DUBLIN--(BUSINESS WIRE)--The "Meat Substitutes Market by Type (Tofu & Tofu Ingredients, Tempeh, Textured Vegetable Protein (TVP), Seitan, and Quorn), Source (Soy, Wheat, and Mycoprotein), Category (Frozen, Refrigerated, and Shelf-Stable), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The meat substitutes market is estimated at USD 4.63 billion in 2018 and is projected to reach USD 6.3 billion by 2023. It is projected to grow at a CAGR of 6.8% during the study period.
On the basis of category, meat substitute products that are shelf stable are projected to grow at the highest CAGR among other storage categories. The demand for shelf-stable meat substitutes is increasing gradually, as frozen products are more expensive and consumers are seeking fresh or freshly prepared food products.
Based on type, the tempeh segment is projected to be the fastest-growing during the forecast period. Tempeh offers health benefits such as higher antibody count, reduction in sugar levels in the body, muscle building, reduced risk of diabetes, and lower cholesterol levels in the body. There is considerable potential for tempeh in developed countries such as Canada, where people are becoming aware of the health benefits offered by fermented food products, encouraging manufacturers to offer new tempeh products in the market.
Based on the source of the meat substitute, wheat-based meat substitutes are projected to form the fastest-growing segment. Wheat proteins are highly cost-effective and find applications in food products such as burger patties, nuggets, and vegetarian sausages; these innovational applications make wheat the most highly adopted source of meat substitutes over the projection period, among others.
Market Dynamics
Drivers
- Rising Health Concerns, Due to Increasing Obesity Levels Brought on by the Consumption of Meat Products
- Health Benefits of Meat Substitutes
- Increased Preference for Vegetarian and Vegan Foods
Restraints
- Ill Effects of Consuming Meat Substitutes
Opportunities
- Exploring Technological Advancements to Develop New Product Lines
- Growth Potential in the Asia-Pacific Market
Challenges
- Perception of Taste
- Genetically Modified (GM) Soybeans
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Meat Substitutes Market, By Type
7 Meat Substitutes Market, By Source
8 Meat Substitutes Market, By Category
9 Meat Substitutes Market, By Region
10 Competitive Landscape
11 Company Profiles
- ADM
- Amy's Kitchen
- Beyond Meat
- Dupont
- Garden Protein International
- MGP Ingredients
- Meatless
- Morningstar Farms
- Quorn Foods
- Sonic Biochem Limited
- The Nisshin Oillio Group
- Vbites
For more information about this report visit https://www.researchandmarkets.com/research/3v9k3z/meat_substitutes?w=4
