Dublin, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The "Meat Substitutes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global meat substitutes market size reached US$ 6.5 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 9.5 Billion by 2028, exhibiting a growth rate (CAGR) of 6.6% during 2023-2028
The meat substitutes market is experiencing significant growth, driven by several key factors. One prominent driver is the increasing adoption of veganism, accompanied by a rising awareness of the ethical concerns related to traditional farm animal practices. Additionally, a growing emphasis on health consciousness among consumers is further fueling this market's expansion.
Notably, Europe stands as the largest market for meat substitutes, with various factors contributing to its growth. These include the growing availability of meat substitute products, an increasing awareness of the advantages associated with vegan diets, and a heightened environmental consciousness among the population.
Currently, the global market is witnessing a surge in demand for meat substitutes due to the widespread embrace of vegan lifestyles worldwide. This shift is a primary catalyst for market growth. Furthermore, the heightened awareness of the unethical and inhumane treatment of farm animals within conventional meat production is bolstering the market's positive outlook. Additionally, the rise in chronic diseases attributed to unhealthy diets and lifestyle choices is further boosting the market, as consumers seek healthier alternatives.
The harmful effects of consuming red and processed meats have also contributed to the increased demand for meat substitutes. Moreover, the market is receiving support from a growing number of online brands and distribution channels that offer gluten-free and kosher-certified meat alternatives.
The proliferation of vegan options in cafes, restaurants, and fast-food chains is expanding the market's reach. This trend aligns with the rising popularity of mycoprotein as a sustainable and nutritious protein source on a global scale, further contributing to market growth.
Furthermore, the meat substitutes market benefits from the environmental concerns associated with traditional livestock farming, such as methane production and deforestation for grazing lands. Additionally, key market players are investing in the development of cultured meat or in vitro meat, aiming to replicate the appearance, nutritional composition, and taste of traditional animal meat.
For a comprehensive understanding of the competitive landscape in the global meat substitutes market, the report provides detailed profiles of major companies operating in this industry.
Key Questions Answered in This Report
- What was the size of the global meat substitutes market in 2022?
- What is the expected growth rate of the global meat substitutes market during 2023-2028?
- What are the key factors driving the global meat substitutes market?
- What has been the impact of COVID-19 on the global meat substitutes market?
- What is the breakup of the global meat substitutes market based on the type?
- What is the breakup of the global meat substitutes market based on the source?
- What is the breakup of the global meat substitutes market based on the category?
- What is the breakup of the global meat substitutes market based on the distribution channel?
- What are the key regions in the global meat substitutes market?
- Who are the key players/companies in the global meat substitutes market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 140 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $6.5 Billion |
| Forecasted Market Value (USD) by 2028 | $9.5 Billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Global |
Competitive Landscape
- The Nisshin Oillio Group
- Dupont
- Archer Daniels Midland
- Amy's Kitchen
- Conagra Brands
- Quorn Foods
- Cauldron Foods
- Campbell Soup Company
- VBites
- Blue Chip Group
- Field Roast
- Garden Protein International
- LightLife
- Sweet Earth Foods
- MGP Ingredients
- Tofurky
- Meatless
- Sonic Biochem Limited
Key Market Segmentation:
Type Insights:
According to the report, tofu and tofu ingredients represented the largest segment.
- Tofu & Tofu Ingredients
- Tempeh
- Textured Vegetable Protein (TVP)
- Seitan
- Quorn
- Others
Source Insights:
According to the report, soy accounted for the largest market share.
- Soy
- Wheat
- Mycoprotein
- Others
Category Insights:
According to the report, frozen accounted for the largest market share.
- Frozen
- Refrigerated
- Shelf-Stable
Distribution Channel Insights:
According to the report, supermarkets and hypermarkets accounted for the largest market share.
- Supermarkets and Hypermarkets
- Health and Food Stores
- Convenience Stores
- Others
Regional Insights:
- Asia Pacific
- Europe
- North America
- Middle East and Africa
- Latin America
For more information about this report visit https://www.researchandmarkets.com/r/rzet9h
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