The millennials have been the driving force behind the growth of the meat alternatives snack category.
Among the findings, 64% of millennials, more than any other generation believe that fewer ingredients mean a snack is healthier. In addition, 79% of millennials said that understanding all the ingredients increases their level of trust in a packaged snack. This trend has created a booming market for so-called meat alternatives snacks—those made using vegetables and grains such as chickpeas, sweet potatoes, kale and spinach, as well as pulses (including dry beans, dry broad beans, dry peas, chickpeas, cow peas, pigeon peas, lentils, Bambara beans, vetches and lupins). Lots of lower-income people, for example, turn to healthy foods because they can’t afford complex medical care. This has led to a great potential for the meat alternatives snacks market.
The meat alternatives snacks market can be segmented by type, source, and category. By type, the meat alternatives market can be segmented into tofu & tofu ingredients, tempeh, textured vegetable protein, and others. Amongst these, tofu is expected to occupy the largest share during the forecast period. The highly versatile tofu is a popular ingredient in food manufacturing and has multiple uses in home cooking.
On the basis of source, the meat alternatives snacks market can be segmented into soy-based, wheat-based, mycoprotein, and others. Soy-based products form the largest subcategory, by source, accounting for 70% of the market share.
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Global market drivers and restraints:-
Major factors that fuel the growth of meat alternative snacks market include increasing health awareness among consumers coupled with rising preference for the vegetarian diet. Other factors that are driving the growth of meat alternatives snacks market are the outbreak of various animal diseases and changing lifestyle induced diseases namely diabetes and obesity among consumers. Rising living standards owing to increasing disposable income in the developing regions such as Asia Pacific and Latin America have fuelled meat alternative snacks consumption.
Various factors that hinder the growth of meat alternative snacks market include high price associated with meat alternative snacks products and also the availability of low-quality meat alternative snacks products. However, various government initiatives for increasing health awareness among consumers is expected to have the positive impact on the growth of meat alternative snacks market in next five to six years. Several problems concerning meat substitute consumption such as soy allergy and gluten intolerance are anticipated to impact the global meat alternative snacks market negatively. R&D initiatives to develop superior as well as novel meat substitutes offer ample opportunities to the market participants.
The Global meat alternatives snacks market is expected to witness robust growth over the forecasted period due to the rising health awareness coupled with increasing outbreak of animal diseases. Globally, among all regions, Europe is expected to contribute the highest market share, followed by North America during the forecasted period. Increasing health concern of consumers in a developed region such as Europe and North America is expected to fuel the growth of the meat alternatives snacks market. However, Asia Pacific is anticipated to witness significant growth owing to the rising disposable income of consumers in a region such as India and China.
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Competitive environment & major Key players:-
The entry for new players in the meat alternative snacks market is moderately difficult due to the availability of a high number of alternatives in the market. New product launches that include innovative flavors, textures, organic, and non-gmo products, and mergers & acquisitions with local players have been strong business strategies for market growth. Some of the major keys who are driving the meat alternatives snacks market globally are Amy’s kitchen, Inc, Beyond Meat, Blue Chip Group, Cauldron Foods, Garden Protein International. Inc, and the like.