Meat Substitutes Market To Witness Stunning Growth And Reach $6.52 Billion By 2032

The global meat substitutes market is expected to develop to USD 2.10 Billion in 2023, with projections indicating that it will reach USD 6.52 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 13.4% over the forecast period 2024-2032. This growth is credited to the increasing health concerns amongst users and rising preference for vegan meals owing to their different health advantages. In addition to this, increasing levels of obesity owing to the easting of meat products and meat have resulted in an increased user preference for meat substitutes.

Major players active in the global meat substitutes market are ADM, The Nisshin OilliO Group, DowDuPont, MGP Ingredients, Sonic Biochem Limited, Beyond Meat, Garden Protein International, Quorn Foods, Amy's Kitchen, Meatless, MorningStar Farms, and VBites.

Elevated Preference For Vegan And Vegetarian Foods To Boost The Global Meat Substitutes Market

The requirement for healthy eating has elevated amongst users in late times. This trend is outstanding in regions such as North America and Europe. User preference for healthier meals in the European areas has resulted in the requirement for vegan and vegetarian foods. As per the Agriculture and Agri-Food Canada, user preference for vegetarian meals in Germany has elevated, owing to environmental, ethical, and health-associated concerns.

This has resulted in substantial sales of meat substitutes in the nation. In addition to this, as per the European Vegetarian Union, almost 10% of users in Germany are vegetarian. As a result of the vegan and vegetarian food trends in Europe, merchants such as Tesco are elevating the availability of meat-free meals goods in the market, resulting to the requirement for meat substitutes in the area.

The increment in requirement for vegan food meals has also motivated food coloring makers to provide food colors akin to meat so that makers of meat substitute can claim a clean-label packaging to lure the vegan and vegetarian users. Vegan food saw a noteworthy demand in the last few years, resulting in increased manufacturing of meat substitutes.

Asia Pacific To Show Huge Growth Potential In The Forecast Period

The requirement for meat substitutes is high in developed nations, such as Europe and the US, owing to the health advantages provided by meat substitutes’ sources, such as soy, and the increasing health awareness amongst users. On the other hand, developing areas, such as Asia Pacific have shown noteworthy potential for the global market. Wheat gluten is used frequently rather than meat in Asian meals and has been well-liked since ancient times in Japan, China, and other Southeast & East Asian countries. Other meat substitutes (for instance tempeh) are amongst the well-liked food dishes in nations, such as Indonesia. The accessibility of such substitutes has elevated in various grocery stores in the area, resulting in their substantial usage.

Browse the full “Meat Substitutes Market - By Type (Tofu & Tofu Ingredients, Tempeh, Textured Vegetable Protein (TVP), Seitan, and Quorn), By Source (Soy, Wheat, and Mycoprotein), By Category (Frozen, Refrigerated, and Shelf-Stable), and By Region - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024 – 2032.” Report at https://www.zionmarketresearch.com/report/meat-substitutes-market

The global meat substitutes market is segmented as follows:

By Type

• Tofu & Tofu Ingredients
• Tempeh
• Textured Vegetable Protein (TVP)
• Seitan
• Quorn

By Source

• Soy
• Wheat
• Mycoprotein

By Category

• Frozen
• Refrigerated
• Shelf-Stable

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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