Northbrook, IL -- (SBWire) -- 12/19/2018 --The global meat substitutes market is estimated to be USD 4.63 billion in 2018 and is projected to grow at a CAGR of 6.8% from 2018, to reach USD 6.43 billion by 2023. Factors such as health benefits, ecological benefits, convenience, and taste are some of the major factors fueling the demand for meat substitutes.
On the basis of category, the frozen meat substitutes accounted for the largest share, followed by the refrigerated meat substitute, in 2017. Temperature is one of the key differences between frozen and refrigerated meat substitutes. The shelf-stable segment is projected to record the highest CAGR during the forecast period.
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The meat substitutes market, on the basis of type, is segmented into tofu & tofu ingredients, tempeh, TVP, seitan, quorn, and others soy products that include miso, yaso, and natt?, and other meat substitutes that include risofu, valess, lupine, rice protein, and pea protein. Tofu and tofu ingredients accounted for the largest market share in 2017. Tempeh is fastest growing segment and is a relatively low-cost product among other meat substitutes that contain high protein content; hence, the demand for tempeh is increasing.
On the basis of source, soy-based meat substitutes accounted for a larger market share in 2017, followed by mycoprotein-based. Meat substitutes are mostly made from soy or wheat proteins and are available in fresh, dried, or frozen forms. High production and nutritional values equivalent to that of meat are the major drivers of soy products, used as meat substitutes.
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Europe accounted for the largest share of the meat substitutes market due to growth in the organic meatless food industry in the region. The European market is witnessing increasing concerns related to the consumption of meat products, as consumers in countries such as France, Germany, the UK, Spain, and Italy are opting for meat substitutes. The market in Asia Pacific is projected to record the highest CAGR of 8.5% during the study period.
The major restraining factor for the meat substitutes market are some ill-effects caused by the consumption of soy. Intake of some anti-nutritional component such as Kunitz STI trypsin, present in soy can cause health issues, such as soy allergy.
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Companies such as ADM (US), DuPont (US), Garden Protein International (Canada), and Quorn Foods (UK) have acquired a leading market position through the provision of a broad product portfolio, along with a focus on diverse end-user segments. Acquisitions of new and renowned companies and expansions to enhance their global footprint were the key strategies adopted in the global meat substitutes market. They are also focused on innovations and are geographically diversified.
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Demand for Meat Substitutes Is Growing Due to Factors Such as Health & Ecological Benefits, Convenience, and Taste of Meat Substitutes
The meat substitutes market was valued at USD 4.33 Billion in 2017; this is projected to grow at a CAGR of 6.8%, to reach USD 6.43 Billion by 2023.