Global Meat Substitutes Market By Product (Tofu, TofuBased Products, Tempeh, Textured Vegetable Protein (TVP), Other Soy Products, Seitan, Quorn), By Raw Material (SoyBased, Wheat-Based, Mycoprotein) Expected to Reach USD 5.81 Billion by 2022
The global meat substitute market is expected to reach USD 5810.1 million by 2022, according to a new study by Grand View Research, Inc. Rising health awareness coupled with shifting dietary preferences towards vegan diet is expected to drive the global meat substitutes market. Recent animal disease outbreaks and growing prevalence of various lifestyle induced diseases such as obesity and diabetes are also expected to have a positive impact on the market growth. High price of various meat substitutes is expected to hinder the market growth. Increasing R&D initiatives to develop superior and cheaper products is expected to yield opportunities for market participants. Soy emerged as the major raw material used for producing meat substitute products. Soy alone accounted for over 80% of total market revenue in 2014. Growing demand for nutritional food on account of growing health concerns is expected to drive this segment over the forecast period. Soy based meat substitutes is a good source of vitamin B, protein and Iron. Wheat is expected to be the fastest growing raw material use for producing meat substitutes. The segment is expected to grow at an estimated CAGR of 10.0% from 2015 to 2022. View summary of this report analysis/meat-substitutes-market
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