Meat substitutes market is likely to witness a steady CAGR of 11.8% during the forecast period, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Meat Substitutes Market
Meat substitutes market is likely to witness a steady CAGR of 11.8% during the forecast period. The market for meat substitutes is driven by the surge in demand for plant-based meat products majorly among the millennials, globally.
Asia-Pacific is estimated to be the fastest-growing meat substitutes market during the forecast period. Awareness for animal welfare, health benefits, cost affordability, and growing variety of meat substitute products are driving the meat substitutes market in the region with China and India as the growth engines.
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Report Scope & Market Segmentation
Meat Substitutes Market Share: By Product Type
Based on the product type, the meat substitutes market is segmented as soy protein, wheat protein, pea protein, and others. The soy protein segment is expected to be the largest segment, during the forecast period, due to the high demand for soy-based meat alternative products, such as pork, beef, and chicken, on account of their high protein content.
Meat Substitutes Market Share: By Type
Based on the type, the meat substitutes market is segmented as concentrates, isolates, and textured. The concentrates segment is expected to be the fastest-growing segment due to its low price and high protein content.
Meat Substitutes Market Share: By Form Type
Based on the form type, the market is segmented as solid and liquid. The solid segment is expected to remain the larger segment of the market during the forecast period owing to its ability to preserve flavor and color of food products.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
What is the impact of COVID-19 on the market forecast?
What are the trends, drivers, and challenges?
How competitive is the market? Who are the market leaders?
What are the key strategies adopted by the market players?
Which segments offer the greatest opportunities?
Which are the most attractive regions?
What are the key success factors for the market players?
How does the business environment impact the market?
Which strategic alliances have taken place recently and their significance?
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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