Global Meat Substitute’s Market size can balloon to USD 9.25 Bn by 2023. Inclination of consumers towards plant alternatives to animal protein is the major driver of the market. Advocation of veganism by consumers as well as the production of plant meats by food manufacturers is expected to bode well for the market from 2020 to 2023 (forecast period).
New product launches and extended offerings by meat analogue manufacturers to reach a wide consumer base is expected to spur the market growth. Rising sentiment and sympathy towards animals and increasing activism is predicted to work favorably for the meat substitutes market.
However, the high price of vegan foods compared to other foods can impede the market.
Sunfed, Ltd., AMY's Kitchen, Inc., Beyond Meat, Quorn Foods, Inc, VBites Foods, Ltd., Blue Chip Group, Garden Protein International, Inc., Schouten Europe B.V., MorningStar Farms L.C., and others are some of the major players in the Meat Substitutes Market. Collaborations, mergers, and new product launches engulf the market landscape.
Global Meat Substitutes Market is segmented by product type, source, category, and distribution channel.