A meat substitute or a meat alternative approximates certain qualities such as texture, appearance, flavour or chemical characteristics of specific types of meat. Meat substitutes are usually vegetarian ingredients and sometimes without animal derivatives such as dairy. People are moving towards meat substitutes due to the rising health issues such as diabetes and obesity and increasing awareness of the damage caused to the environment by animal rearing for meat consumption.
According to a study conducted by a leading market research company, the global meat substitutes marketis anticipated to expand at a CAGR of 7.4% during the 2018-2023 period and is expected to be worth USD 6.1 Bn by 2023. There is a shift from using soy and wheat, to cleaner label ingredients for making alternative meat products, which appeals to vegetarians, non-vegetarians and vegans.
The global meat substitutes market is segmented on the basis of product and source type. Based on the product, the meat substitutes market consists of tofu and tofu-based products, textured vegetable protein (TVP), tempeh, seitan, and quorn. The tofu and tofu-based segment accounted for 43% market share in 2018 and seitan is expected to show the highest growth (8.3%) during the 2018-2023 period.
Based on the source type, the soy segment held a market share of 48% in 2018. Wheat is expected to expand at a CAGR of 7.7% during the 2018-2023 period. The mycoprotein segment is anticipated to expand at the CAGR of 7.8% till 2023 due to the several health benefits attached to this segment.
Geographically, the meat substitutes market in Europe is anticipated to expand at a CAGR of 9.3% till 2023 followed by the North American market which is projected to expand at a CAGR of 5.9% by 2023. The Africa meat substitutes market is still at an ascent phase and is expected to grow steadily during the forecast period.
According to a study conducted by a leading market research company, the global meat substitutes marketis anticipated to expand at a CAGR of 7.4% during the 2018-2023 period and is expected to be worth USD 6.1 Bn by 2023. There is a shift from using soy and wheat, to cleaner label ingredients for making alternative meat products, which appeals to vegetarians, non-vegetarians and vegans.
The global meat substitutes market is segmented on the basis of product and source type. Based on the product, the meat substitutes market consists of tofu and tofu-based products, textured vegetable protein (TVP), tempeh, seitan, and quorn. The tofu and tofu-based segment accounted for 43% market share in 2018 and seitan is expected to show the highest growth (8.3%) during the 2018-2023 period.
Based on the source type, the soy segment held a market share of 48% in 2018. Wheat is expected to expand at a CAGR of 7.7% during the 2018-2023 period. The mycoprotein segment is anticipated to expand at the CAGR of 7.8% till 2023 due to the several health benefits attached to this segment.
Geographically, the meat substitutes market in Europe is anticipated to expand at a CAGR of 9.3% till 2023 followed by the North American market which is projected to expand at a CAGR of 5.9% by 2023. The Africa meat substitutes market is still at an ascent phase and is expected to grow steadily during the forecast period.
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