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$ 5.6 Bn by 2022 end, further witnessing a notable 5.6% rise through the next seven years.
The thriving free-from trend will continue to shape consumption patterns within the meat substitutes 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.
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.
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