PUNE, India, December 16, 2016 /PRNewswire/ --
The report "Meat Substitutes Market by Type (Tofu & Tofu Ingredients, Tempeh, Textured Vegetable Protein, Seitan, Quorn), Source (Soy-based, Wheat-based, Mycoprotein), Category (Frozen, Refrigerated), and Region - Global Forecast to 2022", published by MarketsandMarkets, the market is projected to reach USD 5.96 Billion by 2022, at a CAGR of 6.6% from 2016 to 2022.
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Browse 78 market data Tables and 51 Figures spread through 165 Pages and in-depth TOC on "Meat Substitutes Market"
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The market is driven by factors such as increasing health awareness among the consumers, meat adulteration, environmental issues, and various health benefits associated with plant-based meat substitutes. High growth potential in the emerging markets and untapped regions provides new growth opportunities for the market players.
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The soy-based meat substitute segment is projected to be the largest during the forecast period of 2016-2022
Soy-based meat substitutes the most widely used meat substitute worldwide. Soy protein is derived from soybeans. The use of this soy protein as a functional ingredient is increasing in the food industry. Soy is used as a source of protein in meat substitutes such as tofu, tempeh, miso, textured vegetable protein (TVP), and other tofu ingredients.
Flavors and spices are typically added to increase the sensory quality of the products. Soy meat substitutes are similar to meat, poultry, or fish products in terms of taste, texture, color, and form. Soy burgers, soy turkey, soy bacon, soy chicken, and soy hot dogs are a few popular food products.
The frozen meat substitutes segment is projected to be the fastest-growing segment in the Meat Substitutes Market
The frozen meat substitutes segment is projected to growing at the highest rate during the forecast period, that is, between 2016 and 2022. Frozen meat substitutes help to maintain the nutritional value of food products and retain the flavor and texture. Also, the frozen Meat Substitutes Market is gaining popularity due to changes in purchasing patterns, coupled with fast life styles and the shift from traditional food to convenience food, from small grocery shops to supermarkets, especially in emerging countries such as BRICS and ASEAN. Consequently, significant growth in the convenience food industry, including ready-to-eat foods and ready-to-cook foods, has fueled the growth of the frozen Meat Substitutes Market, globally.
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Significant growth in the Meat Substitutes Market is observed in the Asia-Pacific region
Growth in the middle-class population in the region, with increase in disposable incomes and demand for vegetable and nutrient foods are driving the growth of the Meat Substitutes Market. The per capita consumption of meat substitutes in the Asia-Pacific region is driven by growing economies such as China, India, Australia & New Zealand, Japan, and South Korea. A large number of multinational companies have expanded their footprint in these countries, which has also driven the market for meat substitutes.
The Meat Substitutes Market report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading companies such as Archer Daniels Midland Company (ADM) (U.S.), E. I. du Pont de Nemours and Company (U.S.), Garden Protein International, Inc. (Canada), Amy's Kitchen Inc. (U.S.), Morningstar Farms LLC. (U.S.), and Quorn Foods, Inc.
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