The global meat substitutes market size was valued at US$ 4.8 Billion in 2018. Meat substitutes, or mock meats, are vegetarian food products that have similar taste, appearance and texture to that of poultry, meat and fish products. They are manufactured using grain- and plant-based sources to replicate animal-based protein and calcium, which aid in reducing cholesterol level, preventing menopausal difficulties and other related ailments. Currently, soy, tofu, tempeh, textured vegetable protein (TVP) and seitan are the most common types of meat substitutes available in the market. They are usually processed with various food additives, emulsifiers, coloring and leavening agents to enhance their flavor, texture and shelf-life.
The increasing health awareness, along with a growing preference for vegetarian foods amongst consumers, is one of the key factors driving the growth of the market. Owing to various health benefits, such as reduction of blood sugar levels, meat substitutes are gaining immense popularity across the globe. The emerging trend of veganism and growing awareness regarding the environmental impact of animals farming for meat production is encouraging consumers to incorporate meat substitutes in their daily diet. The market is further driven by favorable campaigns on animal welfare, which aim at promoting the adoption of all plant foods such as cereals, pulses, vegetables, fruits, nuts, seeds, herbs and spices. Moreover, the development of the organized retail sector and online retail portals for seamless distribution of meat substitute products is also creating a positive outlook for the market. Looking forward, IMARC Group expects the global meat substitute market to reach a value of US$ 6.6 Billion by 2024, registering a CAGR of around 5% during 2019-2024.
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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