Rise in obese population, new product development, rapid growth in the food service industry, and increasing concerns regarding environmental sustainability and animal welfare fuel the growth of the global meat substitute market.By source, the soy-based segment garnered the major share in 2018. By geography, on the other hand, Europe appeared as the dominant share holder in the same year.
Portland, OR, Nov. 25, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global meat substitute market was pegged at $4.48 billion in 2018 and is estimated to hit $8.13 billion by 2026, registering a CAGR of 7.8% from 2018 to 2026. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Rise in obese population, new product development, rapid growth in the food service industry, and increasing concerns regarding environmental sustainability and animal welfare fuel the growth of the global meat substitute market. On the other hand, wide availability of substitutes restrains the growth to some extent. However, increase in health awareness and veganism is expected to pave the way for lucrative opportunities in the industry.
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The outbreak of the pandemic has brought in more health consciousness among individuals and people have become more inclined toward plant-based diet and other organic sources, thereby boosting the global meat substitute market.
However, there have been certain disruptions in the supply of raw materials due to lockdown which has impacted the market to certain extent.
The global meat substitute market is analyzed across product, source, category, and region. Based on category, the frozen segment accounted for more than three-fourths of the total market revenue in 2018 and is expected to lead the trail by the end of 2027. The shelf stable segment, on the other hand, would register the fastest CAGR of 8.9% throughout the forecast period.
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Based on source, the soy-based segment contributed to around two-thirds of the total market share in 2018 and is anticipated to retain its dominance during the study period. Simultaneously, the wheat-based segment would portray the fastest CAGR of 8.8% from 2018 to 2026.
Based on region, Europe held the major share in 2018, generating nearly two-fifths of the global meat substitute market. At the same time, Asia-Pacific would manifest the fastest CAGR of 9.3% till 2026. The other provinces discussed in the report include North America and LAMEA.
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The leading market players analyzed in the global meat substitute market report include Beyond Meat, Cauldron Foods,MGP Ingredients,Garden Protein International, Inc., Vbites Food, Ltd., Meatless B.V., Quorn Foods, Sonic Biochem Extractions Limited, Morningstar Farms, and Amy’s Kitchen. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to reinforce their status in the industry.
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