Meat Substitutes Market Size, Share, Growth, Trends, Regional Outlook and Forecast, 2012 to 2022
“Global meat substitutes market size was valued at USD 3.71 billion in 2016 and is projected to expand at an estimated CAGR of 7.5% by 2022�
The global meat substitutes market size is expected to reach USD 5.81 billion by 2022, according to a new report by Grand View Research, Inc. The market is expected to witness a healthy CAGR of 7.5% during the forecast period. Growing preference for vegan diet coupled with rising health awareness is expected to fuel market demand in the near future. Soy-based meat substitutes led the global market in the past. Wheat-based raw materials are expected to register the highest CAGR from 2015 to 2022, followed by mycoprotein and soy-based meat substitutes. Textured Vegetable Protein (TVP) is the most popular meat substitute, which led the market. However, wheat-based meat substitutes, such as seitan, are expected to experience the maximum CAGR through 2022. Among the multiple applications, seitan is presumed to witness the fastest growth over the forecast period. The Asia Pacific and Central & South America regions are slated to see strong demand over the next seven years. Europe has been the dominant market for meat substitutes and is presumed to maintain the trend over the forecast years. On the other hand, regulations and directives related to meat substitute composition and specifications are anticipated to impact the market growth to some extent. Variations and complexities in the regional rules are presumed to have a negative impact on the global, as well as regional markets. However, regulations issued by agencies, such as FDA and FSIS, are anticipated to play a vital role in shaping the global meat substitutes market over the forecast period.
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