Surging Inclination Towards Plant-Based Products Bolsters Meat Substitutes Market, Says FMI

VALLEY COTTAGE, N.Y. – Traditional meat products, although affluent in proteins and calories, pose the risk of increased cholesterol levels. Meat substitutes have emerged as suitable option for individuals opting for plant-based products. These alternatives impart rich nutritional aspects without compromising the health of consumers.

Consumers are getting familiarized about animal cruelty, and advantages of vegan diet via social campaigns, and online platforms. Meat production requires considerable amount of water, and results in increased carbon footprint. As such, food manufacturers are shifting towards production of meat substitutes to achieve sustainability along with enhanced consumer retention. Furthermore, manufacturers are developing lab-processed meat, and 3D-printed meat for expanded business footprint.

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Asia Pacific (APAC) is expected to stay at forefront owing to surging demand for plant-based products. FMI, in its new business intelligence study, reveals that global meat substitutes market is estimated to peg ~US$ 37 Bn in 2019, and is anticipated to grow at a promising CAGR of ~6% over forecast period (2019-2026).

Prominence of Tofu Continues  

Owing to umpteen health benefits, tofu remains sought-after meat substitute with ~45% market share, finds FMI. Tofu consists of antioxidant phytochemicals beneficial in tackling inflammation. A soy-based meat substitute, tofu imparts affluent protein profile. Tofu contains various vitamins and minerals, such as iron, magnesium, and copper. Furthermore, studies suggest that tofu aids in promoting heart health and immune system.

Preview of 2019 Analysis and Review of Meat Substitutes Market by Product – Tofu, Tempeh, Seitan, RTC/RTE, and Natto for 2019 – 2026:

On the flip side, tofu is not suitable for individuals allergic to soy. Some research say that infants should not consume tofu due to presence of soy isoflavones that might interfere with development of reproductive organs. Further, experts do not recommend tofu for patients having thyroid issues.

APAC Represents Lucrative Opportunities

Meat substitutes market of APAC is expected to maintain its hegemony throughout forecast period, reveals FMI. Veganism is garnering significant prominence in majority of countries, with India landing first with about a third of population identifying themselves as Vegan, as per Google Trends.

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Whilst Australia and New Zealand are showcasing worthwhile prospects for meat substitutes market. Driven by the trend, several small-scale enterprises have been established in Eastern Australia, which includes Victoria, and Queensland. Furthermore, market players are introducing variants in meat substitutes.

Analysts at FMI suggest that “The market of meat substitutes is being propelled by rising inclination of consumers towards vegan food items. In a bid to sustain competitiveness, manufacturers are developing novel meat substitutes that mimic conventional meat products in terms of nutrition, taste, and texture.”

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