Grand View Research has recently published a new market research report on meat substitutes for the forecast period 2018 to 2022, which includes market size, market share and emerging trends. In addition, the market is divided into product groups according to segments, raw materials, and regions. These are then analysed. According to the report, the global market value of plant-based alternatives is expected to reach US$ 5.81 billion and an annual growth rate of up to 7.5% by 2022.
In terms of raw materials, the market for wheat protein is expected to grow to US$ 308.3 million by 2022; it will have the highest annual growth rate of 9.9%. Mycoproteins and soy-based substitutes will also grow significantly. The meat substitute seitan will grow most markedly in the coming years, at a rate of 10.2%. The most popular meat substitute is currently textured soy (TVP).
According to the report, demand in the Asia-Pacific and Central and South America regions is expected to increase significantly over the next seven years. Europe is currently still the leading market for meat substitutes, and is expected to grow even further. In Europe, sales had risen to $1.40 billion by 2014, and an annual growth rate of 7.5% is expected for the forecast period.
The market report also shows that sector competition will remain mediocre in the forecast period due to fewer market participants. Major players in the market include Amy’s Kitchen, Inc, Beyond Meat, Vbites Foods Ltd, Blue Chip Group, MorningStar Farms, Cauldron Foods and MGP Ingredients, Inc.
The growing preference for vegan diets, in conjunction with increasing health awareness, should also boost market demand in the near future. Globally changing diets and lifestyles will probably also have a positive impact on other markets.
Further information on the market report can be found here.