Northbrook, IL -- (SBWIRE) -- 08/20/2019 -- The report "Meat Substitutes Market by Type (Tofu & Tofu Ingredients, Tempeh, Textured Vegetable Protein (TVP), Seitan, and Quorn), Source (Soy, Wheat, and Mycoprotein), Category (Frozen, Refrigerated, and Shelf-Stable), and Region - Global Forecast to 2023" The meat substitutes market is projected to grow from 4.6 billion in 2018 to USD 6.4 billion by 2023, recording a compound annual growth rate (CAGR) of 6.8% during the forecast period. The major factors driving the growth of the meat substitutes market include rising health concerns such as obesity and diabetes due to the consumption of meat products. In addition, benefits provided by meat substitute products, such as weight loss and general wellbeing, are projected to drive the market for these products during the forecast period.

Browse 77 market data Tables and 35 Figures spread through 133 Pages and in-depth TOC on "Meat Substitutes Market - Global Forecast to 2023 "

The frozen segment is projected to account for the largest market share in the meat substitutes market during the forecast period.

The meat substitutes market is segmented, on the basis of category, into frozen, refrigerated, and shelf-stable. The frozen segment is projected to be the largest segment in the meat substitutes market during the forecast period. This is attributed to the rise in demand for convenience foods and the development of emerging economies such as China, India, and Brazil. Additionally, frozen meat substitutes retain the nutritional characteristics of food products, as well as the flavor and texture, which is further projected to drive its demand.

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The wheat segment is projected to be the fastest-growing segment in the meat substitutes market during the forecast period.

The meat substitute market is segmented, on the basis of source, into soy, wheat, mycoproteins, and others, which include rice and milk. The wheat segment is projected to be the fastest-growing segment due to its rich essential amino acids and vitamin content. Furthermore, wheat proteins are highly cost-effective in comparison to the other sources and find applications in a wide range of food products such as burgers patties, nuggets, and vegetarian sausages. Additionally, it can be flavored with soy sauce, ginger, paprika, fennel, and garlic, which increases its scope of application.

The tofu & tofu ingredients segment is projected to account for the largest market share in the meat substitutes market during the forecast period.

The meat substitutes market is segmented, on the basis of type, into tofu & tofu ingredients, tempeh, textured vegetable protein, and other soy products, which include miso, yaso, and nattô), seitan, quorn, and other meat substitutes such as risofu, valess, lupine, rice protein, and pea protein. The tofu & tofu ingredients segment is projected to be a leading segment in the meat substitutes market. This is attributed to the rising consumption of tofu in the Asia Pacific countries such as China and Australia, as it is a rich source of minerals and vitamins.

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The Asia Pacific is projected to be the fastest-growing region in the meat substitutes market during the forecast period.

The Asia Pacific is projected to be the fastest-growing region in the meat substitutes market during the forecast period due to the increasing focus on agricultural practices and requirement of high-quality agricultural produce. Furthermore, the support from government and other organizations for manufacturing meat substitute products is projected to drive the growth of this market. Additionally, the growing preference for organically grown food products among consumers and diversified food habits of people in this region are factors that are projected to drive the market growth for meat substitutes.

Major vendors in the meat substitutes market include ADM (US), DowDuPont (US), The Nisshin OilliO Group (Japan), Sonic Biochem Limited (India), MGP Ingredients (US), Garden Protein International (Canada), Beyond Meat (US), Amys Kitchen (US), Quorn Foods (UK), MorningStar Farms (US), Meatless (Netherlands), and VBites (UK).

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