As vegetarianism continues to make its way among consumers, many companies are entering the meat, dairy and egg substitute market to satisfy the growing demand for animal product alternatives. With a prime focus on meat alternatives market, a fresh study titled “Meat Alternatives Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026” has been publicized to the mega-repository of Market Research Hub (MRH). This 259-page study presents an all-inclusive analysis of the current as well as future growth prospects which are expected to influence market growth in the coming years. Moreover, the geographical expansion of the market has been also mentioned in the report, in which prime regions such as North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America; are analyzed in terms of revenue generation.
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In recent years, the demand for meat alternative has increased steadily. The research finds that consumers are demanding more wholesome and nutritious products. Besides, diseases associated with meat and meat products have impacted the nutritional and culinary preferences of the population towards consuming meat product. Therefore, the demand for meat substitutes such as tofu, natto, tempeh, RTC/RTE, and others are increasing at a steady pace. According to the analyst’s key projection, the global meat alternative market is projected to magnify at a CAGR of 6.1% during the forecast period of 2018-2026.
Key Factors Fuelling Market Growth
- The research study has been broadly segmented into major categories, such as source, product type, distribution channel and category. By source, the research covers soy-based meat alternatives, mycoprotein-based meat alternatives, wheat-based alternatives and others. Meat alternatives are usually made from soy protein and other ingredients. These foods are not only of interest to vegetarians but also benefits people who want to take advantage of the health benefits of soy.
- Apart from health-associated factors, sustainability and considerations toward health are also driving this movement, especially amongst the females. There is an increase in the demand for meat substitutes mainly due to increasing health concerns such as diabetes and obesity.
- Another fact observed during the research is growth in frozen food segment in which meat alternative is highly utilized. Frozen food has been growing at a rapid pace, with consciousness about various benefits of frozen food stimulating their consumption on a wide scale. Frozen meat alternative category is gaining significant traction in the worldwide meat alternative market.
- Geographically, the research finds that North America is expected to gain high growth rate between 2018 and 2026. Also, APAC is expected to remain the largest market through 2026.
In the end, the report covers a detailed competitive viewpoint that includes market share and profiles of key players operating in the global market. Some of the major players include Turtle Island Foods, Inc., Pinnacle Foods, Inc., Amy’s Kitchen Inc., Impossible Foods Inc., The Hain Celestial Group, Inc., Schouten Europe B.V., Sweet Earth, Inc., VBites Food ltd., Beyond Meat Inc., Monde Nissin Corporation, Nutrisoy Pty Ltd, Kellogg Company, Fry Group Foods (Pty) Ltd., Nasoya Foods, Inc., The Kraft Heinz Company, Lightlife Foods Inc. and Taifun-Tofu GmbH..
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