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Meat Substitutes Market Size, Revenue Analysis, Opportunities, Trends, Product Launch, 2023–2028

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The Global Meat Substitutes Market size was USD 1.89 Billion in 2020 and is expected to register a revenue CAGR of 13.8% during the forecast period.

The Global Meat Substitutes Market size is expected to reach USD 5.28 Billion in 2028 and register a revenue CAGR of 13.8% over the forecast period, according to a latest report by Reports and Data. Growing consumption of plant-based foods and changing perception of consumers towards sustainability are factors expected to drive market revenue growth during the forecast period. Rising demand for healthy food and growing vegetarian population are boosting demand for plant-based meat substitutes, globally. Changing consumer behavior and interest in alternative-protein sources due to health and environmental concerns as well as animal welfare is driving revenue growth of the market. Plant-based meat substitutes offer nutritional benefits such as higher levels of micronutrients including iron, zinc, and calcium. Moreover, numerous fast-food chains are trying to launch deals with alternative-protein producers to offer vegetarian alternatives to popular menu items. These food joints are trying to develop meat substitutes that are derived from wheat, pulse, potatoes, soybeans, and other plant-based ingredients. There is an increasing interest of consumers towards mycoprotein, resulting in rising consumption of mycoprotein-based meat substitutes. Mycoprotein is typically composed of whole, unprocessed, filamentous fungal biomass, commonly known as mold. Fungi contain approximately 40% protein that are high in fiber, limited carbohydrates, and contain no cholesterol. Growing consumer preference towards food products with lower levels of cholesterol and carbohydrates is expected to boost demand for mycoprotein-based meat alternative products.

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The Meat Substitutes market investigation report assesses the global market for the Meat Substitutes industry and provides revenue and capability forecasts for the projected period of 2023-2028. The factors that drive the industry's growth are highlighted in the report. The report divides the Meat Substitutes market into main categories such as forms, applications, end-users, technology, and others for a better understanding. These segments are thoroughly examined in order to provide a more accurate outlook for the global and regional markets. The report also examines the industry's major players, including their product portfolios, company overviews, strategic growth strategies, revenue generation, market share and size, geographic presence, and development and manufacturing capabilities.

Some of the Leading Market Players Are Listed Below:

  • Ingredion Incorporated,
  • Archer-Daniels-Midland Company (ADM),
  • DuPont,
  • Kerry Group plc,
  • Roquette Frères,
  • The Nisshin OilliO Group, Ltd.,
  • Cargill, Inc.,
  • Batory Foods,
  • Wilmar International Limited,
  • Beyond Meat

Market Overview:

All enterprises involved in the processing, packaging, and distribution of raw food materials fall within the food and beverage sector. Fresh and packaged meals, as well as alcoholic and nonalcoholic beverages, are all included. Apart from drugs, this industry touches every product designed for human consumption.

As a result of the current economic depression caused by the Covid-19 outbreak, consumers are seeking to save as much money as possible. Consumers are doing so in a variety of ways, including buying more generic things and cooking their own meals instead of going out. As a result, food processing companies are getting more creative in order to reduce the cost of goods sold, attract more customers, and increase profit margins.

Obesity has a tremendous impact on the global food and beverage industry. The desire for healthful foods has grown, as has the demand for more detailed nutritional information. Companies have responded by launching lower-calorie foods and tightening control over how their brand is viewed in response to both of these changes. Companies want to be viewed as a healthy brand, thus they support activities that indicate this, such as youth sports. There has even been talk of levying a tax on foods linked to obesity to deter people from eating them.

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Market Segmentation:

Type Outlook (Revenue, USD Billion; 2018-2028)

  • Tofu Tofu Ingredients
  • Tempeh
  • Textured Vegetable Protein (TVP)
  • Seitan
  • Quorn
  • Others

Source Outlook (Revenue, USD Billion; 2018-2028)

  • Soy
  • Wheat
  • Mycoprotein
  • Others

Category Outlook (Revenue, USD Billion; 2018-2028)

  • Frozen
  • Refrigerated
  • Shelf-Stable

The report is written with the aid of industry analysts, market segmentation, and data collection in order to assist readers in making profitable business decisions. The report includes a comprehensive database of technical and product advances. It also provides information on growth rates and market value, as well as a thorough examination of niche market segments. The report provides strategic advice to newcomers and existing businesses about how to make profitable and well-informed business decisions.

The Meat Substitutes market has been segmented into key regions of the world and offers an analysis of growth rate, market share, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Meat Substitutes market.

The Global Meat Substitutes Market Is Segmented Into:

  • North America (U.S.A., Canada, Mexico)
  • Europe (Italy, U.K., Germany, France, Rest of Europe)
  • Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
  • Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
  • Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key Questions Addressed in the Report:

  • What are the dominating factors that are influencing the growth of the industry?
  • In the forecast period, which market segment is expected to rise the most?
  • What are the risks and challenges that the industry is facing?
  • In the coming years, which area is projected to dominate the market?
  • Who are the major players in the market? What kind of strategic business plans have they made?

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Thank you for taking the time to read our article. The report can be tailored to the needs of the client. Please contact us for more details, and our team will tailor the report to your specific requirements.

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