PUNE, India, August 28, 2015 /PRNewswire/ --
The report "Meat Substitutes Market by Type (tofu & tofu ingredients, tempeh, TVP, quorn, other soy products, seitan, & others), Source (soy-based, wheat-based, mycoprotein, & others), Category (frozen & refrigerated), & by Region - Global Forecast to 2020", published by MarketsandMarkets, Meat Substitutes Market is expected to reach USD 5.17 Billion by 2020 at a CAGR of 6.4% from 2015 to 2020.
Browse 76 tables and 51 figures spread through 188 Pages and in-depth TOC on "Meat Substitutes Market"
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The market report defines and segments the Meat Substitutes Market with analysis and forecasting of the global revenue for meat substitutes. It also identifies the driving and restraining factors of the market with analysis of trends, opportunities, and challenges.
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The segmentation considered for this report is based on type, source, category, and region. The market has been segmented on the basis of type into tofu & tofu ingredients, tempeh, TVP, quorn, other soy-products (miso, yaso, & natto), seitan, and others (lupin, pea-protein, risofu, and valess). The market for tofu & tofu ingredients is projected to witness the highest growth as a result of increasing awareness about the health benefits of soybean, and high production in countries such as the U.S., India, and China. Also, increasing demand for healthy and diversified food and the growing convenience food industry has supported the growth of the Meat Substitutes Market, especially in the Asia-Pacific region.
The market has been further segmented on the basis of source into soy-based, wheat-based, mycroprotein, and others. The soy-based segment accounted for a ~68% market share in the global Meat Substitutes Market in 2014. This segment is witnessing growth due to increasing consumption of soybean owing to its high nutritional value in almost all regions of the world.
The category segment of meat substitutes includes frozen and refrigerated meat substitutes. The frozen meat substitutes segment accounted for the largest market share in 2014.
The Meat Substitutes Market is projected to grow at a CAGR of 6.4% from 2015 to 2020. The high demand for meat-free food products from emerging economies due to increased health awareness of the consumers is expected to accelerate the growth of the Meat Substitutes Market. The major restraining factors of the Meat Substitutes Market are the increasing prices of meat substitutes and the ill effects of meat substitutes.
Leading players in the Meat Substitutes Market include Amy's Kitchen (U.S.), Beyond Meat (U.S.), Sonic Biochem Extractions Limited (India), MGP Ingredients (U.S.), and Garden Protein International Inc. (Canada). One of the major developments observed in the Meat Substitutes Market is new product launches. This strategy was adopted due to the increasing demand for vegetarian food products all over the world. It helped manufacturers to enhance their vegetarian and clean label product portfolio and also increase their geographic presence in the meat substitutes industry. Companies are adopting inorganic growth strategies such as acquisitions, agreements, and joint ventures to cope with the increasing demand for meat substitutes in key emerging markets. These strategies have helped them to create a large customer and partner base in key markets.
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