“Global Meat Substitutes market set to grow to $6.8bn by 2024” says new Visiongain report
23 July 2019
Visiongain has published a new food report of Meat Substitutes Market Report: Textured Vegetable Protein (TVP), Tofu, Tempeh, Mycoprotein, Seitan, Frozen, Chilled, Ambient, Food Retail, Food Service.
The global meat substitutes market is estimated to have reached $4.5bn in 2018 and is expected to grow at a CAGR of 6.9% in the first half of the forecast period. In 2018, the global meat substitutes market was dominated by Textured Vegetable Protein (TVP).
This report profiled the selected companies: ADM, Atlantic Natural Foods, Beyond Meat, Blue Chip Group, DuPont Nutrition & Health, Fry Group Foods, Garden Protein International, Hain Celestial, Meatless B.V., MGP Ingredients, Schouten Europe B.V. and other companies.
The lead analyst commented that "Meat Substitutes are part of the free-from trend, which is driven by health concerns, and the health & wellness trend. Growth of the global population is also a significant driver of the market. The UN projections show that by 2050, the global population will reach 8.9 billion people, increasing by 47% since 2000. In this light, alternative sources of protein become an important factor of sustainable development. Considering that raising livestock requires a lot of water, land and animal feed, as well as produces a lot of waste, plant-based proteins are becoming a tool, which can potentially help to solve these problems. The meat alternatives market is relatively small today, but all the factors analysed in this report illustrate that the industry will exhibit significant growth in the next ten years, providing excellent commercial opportunities."
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