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Meat Substitute Market to Reach $18 billion, Globally, by 2035 at 8.9% CAGR: Allied Market Research
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The growth of the meat substitute market is primarily driven by several key determinants, each contributing to rise in adoption and expansion of plant-based protein alternatives. Shifting consumer preferences towards healthier lifestyles and sustainable food choices plays a significant role. As awareness of health and environmental concerns rises, consumers are actively seeking alternatives to traditional meat products, leading to a surge in demand for meat substitutes. This trend is fueled by growing concerns over issues such as animal welfare, the environmental impact of livestock farming, and the health risks associated with high meat consumption, including cardiovascular diseases and obesity.
Furthermore, rise of vegetarianism and flexitarianism represents a significant driver of growth in the meat substitute market. With more individuals choosing to reduce or eliminate their meat consumption for various reasons, including health, ethics, and environmental sustainability, there is an expanding consumer base for plant-based protein alternatives. This shift in dietary preferences is reflected in the increasing availability and variety of meat substitutes in retail stores, restaurants, and food service outlets, catering to the diverse needs and preferences of consumers.
By category, the frozen segment held the highest market share in 2023, accounting for nearly three-fourths of the global professional hair care market revenue, and is estimated to maintain its leadership status during the forecast period. However, the shelf-stable segment is projected to attain a significant CAGR of 12.0% from 2024 to 2035.
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By product type, the TVP-based segment held the highest market share in 2023, accounting for more than one-third of the global professional hair care market revenue, and is estimated to maintain its leadership status during the forecast period. However. the tempeh-based segment is projected to attain the highest CAGR of 12.9% from 2024 to 2035.
By source, the soy-based segment held the in 2023, accounting for nearly two-thirds of the global professional hair care market revenue, and is estimated to maintain its leadership status during the forecast period. However, the pea-based segment is projected to attain the highest CAGR of 13.0% from 2024 to 2035.
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By region, Europe has the highest market share in terms of revenue in 2023, accounting for nearly two-fifths of the global professional hair care market revenue. In addition, the
Middle East and Africa region is expected to register the fastest CAGR of 11.2% from 2024 to 2035.
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