New York City, NY, 24 January, 2020/ 24 Market Reports: The global meat substitutes market is estimated to reach USD 3.8 billion by 2026 from that of USD 1.3 billion in 2019 witnessing the growth at a CAGR of 12.1% during the forecast period of 2019 to 2026. The increasing demand for plant-based meat products among the millennials is driving the growth of the market during the forecast period.
It has been proved that the Plant-based protein ingredients are better substitutes for meat products. The taste of the final products will be enhanced due to their texture and high protein value. Due to the high demand for soy-based meat alternative products, such as pork, beef and chicken the market for soy protein is estimated to account for the maximum market share in the market owing to their high protein content. The increase in the adoption of healthy and vegetarian diets is also the reason for the growth of the market during the forecast period. Cholesterol-free, unlike animal protein foods and rich in fibre, are the features of the soy-based foods. These factors are driving the growth of the market during the forecast period.
When added to a product, concentrates offer a high protein content and very low levels of calories and to enhance the volume and texture of different products these concentrates are used as ingredients. Concentrates are more refined than textured whereas less refined than isolates. During the forecast period, it is estimated for the North American region to account for the largest share in the meat substitutes market. Compared to isolates, the low price of the concentrates is driving the growth of the market during the forecast period.
Due to their ease of usage and their ability to preserve the flavour and colour of food products the solid form of proteins in food products is more extensively preferred by food manufacturers. The high usage of powder and chunks to make patties, sausages and nuggets are driving the market for the solid ingredients which are estimated to account for the largest share in the market during the forecast period as these benefits are not offered by the liquid forms. The solid form of proteins is more profitable for plant-based meat manufacturers as they own a high shelf-life. All these factors account for the segment to grow at the highest rate during the forecast period.
The increasing awareness of people about healthy dietary habits is propelling the market in the Asia Pacific region during the forecast period. The need for health benefits, animal welfare, environment safety, cost affordability, and the growing variety of plant-based meat products is driving the growth of the market in the Asia Pacific region during the forecast period. People in the region are considering a meat-free diet due to the growing awareness by the animal welfare organizations. The increasing number of start-ups in the Asia Pacific region is also driving the growth of the market during the forecast period.
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