Study: Frozen meat substitutes account for lion’s share of global meat substitutes
Soy-based meat substitute products hold the potential for contributing the largest share in the market, followed by mycoprotein, through 2026.
The global market for meat substitutes will upsurge at a 5.8% CAGR over the forecast period of 2017-2026, and meat substitutes will be worth $7,067.6 million worldwide, according to research presented by Future Market Insights, Valley Cottage, N.Y.
The global meat substitutes market is expected to grow due to health benefits such as general well-being and weight loss. Increasing adoption level of meat substitutes is influencing manufacturers to develop and innovate meat substitutes’ product lines. In addition, perceived environmental and social concerns related to excessive consumption of meat, for instance, religious limitations as well as carbon footprint of meat production, has further directed consumers to decrease meat consumption and opt for its substitutes.