In a recent published report, Kenneth Research has updated the market report for Meat Substitute Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Meat Substitute Market products.
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Moreover, the median health expenditure per capita recorded in the high-income, upper-middle income, and low & lower-middle income countries, recorded to be over USD 2,000, USD 400, and USD 100 respectively. Additionally, in the same year, the spending on health in high-income countries and in the low- and middle-income countries comprised approximately 8.2% and 6.3% of the GDP respectively.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Global Meat Substitute Market is estimated to reach $7,275 million by 2025; growing at a CAGR of 7.0% from 2017 to 2025.Meat substitutes are products that look like actual meat in terms of flavor, appearance and taste, but are healthful as competed to meat. It is considered as the highest quality protein source not only due to its nutritional characteristics, especially proteins but also owing to its appealing taste. Public consuming meat on a daily basis are more prone to health-related complications such as atherosclerosis and obesity. Some of the meat substitute widely used are tofu, tempeh, seitan, gluten-free, textured vegetable protein, vegan meat, jackfruit, mushrooms, lentils, beans and legumes, among others. Tofu is among the most popular meat substitute and is broadly consumed as a substitute for chicken, beef, pork, and other meats.
The primary factors driving the growth of the global meat substitute market include growing health concerns about meat consumption coupled with many animal disease outbreaks in the recent past, health advantages of meat substitute, increasing consciousness about the benefits of a vegan diet such as lower heart problems, reduced obesity & diabetes, improved cardiovascular health, and lower cholesterol risk. Though, variety of low-cholesterol meat products accessible in the market with lean meats may restraint the market growth. Yet, high growth potential in the Asia Pacific market would generate profitable opportunities for the global meat substitute market.
The global meat substitute market is classified on the basis of product type, category and geography. By product type, the market is segmented into tofu based, tempeh based, TVP based, seitan based, quorn based, and other product types. Category segment is bifurcated into frozen, refrigerated, and shelf-stable.
Based on geography, global meat substitute market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe consists of UK, Germany, Spain, France, and Rest of Europe. Asia-Pacific is segmented into China, Japan, India, and Rest of Asia-Pacific. while RoW is bifurcated into South America, Middle East, and Africa.
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Key players profiled in the report include Kellogg NA Co., MGP Ingredients, Inc., Sonic Biochem Extractions Ltd., Amy’s Kitchen, Inc., Beyond Meat, Marlow Foods Ltd, Boulder Brands USA Inc., Meatless BV, Quorn, and VBites Foods Limited, among others.
The key takeaways from the report
The report will provide detailed analysis of Global Meat Substitute Market with respect to major segments such as product type, and category
The report will include the qualitative and quantitative analysis with market estimation over 2016 – 2025 and compound annual growth rate (CAGR) between 2017 and 2025
Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
An exhaustive regional analysis of Global Meat Substitute Market has been included in the report
Profile of the key players in the Global Meat Substitute Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Meat Substitute Market
Product Type Segments
Tofu Based
Tempeh Based
TVP Based
Seitan Based
Quorn Based
Other Product Types
Category Segments
Frozen
Refrigerated
Shelf-Stable
Geographical Segments
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North America
U.S.
Canada
Mexico
Europe
UK
Germany
Spain
France
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
RoW
South America
Middle East
Africa
Table of Contents
Chapter 1 Prefix
1.1 Market Scope
1.2 Report Description
1.3 Research Methodology
1.3.1 Primary Research
1.3.2 Secondary Research
1.3.3 In-house Data Modeling
Chapter 2 Executive Summary
2.1 Global Meat Substitute Market Year-on-Year Growth, 2017 – 2025 (%)
Chapter 3 Market Outline
3.1 Market Inclination, Trend, Outlook and Viewpoint
3.2 Market Share Analysis: Company’s Competitive Scenario
3.3 Market Dynamics
3.3.1 Drivers
3.3.1.1 Impact Analysis
3.3.2 Restraints
3.3.2.1 Impact Analysis
3.3.3 Opportunities
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