Meat Substitute Market to Reach $8.1 Bn, Globally, by 2026 at 7.8% CAGR: Allied Market Research

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Oct 18, 2019, 09:30 ET

PORTLAND, Oregon, Oct. 18, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Meat Substitute Market by Product (Tofu-based, Tempeh-based, TVP-based, Seitan-based, Quorn-based, and Others), Source (Soy-based, Wheat-based, Mycoprotein, and Others), Category (Frozen, Refrigerated, and Shelf Stable): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global meat substitute industry garnered $4.48 billion in 2018, and is expected to garner $8.1 billion by 2026, growing at a CAGR of 7.8% from 2019 to 2026.

Prime determinants of market growth

Surge in obese population, development of the food service industry, launch of new products, and rise in awareness of environmental sustainability and animal welfare facilitate the growth of the global meat substitute market. However, wide range of substitutes hinders the market growth. On the other hand, untapped potential markets and increase in health awareness and vegetarianism are expected to create lucrative opportunities in the near future.

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Soy-based segment to maintain its dominant position throughout the forecast period

Based on source, the soy-based segment accounted for the highest market share in 2018, holding nearly two-thirds of the global meat substitute market, and is expected to maintain its dominant position throughout the forecast period. This is due to its meat like texture and surge in usage of Tofu, textured vegetable protein, Tempeh, and seitan in preparations of meat analogues. On the other hand, the wheat-based segment is projected to witness the fastest CAGR of 8.8% from 2019 to 2026. The report also offers insights on mycoprotein and other sources.

Frozen segment to maintain its highest contribution in terms of revenue by 2026

Based on category, the frozen segment held the highest market share in 2018, contributing more than three-fourths of the global meat substitute market, and will maintain its highest contribution in terms of revenue by 2026. This is attributed to surge in popularity and longer shelf life. However, the shelf stable segment is projected to manifest the fastest CAGR of 8.9% during the forecast period. The research also discusses the refrigerated segment.

Europe to maintain its lead position, followed by North America

Based on region, Europe held the major market share, accounting for nearly two-fifths of the total share of the global meat substitute market in 2018, and will maintain its lead position during the forecast period. This is attributed to surge in health awareness and rise in adoption of vegetarianism. North America contributed more than one-fourth of the total market share in 2018. However, the market in the Asia-Pacific region is expected to register 9.3% CAGR from 2019 to 2026. This is due to surge in health & fitness consciousness and innovative product launches by companies operating in the region.

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Leading Market Players

Amy's Kitchen
Beyond Meat
Cauldron Foods
Garden Protein International, Inc.
Meatless B.V.
Quorn Foods
Vbites Food, Ltd.
Morningstar Farms
MGP Ingredients
Sonic Biochem Extractions Limited

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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