Meat Substitutes Market To Be Worth US$6.43 Billion By 2023
Thursday, March 8th, 2018 | 155 Views
The global meat substitutes market is estimated at US$4.63 billion in 2018 and is projected to grow at a compound annual growth rate of 6.8 percent and will reach a value of US$6.43 billion by 2023, according to market intelligence agency MarketsandMarkets.
The market is driven by factors such as rising health concerns (which include obesity and diabetes) due to consumption of meat products. Another factor includes the health benefits provided by meat substitute products—weight loss and general wellbeing. Additionally, as the adoption level of meat substitutes by consumers is increasing, companies are developing product lines for meat substitutes, which have further contributed to the growth of the market.
On the basis of type, the tofu and tofu ingredients segment accounted for the largest share of the market in 2017, followed by textured vegetable proteins. Meat substitutes such as tempeh and tofu are rich in proteins and minerals, since they are derived from soy. Moreover, they have become a popular meat alternative among vegetarians and vegan consumers for their health benefits.
On the basis of category, frozen meat substitute products accounted for the largest market share in 2017. The rise in demand for convenience foods, as a result of consumers’ growing income levels, is one of the major factors driving the market for frozen meat substitutes.
On the basis of source, soy-based meat substitute products accounted for the largest market share in 2017, followed by mycoprotein. This is because soy protein is a cost-effective and reliable substitute for meat and has the highest amount of protein as compared to other meat substitutes. Soy-based meat substitutes have the ability to be produced so as to mimic the organoleptic characteristics of meat products. Soy burgers, soy turkey, soy bacon, soy chicken, and soy hot dogs are a few popular soy-based food products.