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The Meat Substitute Market Growth Is Accelerated By Rising Demand For Plant-Based Foods

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Leena Shedmake
The Meat Substitute Market Growth Is Accelerated By Rising Demand For Plant-Based Foods

Meat substitute products such as tofu, tempeh, seitan, and textured vegetable protein are in high demand owing to their nutritional composition and environmental benefits. These products mimic the texture and flavor of meat and are a good source of protein, minerals, and vitamins. The increasing health consciousness and shift towards vegan and vegetarian diets have augmented the need for meat substitutes.

The global meat substitute market is estimated to be valued at US$ 2.15 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market key trends:


The rising demand for plant-based foods is one of the key trends fueling the growth of the meat substitute market. Changing consumer preferences towards healthy and sustainable eating habits have increased the popularity of meat alternatives worldwide. According to data, over 35% of global consumers are actively reducing their meat consumption. Food companies are launching innovative vegan food products to cater to this growing demand. Increasing investments in startups developing novel technologies for producing meat substitutes resembling animal meat's taste, texture, and appearance is also driving market growth.

Segment Analysis


The global meat substitute market is dominated by soy-based substitutes segment. Soy-based substitutes account for over 30% market share as soy is a versatile ingredient that can be processed into variety of plant-based meat alternatives like patties, sausages, crumbles etc. due to its high protein content and meat-like texture when cooked. It is a affordable option compared to other plant-based ingredients like pea, wheat and other grains.


Key Takeaways


The Global Meat Substitute Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The rising health consciousness coupled with growing vegan population is driving the demand for plant-based meat alternatives globally.

Regional analysis: North America currently dominates the global meat substitute market with over 35% value share. The U.S. accounted for majority of the regional market share. However, Asia Pacific region is expected to grow at the fastest pace during the forecast period. Rising health consciousness, growth in vegan population and rising disposable incomes in countries like China and India is supporting the market growth. Countries like China, Japan and South Korea will drive the regional demand for meat alternatives.


Key players operating in the meat substitute market are I-Minerals Inc., Quarzwerke GmbH, Eczacibasi Esan, Micronized Group, Imerys Minerals, Sibelco Nordic, The Quartz Corp., Adolf Gottfried Tonwerke GmbH, LB MINERALS, Ltd., and Sun Minerals.



Explore more information on this topic, Please visit-

https://www.marketwebjournal.com/meat-substitute-market-growth-and-trnds-analysis-share-size-demand-forecast/ 


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