The Meat Alternatives Market is projected to grow at a CAGR of 6.6% during the forecast period 2022-2029. Meat Alternatives are prepared from various plant-based sources. They are majorly consumed by vegan individuals and consumers concerned about health benefits owing to meat-based cholesterol. They are extracted from plant sources like soy, wheat, rice, and others. Meat Alternatives are associated with numerous health benefits such as rich protein, vitamins, and high energy levels.
The advantages of plant-based proteins being cholesterol-free, increasing demand for vegans across the world, and rising concerns over health are the major factors responsible for boosting the Global Meat Alternatives Market.
The rise in people adopting plant-based eating habits is a major factor contributing to the global meat alternatives market growth. According to the Food Revolution Organization, the number of people identified as vegans in the UK increased by more than 350% in 2017. Customers at Walmart are asking suppliers to offer more plant-based products. Owing to these reasons, the global meat alternatives market is anticipated to grow at a steady pace in the future.
However, perceptions over the taste of meat alternatives and the extent of nutritional values provided by plant-based alternatives are the major factors responsible for hampering the Global Meat Alternatives Market's growth.
The Global Meat Alternatives Market has been segmented by type, by source, and by sales channel. Based on Type divided into Tofu, Tempeh, Textured Vegetable Protein, Others. Based on Source, into Soy, Wheat, Mycoprotein, Others. And Based on Sales channels into Super Markets, Convenience Stores, Online Sales Channels, and Others.
Based on the product type, tofu is the dominant segment of the global meat alternatives market due to the enriched nutritional values offered by these products. Tofu is made by condensing soy milk and pressed into solid blocks similar to cheese making. Tofu foods are highly rich in nutrients and proteins. A 100 gram serving of tofu offers 8 grams of protein and other vital amino acids required by the body. About 3.5 ounce serving of tofu comes with a total nutritional value of only 70kcal, making it a highly nutrient-dense food. Many companies are offering new products to improve their market presence and contribute to their entities' growth. For instance, in February 2019, Nasoya launched a new line of plant-based kimchi tossable and other tofu-based products. Owing to these reasons, Tofu is anticipated to dominate the global meat alternatives market in the future.
The Global Meat Alternatives Market is segmented into North America (USA, and Canada), Europe (UK, Germany, London, Italy, Spain, Russia, and Other countries), Asia Pacific (China, India, Japan, Australia, North Korea, Singapore, Malaysia, and Other Asian countries), South America, the Middle East, and Africa (UAE, Kingdom of Saudi Arabia, and other middle east countries).
Europe Meat Alternatives Market is leading the global market
The European region is the dominant segment of the global meat alternatives market. The regional consumers recognize the benefits of meat alternatives, adopt plant-based substitutes due to their nutritional benefits, and avoid health risks caused due to meat-based cholesterol. According to a research study, the sales value of meat substitutes in Germany increased from USD 134 million in 2015 to USD 157.1 million in 2016, finally reaching USD 180.3 million in 2017. The regional companies focus on the launch of new products in other locations to expand market reach through the extended portfolio. For instance, in January 2019, Swedish Company Oumph launched its award-winning vegan meat alternatives product line in Ireland. Owing to these reasons, the European region is anticipated to dominate the Global Meat Alternatives Market in the future.
New product launches and expansion of facilities are vital strategies adopted by most companies to contribute to the company's growth and improve their market growth rate. For instance, in January 2019, Canadian Brand, Daiya, has released a range of dairy-free yogurt alternative cups made with coconut cream containing 6 grams of protein per serving. This yogurt alternative cup range is a good source of calcium, vitamin B12, and Vitamin D and is available in all retail stores across North America.
Major Companies leading the global market are; Garden Protein International, Vbites, MGP Ingredients, Monde Nissin Corporation, Premier Foods, ADM, DuPont, Meatless BV, Cauldron Foods, and AMY’s kitchen Inc.
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