SEATTLE, Sept. 03, 2018 (GLOBE NEWSWIRE) -- The global meat substitute market was valued at US$ 4 Billion in 2017, and is projected to exhibit a CAGR of 7.6% over the forecast period (2018 – 2025), owing to health benefits offered by meat substitute such as it lowers body weight and blood pressure. According to World Health Organization (WHO), in 2016, around 1.9 billion adults (18 years and older) were overweight and out of these over 650 million were obese worldwide.
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Key Trends and Analysis in the Meat Substitute Market:
Increasing consumer awareness among consumers regarding health benefits of meat substitutes is a major factor driving growth of the global meat substitute market. Meat substitute such as tempeh and tofu is expected to drive growth of the market. Meat substitutes offer health benefits such as it lowers the cholesterol level, boosts heart health, and stronger bones. Therefore, these factors are expected to aid in high demand for meat substitutes. For instance, according to World Health Organization (WHO), in 2015, around 17.7 million people died globally due to Cardiovascular Disease (CVDs), which represents 31% of all global deaths.
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Key Market Takeaways:
- The meat substitute market is expected to exhibit a CAGR of 7.6% during the forecast period (2018 – 2025) this is attributed to increasing consumer preference for meat substitutes and decreasing consumption of meat, owing to rising concern about animal welfare issues among consumers. According to United States Department of Agriculture, in 2014, the aggregate poultry, red meat, fish, edible basis fell to 181 pounds per person since 1983.
- Europe accounted for the largest revenue share of 33% in the global meat substitute market in 2017, and is expected to maintain its dominance over the forecast period. This is attributed to increasing awareness about health benefits of the meat substitutes. Meat substitutes such as tempeh, which is a high source of calcium, vitamins, minerals, and antioxidants help to lower cholesterol levels.
- Among source, the soy-based segment is expected to account for a significant revenue share during the forecast period, owing to increasing consumption of soybean due to its nutritional contents, as it is a source of calcium and linoleic acid. For instance, according to the U.S. International Trade Administration (ITA), in Mexico, the total soybean domestic consumption was 4,446 thousands of metric tons in 2015, and reached up to 4,700 thousands of metric tons in 2016.
- Some of the key players operating in the global meat substitute market include DowDuPont Inc., Archer Daniels Midland Company, Amy’s Kitchen Inc., MGP Ingredients, Inc., Beyond Meat Inc., Sonic Biochem Extractions Ltd., VBites Foods Limited, The Nisshin OilliO Group, Ltd. Garden Protein International, MorningStar Farms, and Meatless BV.