A latest research report by IMARC group the titled is that “Meat Substitutes Market: Global Size, Share, Growth, Opportunity and Forecast 2020-2025 ”, the global meat substitutes market size was valued at US$ 4.9 Billion in 2019. Meat substitutes include vegetarian alternatives to poultry, fish, and meat products with similar taste, appearance, and texture. They are produced from plant-based sources and help in controlling blood cholesterol, pressure and sugar levels. Few common types of meat substitutes include soy, tofu, tempeh, textured vegetable protein (TVP), and seitan. They are generally processed with food additives, emulsifiers, coloring, and leavening agents for enhanced flavor, texture, and prolonged shelf-life.
The rising consumer health consciousness, along with the changing inclination towards a vegetarian diet, is primarily driving the market for meat substitutes. The global meat substitutes market is also gaining momentum due to the emerging trend of veganism, particularly among the millennial and urbanized population. The market is further propagated by the introduction of numerous campaigns promoting animal welfare to adopt plant-based foods over meat-derived food items. Moreover, the emergence of online retail platforms for uninterrupted distribution of meat substitute products is also bolstering the market growth. Looking forward, IMARC Group expects the market to exhibit moderate growth during 2020-2025.
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Historical, Current and Future Market Trends
Market Breakup by Type:
- Tofu & Tofu Ingredients
- Textured Vegetable Protein (TVP)
Market Breakup by Source:
Market Breakup by Category:
Market Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Health and Food Stores
- Convenience Stores
Market Breakup by Region:
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
The report has also analyzed the competitive landscape of the market with some of the key players being 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, etc.
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Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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