The report "Meat
Substitutes Market by Source (Soy protein, Wheat protein, Pea protein),
Type (Concentrates, Isolates, and Textured), Product (Tofu, Tempeh, Seitan, and
Quorn), Form (Solid and Liquid), and Region - Global Forecast to 2026",
is projected to reach USD 3.5 billion by 2026, from USD 1.6 billion in 2019,
recording a CAGR of 12.0% during the forecast period. The rising awareness
about plant-based meat and increasing health-cautiousness due to increasing
obesity are projected to drive industry growth during the forecast period.
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The tofu product
segment is estimated to dominate the meat substitutes market due to the
increasing acceptance of them among plant-based meat manufacturers
Tofu has been traditionally considered a meat substitute in
many countries. This is due to its low cost and easy availability. Tofu also
resembles the taste of meat and helps to replace pork, chicken, and beef
products. Moreover, it also has a high nutritious value, the rising awareness
about which is also propelling the market. In a few clinical studies, tofu is
proved to provide protection against cancer, heart diseases, and also helps in
lowering the levels of bad cholesterol or low-density lipoprotein. Thus, these
factors are dominating the tofu segment globally.
The demand for pea
protein, as a source, to remain high during the forecast period
The market for pea proteins as a source of meat substitutes
projected to grow at the highest CAGR during the forecast period; the projected
growth is owing to the high nutritious value that pea protein. Furthermore, the
rise in disposable income among the increasing middle-class population of
Europe is facilitating more expenditure on the premium, highly-priced, and
pant-based meat products. Hence, the growing demand for vegan products in the
region is expected to fuel the growth of pea protein meat substitutes.
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With the increasing
demand for plant-based meat, North America is estimated to dominate the meat
substitutes market
The changing lifestyle and increasing buying power of
consumers have increased the demand for meat substitutes. The growth of the
region is owing to the increasing sale of plant-based meat products in North
America and the rising acceptance of convenience foods among consumers due to
their hectic lifestyles. Also, the inclination of the millennial population
toward ready-to-eat foods drives the North American processed food market,
which, in turn, is driving the demand for global meat substitutes.
In recent years, the rise in innovation in plant-based meat
products has also been seen in the US. This factor is also expected to propel
the market growth. Major companies of this region, such as Cargill (US) and ADM
(US), are highly focusing on innovations to provide better products to their
customers.
This report includes a study of the development strategies
of the leading companies. The scope of this report consists of a detailed study
of meat substitute manufacturers, such as Cargill, (US), Archer Daniels Midland
Company (US), DuPont (US), Ingredion (US), Axiom Foods (US), MGP Ingredient
(US), A&B Ingredients (US), and Puris (US).
