UK Used Car Market Research Report to 2023: Ken Research

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What is the Current Potential of the UK Used Car Market?

UK Used Car Market is at a late growing stage. The UK used car market in terms of GTV has increased at a positive CAGR of ~% during the review period 2013-2018. This growth was supported by increased used car sales in the country. The average ticket price has also increased by a double digit positive growth rate during the period 2013 to 2018. In addition, there has been a surge in the used car market in UK due to an increase in the trade values. The used car market experienced a growth during the period 2013 to 2018 owing to the increase in sales of hybrid, plug-in hybrid and battery electric cars in the UK automotive space. The used car market was stimulated due to strong consumer confidence and rising business profit levels encouraged customers to replace vehicles more often.

The used to new car ratio has been found around ~ in 2018. There has been an increasing trend in the car parc, having a CAGR of approximately ~% during the period 2013 to 2018. The increase in the used car sales has positively impacted the car parc in the UK. In 2015, used car market experienced a drop due to soaring prices of the used cars, owing to which the sales declined in the country. This was coupled by the heavy supply and the weakening demand which directly impacted the retail outlets. The decreasing demand for diesel cars impacted the growth of the used cars across the region. The disposable income growth dropped in the year 2015 due to which the consumer spending decreased, thereby, imposing a negative impact on the used car GTV in 2015 and 2017.

UK Used Car Market Segmentation

By Market Structure (Organized and Unorganized Market): The organized used car sector, which consists of the OEM-certified used cars and the multi brands used car dealerships, constitute a market share of roughly ~ % in terms of used cars sales volume across the region. The organized used car market is dominant in the overall used car space in UK owing to the fact that they offer documentation regarding the stringent inspection process, MOT and transfer of ownership. Organized sector provides high quality duly certified used cars which are carefully inspected and usually cause no discrepancies. They also offer the after sales services due to which the customers are attracted more towards the organized dealerships as compared to the unorganized dealers in the UK.

By Type of Cars (MPVs / Sedans, Economy / Hatchbacks and SUVs): Hatchback is the type of car which has captured the biggest portion in the market share. It has almost ~ % market share in the UK used car market in 2018. This is followed by SUV’s and then Sedans owing to higher used car prices of this category.

By Kilometers Driven: Old-age vehicles with an average ownership period of 6-8 years or above are exposed towards high wear and tear therefore, increasing their overall vehicle maintenance cost. Pre-owned cars falling in the range of 20,000-80,000 km driven collectively dominated UK used cars market along with volume share of ~% therefore, evaluated at ~ thousand units in the year 2018.

By Manufacture Year: Cars manufactured during the period 2009-2018 dominated UK used cars market along with a massive collective volume share of ~ % thus, evaluated around ~  thousand units during 2018. This segment recorded highest sales owing to the fact that potential buyers had a large variety of used car models to choose from. The least market share is being captured by the used cars manufactured before the year 2002.

What is the Competition Scenario in the UK Used Car Market?

The competition in the UK used car market has been observed to be highly fragmented with a huge number of used car dealerships present in the UK market. The OEM-certified dealers and multi brand dealers make up the organized space in used car market which accounts around ~% of the market share in 2018. The online website is more prevalent in the organized sector for lead generation as compared to the unorganized sectors. Local dealers and the individual sellers’ together form the unorganized space in the overall used car market in UK, which accounts for approximately ~ % market share in the country, 2018. Competition in tier two and tier three cities is comparatively low in comparison to metropolitan cities of the UK. There are many local dealers, small garages and many individual sellers which forms the unorganized space, constituting approximately ~ % in the used car market in UK.

Most of the lead generation of the used car is contributed from the offline dealership stores. About ~% of the used car sales are being generated from the offline stores and only ~% lead is generated from the online websites of the used cars.

Parameters on the basis of which the used car dealerships compete are number of network chains, marketing initiatives, certification, margins, price, after sales services, lead generation, types of warranty, brand partnerships and number of dealers.

Key Segments Covered

Market Structure

Organized Sector

By Sales Channel (Multi-Brand Dealers and OEM-certified Dealers)

By Lead Generation (Dealerships Walk-ins and Online Car Portals)

Unorganized Sector

By Sales Channel (C2C and Local Dealerships)

By Lead Generation (Dealerships Walk-ins and Online Car Portals)

Type of Used Cars

MPVs / Sedans

Economy / Hatchbacks

SUVs

Kilometers Driven

Less than 5,000 km

5,000-20,000 km

20,000-50,000 km

50,000-80,000 km

80,000-120,000 km

Above 120,000 km

Year of Manufacture

< 2000,

2000-2002

2003-2005

2006-2008

2009-2012

2013-2018

Key Target Audience

Offline Dealers

Online Portal

Organized Multi Brands Dealers

OEM Certified Dealerships

Online Portal

Private Equity and Venture Capitalist

Industry Associations

OEM Manufacturers

Automotive Manufacturers

Car Auction Companies

Time Period Captured in the Report:

Historical Period - 2013-2018

Forecast Period - 2018-2023

Online Companies Covered:

Carsnip

Autovillage.co.uk

Auto Trader Group PLC

Motors.co.uk

Desperate Sellers

Exchange and Mart

Gumtree

Inchcape PLC

Bristol Street Motors

Offline Companies Covered:

