February 09, 2022 06:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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DUBAI, United Arab Emirates, Feb. 09, 2022 (GLOBE NEWSWIRE) -- Characterized by the increasing demand for vegan, particularly plant-based products, the market for meat substitutes continues its growth at a healthy pace. A new study of Future Market Insights (FMI) foresees that global meat substitutes market will reach beyond US$ 5.3 Bn by 2021 end, further witnessing a notable 9.7% rise through the next Ten years.
Meat Substitutes Market value is expected to reach a valuation of USD 9.7 Bn by 2032, rising at a CAGR of 5.6% for 2022-32
The thriving free-from trend will continue to shape consumption patterns within the meat substitute’s category. Moreover, increasing demand for natural products, frequent product launches, and high awareness about functional benefits of free-from foods would be arguing well for the growth of meat substitutes market.
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Impact of meat consumption such as high carbon footprint and the adverse changes in the climatic condition are factors that influence consumers to switch to meat substitutes. Soy-based food production is thus being thoroughly examined for its carbon emissions, including tofu and tempeh production in Indonesia, to compare their sustainable advantages over meat.
Key Takeaways - Meat Substitutes Market Study
To boost product sales and stand out from the breakneck competition, manufacturers must now intensify their focus on developing novel meat substitutes that closely mimic not only the taste and texture but also the savory aspects of meat.
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Flexitarians to Push Export Opportunities for Manufacturers
Australia has shown tremendous potential for the growth of meat substitutes market. Over the last few years, several small-sized companies manufacturing meat substitutes have emerged in Eastern Australian regions such as Queensland and Victoria.
As country markets in a particular region tend to take market and demand cues from their neighbors, both Australia and New Zealand influence each other's food cultures. The flexitarian trend amongst Kiwi consumers is on the rise, and consumers are increasingly demanding variants in vegan and meat substitutes. This presents an enormous opportunity for Australia to expand its export base of meat substitutes especially tempeh in New Zealand.
Find More About Meat Substitutes Market Report
Future Market Insights, in its new offering, offers an unbiased analysis of the global Meat substitutes market, presenting historical demand data (2017-2021), and forecast statistics for the period, 2022-2032. The study divulges compelling insights on the meat substitutes market on the basis of source, product type, category, distribution channel and region. Based on product type, market is segmented as tempeh, tofu, RTC/RTE, seitan, natto and others.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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