Meat substitutes are also referred to as mock meat, meat analog, imitation meat or faux meat. The main attributes which categorize a food constituent as a meat substitute are inclusive of appearance and flavor, roughness and quality and chemical features of particular substituted meat. Meat substitutes are composed of plant-based proteins, like wheat, proteins and mycoprotein. Increasing standards of living, amplified awareness regarding health and rising animal disease outbursts, like bird and swine flu are driving people to stay fit and healthy.
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These factors are also driving them to care aboutanimals and birds. Both these results are causing people to switch to being a vegetarian from a non-vegetarian. This is boosting the meat substitutes market further. With intensifiedprobability and growing choice for vegetarian food, the worldwide market is estimated to undergo swift expansion in the years ahead. By 2022, the meat substitutes market is predicted to achieve a size of about USD 5.8 billion. It is anticipated to augment at about 7.5 percent CAGR during 2015 to 2022.
Rising lifestyle illnesses, like diabetes, high blood pressure, high cholesterol and obesity are estimated to positively affect the growth of the market. High prices of meat substitutes are projected to hamper further expansion of the meat substitutes market. Boosting research and development initiatives that result in coming up with economical and quality products are anticipated to open growth prospects for market participants. Amplified awareness regarding advantages of vegan life is also predicted to boost the meat substitutes market further through the forecast period.
Various health issues in relation to meat substitutes, like gluten intolerance and soy allergy are projected to negatively affect the meat substitutes market and reduce its pace. Growing disposable incomes and modifying food choices are the two reasons which drive further demand for the market in the regions of Latin America and Asia Pacific. The worldwide meat substitutes market is fragmented on the strength of three categories. These are products, raw materials and geographical regions.
Textured vegetable proteins rose as the dominating product sector of the meat substitutes market in 2014. They captured nearly 44 percent of the entire share. Rising demand for soy based meat substitutes is estimated to steer the sales of this sector through the forecast period. Seitan is projected to undergo maximum development during 2015 to 2022.
Raw Materials Overview
Soy surfaced as the primary raw material of the meat substitutes market in 2014. It, on its own, occupied more than 80 percent of the total income. Accelerated demand for nourishing food due to rising health apprehensions is estimated to propel this sector forward through the forecast phase. Soy based meat substitutes are a decent source of proteins, vitamin B and iron. Wheat is predicted to be the most speedily growing raw material of the meat substitutes market in the future. It is anticipated to rise at around 10 percent CAGR during 2015 to 2022.
Geographical Regions Insights
Europe dominated the worldwide meat substitutes market in 2014. The region captured around 42 percent of the entire share. Asia Pacific is projected to experience maximum growth in the years to come.
Information Source: Grand View Research