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Meat Substitutes Market Growth, Analysis, Size, Trends, Demands, Key Players, and Potential of Industry Till 2027
The global meat substitutes market is set to gain traction from the surging shift of people towards vegan diets, especially in North America and Western Europe. The Vegan Society, for instance, declared that if the world went vegan, it could reduce greenhouse gas emissions by two-thirds, save around 8 million human lives, and save healthcare expenditure by 2050. This information is given by Fortune Business Insights™ in a report, titled, “Meat Substitutes Market, 2021 – 2028.” As per the report, the market size was USD 4.98 billion in 2020. It is projected to grow from USD 5.37 billion in 2021 to USD 10.80 billion by 2028, exhibiting a CAGR of 10.48% during the forecast period.
Unavailability of Fresh Meat amid COVID-19 Pandemic to Bolster Growth of Market
The COVID-19 pandemic has accelerated the demand for meat substitutes across the globe because of disruptions in the supply chain, the absence of employees in meat-processing plants, and the unavailability of fresh meat. At the same time, several types of research conducted amid the pandemic, such as one from the Food and Agriculture Organization, stated that multiple diseases are directly associated with animal-based food items.
Soy-based Ingredients Segment Held 63.65% Share in 2020: Fortune Business Insights™
Based on the source, the soy-based ingredients segment generated 63.65% in terms of the meat substitutes market share in 2020. It is expected to remain dominant in the near future because of the presence of essential amino acids and high-quality protein. Also, the emergence of soy protein isolates that have a close resemblance with the organoleptic properties of meat and animal products would propel the segment’s growth.
The research report offers a comprehensive analysis of organizations that can affect the outlook throughout the forthcoming years. Besides, it provides an authentic assessment by highlighting information on several aspects that may include growth drivers, opportunities, trends, and hindrances. It also represents the size of the meat analogs industry from a global perspective by analyzing qualitative insights and historical data.
Drivers & Restraints
Increasing Demand for Allergen-free Alternatives to Propel Growth
Plant-based meat made from peas and soy has high protein content. Hence, people are choosing them over chicken, beef, and pork. They also have a meat-like texture. Besides, the rising vegetarian populations and surging trend of health and fitness worldwide would propel the market in the upcoming years. People are nowadays looking for allergen-free alternatives, especially chickpeas because of rising health consciousness. Therefore, various companies are striving to come up with products infused with pea protein. However, meat substitutes are very expensive and it may hamper growth.
Presence of Flexitarian Consumers to Help Europe Grow in Future
Geographically, Europe procured USD 1.62 billion in terms of revenue in 2020. The surging ethical focus of consumers, high demand from millenials, and the presence of flexitarian consumers would drive growth in this region. Asia Pacific, on the other hand, is expected to be the fastest-growing region on account of the high popularity of unique diet patterns and demand for soy-based meat analogs.
Key Players Focus on Introducing Novel Products to Meet Consumers’ Demand
The global market for meat substitutes houses a large number of companies that are currently striving to keep up with the high consumer demand. To do so, they are launching innovative products or are collaborating with government agencies for setting up R&D centers.
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Instant Noodles Market Growth, Size, Demand, Trends, Insights and Forecast 2027
The global instant noodles market share is expected to reach USD 72.69 billion by 2027 while exhibiting a CAGR of 5.9% between 2020 and 2027. This is attributable to the increasing middle-class population that is propelling the demand for affordable noodles products globally. This information is published by Fortune Business Insights, in its latest report, titled, “Instant Noodles Market Size, Share & COVID-19 Impact Analysis, By Type (Chicken, Vegetable, Sea Food, and Others), Raw Material (Oats, Rice, Wheat, and Others), Distribution Channel (Supermarkets/ Hypermarkets, Specialty Stores, Convenience Stores, and Online Retail), and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 44.11 billion in 2019 and is projected to showcase significant growth during the forecast period.
Demand for Instant Noodles Sky-rockets amid COVID-19
The lockdown imposed by the government agencies globally to contain the widespread effect of the novel coronavirus has impacted several economies. With people confined to their home spaces and maintain social distancing, the demand for packaged food products is experiencing a significant growth. This is expected to bode well for the growth of the market in the near future.
Instant noodles are generally made using wheat flour, palm oil, and salt, along with seasoning flavors. They are usually dried and precooked block that are soaked and cooked in boiling water before consuming using seasonings and condiments. They can be consumed in several types that include ready-to-serve soups. Additionally, they are relished globally by people irrespective of age groups.
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Increasing Middle-Class Population to Aid Growth
According to the Global Economy and Development Program at the Brookings Institution, there were about 3.2 billion people in the middle-class bracket in 2016, 500 million more than the previous year, and it is expected to increase exponentially by the year 2020 globally. The rising middle-class population is propelling the these noodles manufacturers to produce affordable food products, while offering different flavors to cater to the consumer demand. This is expected to boost the growth of the global instant noodles market during the forecast period.
Chicken Segment Held a Market Share of 28.71% in China Owing to Increasing Focus on Innovation by Major Companies
The chicken segment, based on type, held a market share of 28.71% in China and is likely to dominate in the forthcoming years. The dominance is attributable to the increasing focus on innovation for launching novel instant noodles and the increasing investment by major companies to leverage opportunities in the country.
Increasing Demand for Convenience Food Products in Asia-Pacific to Promote Growth
Geographically, the global instant noodles market is segmented into Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa. Among all the regions, Asia-Pacific is expected to experience exponential growth in the forthcoming years. The growth is attributable to the increasing demand for convenience food products by the working population in countries such as China and India. The market in Europe is anticipated to showcase a significant growth owing to the increasing demand for packaged and processed food products such as these noodles and the availability of various ethnic flavors in the region between 2020 and 2027.
Increasing Investments by Major Companies to Consolidate Their Market Positions
The global instant noodles market is fragmented by the presence of major companies such as Nissin Food Holdings that are focusing on introducing new instant noodles products to strengthen their positions. Moreover, the companies are focusing on investing in developing novel products to cater to the increasing consumer demand globally. The other key players are adopting strategies such as merger and acquisition, partnership, and collaboration that are expected to favor the market growth in the forthcoming years.
June 2020 – Nissin Foods Products, a Japan-based consumer goods provider, introduced its new crab curry-flavored noodles amidst the increasing demand for convenient food products. The company aims to leverage the opportunities presented in the aftermath of the COVID-19 pandemic that is propelling people to consume processed food at home rather than outside.
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