Food products which have similar nutrients, taste, and texture of meat, are gaining popularity among
consumers. Moreover, growing consciousness towards the advantages of a vegan diet such as improved
cardiovascular health, lower heart problems, reduced diabetes & obesity, lower cholesterol risk are projected
to impact the global meat substitute market positively. Despite number of benefits of the product over the
traditional meat, the absence of consumer awareness and usage of GMO seeds for making the product are the
major obstacles for the global meat substitutes market. Furthermore, availability of various low fat – low
cholesterol alternatives, higher cost and various health concerns such as soy allergy and intolerance from gluten
are expected to pose a threat to the global market.
Raw Material Insights
Meat substitutes are mainly composed of ingredients such as wheat, soy, and others. Soy-based products are
amongst the most popular ones and dominates the raw material segment; Soy products accounts for nearly
four-fifth of the global market. The regional market such as North America and Latin America is expected to
impact positively on growing soy production in these regions. The global soy production is dominated by
countries such as Brazil, Argentina, and U.S. which serve half of the global soy demand.
Asia Pacific, Middle East, and Europe are inclined towards wheat production. Increasing disposable income and
standard of living in the emerging economies such as India and China, Asia Pacific region is projected to
experience the fastest growth during the forecast period.
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Product Insights
Tofu, seitan, tempeh, TVP, Quorn, and other soy based and tofu-based products are the superior meat
substitutes. Soy, mycoprotein, and wheat based are the main ingredients for this product. Textured vegetable
protein (TVP) leads the global consumption market followed by tofu based products among all the other
products. Other products occupy smaller sections of the markets.
Research and development activities are being carried out to develop cheaper but excellent substitutes giving
plenty of growth opportunities for the industry players. So as to commercialize the products, high costs are
spent on R&D activities which are expected to hamper the market development.