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Specialty Food Ingredients Market Growth Projections and Opportunities
The global market for meat substitutes has been growing steadily, and experts predict it will reach a value of USD 9.25 billion by 2023. This growth is expected to happen at a rate of 6.50% each year. What's interesting is that companies in this industry have been coming up with new and improved meat substitute products. They're also investing time and resources into research and development.
The textured vegetable protein (TVP) segment is likely to be the biggest player in the global meat substitutes market from 2018 to 2023. Experts estimate that this segment could be worth USD 3,202.3 million by the end of 2023. On the other hand, the seitan segment is expected to experience significant growth, with a growth rate of 6.87% during the same period.
When we look at specific types of meat substitutes, soy seems to be the leader. The soy segment is projected to reach a value of USD 6,725.8 million by the end of 2023. However, wheat is expected to grow at a substantial rate of 6.87% during the forecast period from 2018 to 2023.
To sum it up, the global meat substitutes market is on the rise, and experts believe it will continue to grow at a steady rate. This growth is attributed to the introduction of new products and ongoing research and development by companies in the industry. The textured vegetable protein (TVP) segment is predicted to be the largest contributor to this growth, while soy is expected to dominate the market among specific types of meat substitutes. Additionally, the seitan segment and wheat are anticipated to experience notable growth rates in the coming years. Overall, the future looks promising for the meat substitutes market. However, seitan segment is projected to register the substantial growth rate (6.87%) during the forecast period.
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 166.3 Billion |
| Growth Rate | 8.60% (2022-2030) |
Specialty Food Ingredients Market Highlights:
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