The global meat substitutes market size is expected to reach USD 5.81 billion by 2022, according to a new report by Grand View Research, Inc. The market is expected to witness a healthy CAGR of 7.5% during the forecast period. Growing preference for a vegan diet coupled with rising health awareness is expected to fuel market demand in the near future.
Soy-based meat substitutes led the global market in the past. Wheat-based raw materials are expected to register the highest CAGR from 2015 to 2022, followed by mycoprotein and soy-based meat substitutes. Textured Vegetable Protein (TVP) is the most popular meat substitute, which led the market. However, wheat-based meat substitutes, such as seitan, are expected to experience the maximum CAGR through 2022.
Among the multiple applications, the seitan is presumed to witness the fastest growth over the forecast period. The Asia Pacific and Central & South America regions are slated to see strong demand over the next seven years. Europe has been the dominant market for meat substitutes and is presumed to maintain the trend over the forecast years.
On the other hand, regulations and directives related to meat substitute composition and specifications are anticipated to impact the market growth to some extent. Variations and complexities in the regional rules are presumed to have a negative impact on the global, as well as regional markets. However, regulations issued by agencies, such as FDA and FSIS, are anticipated to play a vital role in shaping the global meat substitutes market over the forecast period.
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Further key findings from the study suggest:
Europe emerged as the largest market and generated revenue of USD 1.40 billion in 2014. It is anticipated to expand at a CAGR of 7.5% over the forecast period
Wheat-based protein is forecast to reach USD 308.3 million by 2022 with a CAGR of 9.9% from 2015 to 2022
Seitan is anticipated to emerge as the fastest-growing segment and is likely to register a CAGR of 10.2% over the forecast years
Industry rivalry is bound to remain medium over the forecast period owing to a handful of market participants. Some of the market participants are Amy’s Kitchen, Inc.; Beyond Meat; Vbites Foods Ltd.; Blue Chip Group; MorningStar Farms; Cauldron Foods; and MGP Ingredients, Inc.
Grand View Research has segmented the global meat substitutes market on the basis of product, raw material, and region:
Meat Substitutes Raw Material Outlook (Revenue, USD Million, 2012 - 2022)
Meat Substitutes Product Outlook (Revenue, USD Million, 2012 - 2022)
Textured Vegetable Protein (TVP)
Other Soy Products
Meat Substitutes Regional Outlook (Revenue, USD Million, 2012 - 2022)
Central & South America
Middle East and Africa
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