Soy-based meat substitutes accounted for the largest market share in 2017.
On the basis of source, soy-based meat substitute products accounted for the largest market
share, followed by mycoprotein, in 2017. This is because soy protein is a cost-effective and
reliable substitute for meat and has the highest amount of protein as compared to other
meat substitutes. Soy-based meat substitutes have the ability to be produced so as to mimic
the organoleptic characteristics of meat products. Soy burgers, soy turkey, soy bacon, soy
chicken, and soy hot dogs are a few popular soy-based food products.
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Europe dominated the meat substitutes market in 2017.
Europe was the largest market for meat substitutes in 2017. The market is characterized by
the presence of large-scale meat substitute manufacturers such as Quorn Foods (UK) and
Meatless (Netherlands). The increasing number of new modified meat-free product launches
by manufacturers such low-fat and fortified snack with meat substitutes act as catalysts for
the growth of meat substitutes market.