The global meat substitutes market is set to grow at a compound annual growth rate of 11.8% between 2021 and 2028, when it will be worth $4.36 billion, a new study has found.
The study by Polaris Market Research found that the consumption of meat substitutes has 'increased significantly' in recent years, led by growing health and animal welfare concerns, increased disposable income among consumers in developing regions and the shift towards vegan, vegetarian and flexitarian diets.
'Meal replacements and better-for-you products are being served with meat substitutes catering to health-conscious consumers,' Polaris Market Research said.
'Growing awareness regarding animal welfare, increasing occurrence of diseases associated with non-vegetarian food consumption, the need for enhanced food safety, and environmental concerns are some factors boosting the market growth.'
Frozen meat substitutes are set to show a significant increase during the review period, with consumers demanding increased convenience, the study found. As global players in this category expand their business into emerging markets, demand in these regions will also grow, lifting the overall market.
Textured Vegetable Protein
While all the various meat substitute types – including seitan-based, tofu-based, textured vegetable protein, Quorn-based, tempeh-based and others are expected to grow, textured vegetable protein is set to outperform, driven by affordable pricing and ease of use the study found.
Healthy snacking is another growth area for for the category, with meat substitutes increasingly being incorporated into snacking and on-the-go meal solutions.
More information on the report, Meat Substitutes Market Share, Size, Trends, Industry Analysis Report, By Product (Shelf-Stable, Refrigerated, Frozen); By Type (Seitan-based, Tofu-based, Textured Vegetable Protein, Quorn-based, Tempeh-based); By Source; By Form; By Distribution Channel; By Region; Segment Forecast, 2021 – 2028, can be found here.
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