The global meat substitutes market is projected to expand at a CAGR of 7.4% during the forecast period (2018-2023) and is expected to be worth USD 6.1 billion by 2023.
Rising health issues (which includes obesity and diabetes) owing to the excess consumption of meat products, and increasing awareness of environmental impact caused by rearing of animals (for meat consumption) are major factors driving the consumers to shift towards meat substitutes.
The emerging trend in the meat substitutes market includes diversification of raw materials used in the making of alternative meat products, primarily shifting from soy and wheat, to recognizable, clean-label ingredients, and high quality protein, which appeals to non-vegans and non-vegetarians.
Seitan is projected to show the highest CAGR of 8.3% during 2018-2023, as it is steadily gaining popularity in the form of vegan 'comfort food', and is also being used in junk food like burger, pizza, fake fried chicken, and kebabs.
Download Free Sample Report @ https://www.radiantinsights.com/research/global-meat-substitutes-market-2018-2023/request-sample Segmentation based on source typeThe different types of sources from which the meat substitute products are derived include soy, wheat and mycoprotein.
The North American meat substitutes market is expected to expand at a CAGR of 5.9% during the forecast period, which is driven by the presence of innovative startups like Meatless B.V, Beyond Meat, and Next Level Burgers that offer a wide range of alternatives to meat, and satiate the taste buds of not only vegan consumers, but to non-vegetarians as well.
