Market Definition: —
The global meat substitutes market is expected to reach a valuation of USD 9.25 bn by 2023, according to a new research report from Market Research Future (MRFR). The market is expected to exhibit steady growth over the forecast period due to the growing demand for vegan and vegetarian alternatives to meats and meat products. The growing popularity of the veganism movement is likely to be a major driver for the global meat substitutes market. The veganism movement is mainly popular in Western developed economies such as the U.S., the UK, Germany, and France, whereas the traditional popularity of meat substitutes such as tempeh and seitan in Eastern Asian cuisines has driven the meat substitutes market in the emerging Asia Pacific region in the last few years.
Market Scenario and Key Restraints:
Increasing efforts from manufacturers to reach out to a wider range of customers rather than just catering to the vegan demographic are likely to be vital for the global meat substitutes market over the forecast period. Innovation is rife in the global meat substitutes market, as new products and technologies are constantly being developed to cater to the growing demand from the market. The growing popularity of Eastern Asian recipes including tempura and seitan in Western economies is also likely to be a key driver for the global meat substitutes market over the forecast period.
The increasing prevalence of allergies to soy and gluten could pose a threat to the growth of the global meat substitutes market, as soy and wheat gluten comprise the majority of meat substitute products in the mainstream market. Innovation to remove the allergenicity of the gluten or soy products being used in meat substitutes could prove to be a highly fruitful avenue for players in the global meat substitutes market over the forecast period.
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Leading players in the global meat substitutes market include Amy s Kitchen Inc., Quorn Foods Inc., Blue Chip Group, VBites Foods Ltd., Sunfed Ltd., Schouten Europe B.V., MorningStar Farms L.C., Garden Protein International, and Beyond Meat.
In January 2019, researchers at the Wageningen University & Research in the Netherlands and the National Institute of Agricultural Botany in the UK found a technique to use gene editing through CRISPR-Cas9 to remove the molecules responsible for coeliac disease from wheat gluten. This research could prove vital for the global meat substitutes market over the forecast period, as the growing prevalence of gluten intolerance is the major restraint for the global wheat gluten market and the research could enable manufacturers to produce wheat gluten products that even gluten intolerant people can consume.
The Global Meat Substitutes Market is segmented on the basis of product type, source, category, distribution channel, and region.
On the basis of product type, the global meat substitutes market is segmented into tofu, tempeh, seitan, quorn, other soy-based products, textured vegetable protein, and others.
By source, the global meat substitutes market is segmented into soy, wheat, mycoprotein, and others.
By category, the global meat substitutes market is segmented into frozen, refrigerated, and ambient.
By distribution channel, the market is segmented into store-based and non-store-based distribution.
The global meat substitutes market is segmented by region into North America, Europe, the Middle East and Africa, Asia Pacific, and Latin America. Europe is likely to dominate the global meat substitutes market over the forecast period, due to the growing demand for organic farming in the region and the growing popularity of veganism in the developed economies in Western Europe. The youth demographic in Europe is increasingly adopting a vegan lifestyle due to the environmental damage caused by the meat industry and concerns about animal cruelty. This is likely to be a major driver for the global meat substitutes market over the forecast period. Asia Pacific is also likely to be a key market for meat substitutes over the forecast period due to the widespread popularity of products such as tempeh and seitan across East Asia.
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Name: Abhishek Sawant
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Organization: Market Research future
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