The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Meat substitutes market .
It was estimated prior to this unanticipated outbreak Meat substitutes market will reach CAGR of 11.8% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Meat substitutes market is likely to witness a steady CAGR of 11.8% during the forecast period. The market for meat substitutes is driven by the surge in demand for plant-based meat products majorly among the millennials, globally.
Meat Substitutes Market Share: By Product Type
Based on the product type, the meat substitutes market is segmented as soy protein, wheat protein, pea protein, and others. The soy protein segment is expected to be the largest segment, during the forecast period, due to the high demand for soy-based meat alternative products, such as pork, beef, and chicken, on account of their high protein content.
Meat Substitutes Market Share: By Type
Based on the type, the meat substitutes market is segmented as concentrates, isolates, and textured. The concentrates segment is expected to be the fastest-growing segment due to its low price and high protein content.
Meat Substitutes Market Share: By Form Type
Based on the form type, the market is segmented as solid and liquid. The solid segment is expected to remain the larger segment of the market during the forecast period owing to its ability to preserve flavor and color of food products.
Meat Substitutes Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the fastest-growing meat substitutes market during the forecast period. Awareness for animal welfare, health benefits, cost affordability, and growing variety of meat substitute products are driving the meat substitutes market in the region with China and India as the growth engines.