This article is written and sponsored by Transparency Market Research.
The global meat alternatives market is projected to expand at a growth rate of 10% through 2031. High demand for the products in the global meat alternatives market can be attributed to consumers’ increased focus on maintaining health and wellness.
Rising concerns pertaining to obesity and diabetes are especially influencing the global meat alternatives market. That trend is expected to favor the expansion of the market segment in the years ahead.
Concerns related to carbon footprints in animal husbandry within the meat industry and its potential adverse impact on climate change is another major driver for the global meat alternatives market. Plus, increasing awareness of animal cruelty in the meat industry, as well as an increasing preference for consuming a vegan, plant-based diet are also driving the development of the market.
Health Benefits Fueling Consumer Interest
Products in the global meat alternatives market are developed and manufactured from various sources, such as wheat, mycoprotein, and other ingredients. Products in the global meat alternatives market are available in both frozen and refrigerated forms. Furthermore, such products offer essential amounts of calcium and protein, which appeal to many modern consumers.
Types of products offered by the players and manufacturers in the global meat alternatives market include tofu, seitan, natto, tempeh, and RTE or RTC, for example, which have steadily increased in popularity in recent years. This trend can be attributed to various health benefits offered by these products.
Distribution channels used by the players in the global meat alternatives space to promote their products include direct distribution channels and indirect distribution channels (including discount stores, food and drink specialty stores, modern grocers, traditional grocers, and convenience stores, among others.
Geographically, the global meat alternatives market can be categorized into five major regions: North America, Middle East and Africa, Asia Pacific, Europe, and Latin America.
Market Players Focused on Partnerships, Collaborations
Leading players and manufacturers within the global meat alternatives market include the likes of Impossible Foods Inc., Beyond Meat, Inc., Amy’s Kitchen Inc., Kellogg Company, Sweet Earth, Inc., and The Kraft Heinz Company, among others. Players and manufacturers in this market are investing heavily in order to develop innovative plant-based meat substitutes that offer taste and texture similar to traditional meat. These companies are using advanced technologies in manufacturing to create such products.
Additionally, players and manufacturers in the global meat alternatives market are engaged in various development and corporate growth strategies like strategic partnerships as well as collaborations with other vendors in order to enhance and expand their existing product portfolios. Several players and vendors in this market are also focusing on increasing their investments intended for research and development in order to expand their offerings and cater to various preferences and tastes. That move should help those companies expand their consumer base.
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