Reports and Data published a new report titled global Vegetarian Meat Market research report that delivers a close watch on changing market trends as well as the size of individual segments, and overall industry outlook. The detailed elaboration of the global Vegetarian Meat market has been provided by applying industry analysis techniques such as SWOT and Porter’s five-technique. Collectively, this research report offers a reliable evaluation of the global market to present the overall framework of businesses.
The global Vegetarian Meat Market size is expected to reach USD 24.03 Billion in 2030 and register a revenue CAGR of 18.7% over the forecast period, according to the latest report by Reports and Data. Increasing awareness regarding health issues associated with over-consumption of animal meat and shifting inclination towards vegetarianism and veganism are key factors expected to drive market revenue growth over the forecast period. Vegetarian Meat products are products that have properties similar to animal meat products, but are comparatively healthier and environmentally friendly.
The report has been formulated through extensive research and provides insights into the paradigm shifts observed in the market to assist readers maximize on their investments and capitalize on the recent development and competitive landscape of the global market. The report is an exhaustive assessment of the crucial aspects of the market including key geographical regions, technology, product types, application spectrum, key companies operating in the market, and overall industry overview.
The report studies financial information gathered by extensive primary and secondary research to offer accurate market insights. The report also offers a holistic overview of the market share, market size, market revenue growth, and segments and sub-segments along with strategic recommendations to key market players and new entrants. The report also emphasizes nascent market segments and provides insights into the growth prospects and opportunities.
Key Participants:
Key participants include Impossible Foods (US), Garden Protein International (US), Beyond Meat (US)Bristol-Myers Squibb, Morningstar Farms (US), Amy’s Kitchen (US), Quorn Foods (UK), Maple Leaf Foods (Canada), Tofurky (US), The Vegetarian Butcher (The Netherlands), Sunfed (New Zealand), VBites (UK), GoldGreen Foods (US).
The key market players in this industry are adopting various strategies like new product launches, expansion, partnerships, mergers, acquisitions, and technology advancements. For example, in 2019, Impossible Foods, the key creator of this industry introduced a revised version of Impossible Burger 2.0 with the improved recipe and a lot meatier. An increase in awareness of healthy eating habits coupled with the increasing number of population inclining towards vegan foods is likely to drive the growth in this industry. However, consumption of ‘heme’ an important ingredient in the production of this industry is linked with the formation of carcinogens, owing to which it is difficult to convince non-vegetarians about the taste of vegan food. Moreover, intense market competition is also expected to hinder the industrial growth during the forecast period.
Further key findings from the report suggest:
- This industry is growing at a CAGR of 15.9% in the Asia Pacific followed by North America and Europe, with 14.6% and 14.4% CAGR, respectively. North America and Europe contributed about 2/3rd of the total industry during the forecast period.
- As of 2018, the Soy source type segment is the dominating sub-segment which holds 324% of the global market by 2026. North American regional market is the chief revenue-generating source for this product segment, followed by Europe and Asia-Pacific regions.
- According to the Food Revolution Organization report, published in 2018, the number of vegetarians in the United States has increased by 600% from the past 3 years. This is expected to drive the demand for this industry.
- An increase in sedentary work, relaxed lifestyle and increased automation has led to a substantial decrease in the physical movement of the people thus aggregating the process of gaining weight.
- Furthermore, economic development, a rise in the standard of living of the population and an increasing proportion of the young population has led to an increase in the inclination towards fast-food, eventually adding to the obesity among the population.
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Market Segmentation:
Source Type (Revenue, USD Million; 2019–2030)
- Soy
- Wheat
- Peas
- Gluten-based
- Others
Product Type (Revenue, USD Million; 2019–2030)
- Tofu
- Tempeh
- Seitan
- Mushrooms
- Others
Storage technique Type (Revenue, USD Million; 2019–2030)
- Frozen
- Refrigerated
- Shelf-Stable
- Others
End Use (Revenue, USD Million; 2019–2030)
- Food Industry
- Households
- HoReCa
- Others
Regional Outlook (Revenue in USD Million; 2019–2030)
- North America:
- U.S.
- Canada
- Europe:
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific:
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East Africa:
- Latin America:
- Brazil
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Thank you for reading this article. You can also get chapter-wise sections or region-wise report coverage for North America, Europe, Asia Pacific, Latin America, and Middle East Africa.
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