The increasing concern about balanced diet and physical fitness is boosting the global meat substitutes market, says Fortune Business Insights in their recent report. The report is titled, “Meat Substitutes Market Size, Share and Global Trend By Source (Wheat, Soybean, Mycoproteins, Vegetables), Category (Frozen, Shelf-stable), Product Types (Seitan, Tofu, Tempeh, Quorn, Texturized Vegetable Proteins), Distribution Channel (B2B, B2C) and Geography Forecast till 2026”.

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According to the report, the huge traction the market gained from vegan population is creating demand for meat substitute worldwide. Such factors are likely to prove beneficial for the global meat substitute market in the long run.

Meat substitute market is categorized on the basis of source, product type, and category. Fortune Business Insights foresees the soy protein segment under source segment to witness higher growth rates in the global market. This is followed by soy, vegetable proteins are anticipated to showcase a steady growth owing to the rise in awareness among customers about the importance of consuming vegetables and products derived from vegetables.

“Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis”:

  • Hain Celestial Group, Inc.
  • Amy’s Kitchen Inc.
  • Beyond Meat Inc.
  • Nasoya Foods, Inc.
  • Schouten Europe B.V.
  • Taifun-Tofu GmbH
  • Hügli Holding AG
  • Lightlife Foods Inc.
  • Fry Group Foods (Pty) Ltd

“Increasing Number of Vegan Population Promotes Growth”

The rise in healthcare awareness among people has created huge demand for vegan food and food products. Steered by the ongoing trend, meat alternatives burgers have found a lucrative market in the U.S. Impelled by the soaring demand, Impossible Burger launched their new product named Impossible Burger 2.0 in January 2019.

Meat substitutes are made up of plant products such as soy, wheat, and others. These substitutes offer the same amount the protein that is required by the human body and thus, can still provide all the necessary nutrients. Current trend of consuming plant and plant-based products is increasing and so is the demand for meat alternatives.

Such factors will help drive the global market in the coming years. Other factors promoting growth of the global meat substitute market include rising number of health concerns, increasing number of patients suffering from obesity, and breathing disorders.

However, the market may face certain challenges such as ill effects of meat substitute consumption, perception of taste of the meat alternatives, and the genetically modified soybeans. Nevertheless, exploring various technological advancements for the development of new product lines may bring growth opportunities in future.

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“Europe to Register Fastest Growth Owing to Increasing Number of Vegan Population”

Fortune Business Insights predicts the meat substitute market in North America to dominate because of the presence of well-established food and beverage industry in countries such as the U.S., and Canada. Europe is anticipated to consume more meat substitutes because of the quickly expanding vegan population in the region. Such factors are likely to boost the global meat substitutes market in the region.

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