Increasing population and vegan consumers and high demand of plant based products is supporting the growth of global meat substitutes market. Rising population of vegan consumers and increasing awareness about health benefits obtained from meat substitutes have prompted the growth of the product in the global market. Rising campaigns on animal welfare have influenced the positive sale of meat alternatives among the vegan consumers. Health benefits gained out of Meat Substitutes consumption are the main drivers to the development of this segment. Growth of the functional foods manufactured out of plant-based products has also provided an impetus for the increased demand of this sector.
Boost in fitness and wellness sector has enhanced the market growth trajectory of the sector to an elevated level. Rising health awareness about the benefits of consumption of plant based protein is escalating the demands for meat substitutes to balance consumers’ nutritional requirements. However, food adulteration is one of the major reasons confining the growth of meat substitutes market.
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Latest Industry Updates:
Nov 2017 Marks & Spencer launched a new range of their vegan and vegetarian products to suffice the consumers growing needs. The products offered by the company include 13 products including sweetcorn and chickpea burgers, beetroot falafel and sweet potato steak.
Sept 2017 Quorn Foods- one of the key players in the meat substitute market announced the launch of its new line of innovative refrigerated products in the U.S. The product range launched under this category consists of 100% meat and soy-free sausages. Rising demand for meat alternatives is anticipated to increase the sale of product globally.
Aug 2017 Impossible Foods, the Californian biotech startup and a renowned name in the meat substitute market increased their financial investments to $257 million in order to expand their business. The strategy will help the company to strengthen their business portfolio and expand their offerings.
Jan 2017 America’s First Meat-Free Fast-Food Restaurant- Amy’s Drive Thru is investing hugely in order to expand their business and offerings of meat alternatives. The joint has three operating facility in the U.S. and is planning to expand their reach in order to meet the rising demand for vegan products.
Major Key Players:
Rising demand for meat substitutes have encouraged new players to enter into the global meat substitute market and generate high revenues. Established players are focusing more on the R&D sector to enhance the quality of their offerings to sustain their consumer base. Players are found to compete in terms of prices and quality to capture consumers’ attention towards their offerings. Product promotions and high investments in advertising is also one of the key strategies followed by the manufacturers to strengthen their business portfolio in the global meat substitute market.
The key players profiled in Meat Substitutes Market are Amys Kitchen Inc. (U.S.), MGP Ingredients Inc. (U.S.), Beyond Meat (U.S.), Garden Protein International, Inc. (Canada), Quorn Foods (U.K.), Sonic Biochem Extractions Limited (India), Meatless B.V. (Netherlands)and Cauldron Foods (U.K.) among many others.
The global Meat Substitutes market has been divided into source, type, distribution channel and region.
On The Basis Of Source: Soy-Based, Wheat-Based, Mycoprotien and Others
On The Basis Of Type: Tofu, Tempeh, Tvp (Textured Vegetable Protein), Quorn, Seitan, Miso, Yaso and Others
On The Basis Of Distribution Channel: Store Based and Non-Store Based
On The Basis Of Region: North America, Europe, Asia Pacific and ROW.
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The Global Meat Substitutes Market is segmented into Europe, North America, APAC and Rest of the World (RoW). Global dietary market is highly dominated by North America and Europe due to rising population of vegan consumers in the region. APAC is the fastest growing region based on increasing inclination of consumers towards healthy life-style and shift in food consumption pattern. The consumption of Meat Substitutes in countries like the U.S., the U.K and China is expected to grow in upcoming years.
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