated to grow at a CAGR of 6.5% from 2019 to 2030.

The significant growth of the meat substitutes market can be attributed to several factors such as nutritional value, minimal presence of calorific content, and similar texture & taste as compared to conventional meat products. People are embracing vegetarian diet for several reasons such as health benefits, concerns regarding animal welfare, religious beliefs, to avoid excessive use of environmental resources and simultaneously maintain balance. With growing concerns of health issues & rising incidences of chronic & lifestyle disorders like obesity & diabetes, people are becoming increasingly conscious regarding ones health.

Production of conventional meat requires rearing of livestock on an enormous scale, moreover, to improve & increase protein in meat, these animals are required to be administered with fattening agents and proteinaceous diet. Thereby, significantly raising costs of meat production, and resource utilization. On the contrary, meat substitutes utilize minimal resources without compromising on either, taste, texture or volume of production.  Moreover, beef production requires large area of land and hence deforestation is conducted at a large scale to make land suitable for cultivation. These factors have been significant in propelling the meat substitutes market which is anticipated to further grow during the forecast period.

However, one of the major factors impacting the global meat substitutes market is the availability conventional meat at a cheaper rate, as compared to meat substitutes. Higher price of meat alternatives could be an obstruction for adoption of meat substitutes among consumers, thereby significantly affecting the market growth.

Browse key industry insights spread across 200 pages with market data tables & figures & charts from the report, Meat Substitutes Market by Source (Soy, Wheat and Mycoprotein), Type (Tofu, Tempeh, Textured Vegetable Protein (TVP), and Seitan), Category (Frozen, Refrigerated, and Shelf-Stable) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:

Asia Pacific is expected to account for the highest CAGR in the meat substitutes market during the forecast period. Rising adoption of meat substitute products in countries such as Australia, India, China, Japan and others, is anticipated to significantly contribute to the growth of this market in the Asia Pacific region. Growth of the market in Asia Pacific region can also be attributed to rising awareness regarding health benefits of the meat substitute products and growing adoption of flexitarian diet among the population.

The prominent players in the global meat substitutes market include Beyond Meat, Amys Kitchen, Quorn Foods, Morningstar Farms, Gardein Protein International, Maple Leaf Foods., Impossible Food Inc. VBites Foods Limited, Tofurky, Dr. Praegers Sensible Foods and others.

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