Mazda Approved Used Cars

Pendragon PLC Group

Toyota Plus Approved Used Cars

Sytner Group

Lookers Group

Marshall Motors

Vertu Motors

Key Topics Covered in the Report

Introduction to the UK Used Car Market

UK Used Car Market Size, 2013-2018

UK Used Car Market Segmentation, 2018

Trends and Developments in UK Used Car Market

Issues and Challenges in UK Used Car Market

Decision Making Process in UK Used Car Market

Customer Pain Points in UK Used Car Market

UK Used Car Auction Market

Online Comparative Landscape in UK Used Car Market

Offline Comparative Landscape in UK Used Car Market

Government Regulations in UK Used Car Market

Business Model in Online Used Car /Market

Working Model in the UK Used Car Market

OLX Used Car Success Story

UK Used Car Market Future Outlook and Projections, 2018-2023

Analyst Recommendation for UK Used Car Market

For information click on the below mentioned link:

UK Used Car Market

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India Pre Owned Premium Car Market Outlook to 2023 – Growth Propelled by Traction from Digital Platforms, Surge in Certified Dealership, Decline in Average Car Price and Faster Launch of New Models

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Ken Research

Ankur Gupta, Head Marketing & Communications

Ankur@kenresearch.com

+91-9015378249

Augmenting Trends In The Lubricants Market Outlook: Ken Research

The lubricants market was witnessed to be in its growth stage highly owing to the speedy industrialization and increasing sales volume of the preowned vehicles thus, fueling the requirement for both the automotive and industrial lubricants across the globe and majorly in the underdeveloped regions. However, the lubricant market in Saudi Arabia is at the maturity stage. In the terms of Sale of Lubricant in Revenue Millions, Lubricants Markets has significantly augmented at a positive CAGR during the reviewed period, but owing to the Oil slump in the recent past years, the growth of the market slowed down, hence the market is observing a negative growth during the forecasted period. This reduction in growth was also because of the other aspects which majorly include Economies such as Brazil, China, Russia and India whose speedy growth and enlargement generated an unquenchable thirst for oil initially, started to slow after 2010.

In the recent trend, Uganda lubricants market is highly importing base oil and completed products owing to the shortage in terms of technology to extract base oil from crude oil. Over the review duration, the market is experienced a healthy growth both in terms of revenue as well as sales volume. Foremost growth drivers involve growth in the sales of vehicles, enlargement in producing and construction segment and augment in disposable income of the people who could afford good quality lubricant variety.

Additionally, the industrial lubricants market in India has stretched its maturity stage, therefore meeting requirement opportunities of every end user industry highly by importing base oil from the international corporates and by locally introducing lubricants within India. Over the forecasted period, India industrial lubricants market witnessed a vigorous growth both in terms of revenues as well as consumption volume. Not only has this, growing concerns from the foremost industries related to the conservation of the machineries in order to give a good quality output has escalated the requirement for the synthetic and semi-synthetic lubricants in India.

Sideways, the lubricants market in Algeria is recently in its growth stage. The market encompasses of both local production and import of lubricants to meet the domestic requirement for the lubricants. In Algeria, the lubricant market is estimated to increase at a positive CAGR during the period. Generally, owing to growing government expenditure on infrastructure, tourism, health and several other industries.

Although, the UAE lubricant market is at established stage. Domestic and international players have furnished to the requirement of lubricants that led to augment in the market revenue. Synthetic lubricants which have observed an augment in need as they give a better protection to engine and machinery and increase engine performance in fluctuating conditions. Therefore, in the near years, it is estimated that the entire market of lubricants will increase across the globe more positively over the coming years.

To know more, click on the link below:-

Automotive Engine Oil Market

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Saudi Arabia Lubricants Market Outlook to 2023 - By Automotive (Passenger Car Motor Oil, Heavy Duty Engine oils, Hydraulic Oils, Gear Oils & transmission, and Greases), Industrial lubricants (Engine Oils, Turbine oils, Hydraulic oils, Industrial Gear oils, Transformer oils, Compressor oils, Greases) By Origin (Mineral, Synthetic and Semi-Synthetic)

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Ken Research

Ankur Gupta, Head Marketing & Communications

Ankur@kenresearch.com

+91-9015378249

Landscape Of The Facility Management Market Future Outlook: Ken Research

Facility Management:-The facility management market in Chile was witnesses in its increasing stage. In terms of revenue, the market has augmented at appositive double-digit CAGR during the forecast duration. This growth was helped by growing investor activities, the cost hold measures, extraordinary requirement from the several end-user segments, acceptance of the sustainable practices and technological advances, through the growing requirement for the commercial and industrial segment in the region, wherein the market players attained to the requirement of the consumers for both the hard services and soft services. The efficient growth of the construction industry, due to the government’s schedule with the respect to the improvement of the transport infrastructure, energy, and utilities coupled with the affordable housing and investments in the seaports, railways lines, and special economic zones has fostered the requirement for the Facility Management Services Market in the region.

Facility Management Market Growth Rate that in the facility service market across the globe was witnesses to be moderately segmented along with the existence of several facility service merchants in the market. Moreover, on the basis of soft services, the cleaning services registered in terms of revenue during the forecast period followed by the security services. The growth in the residential, retail spaces and commercial had spiked the requirement for the cleaning services in the foremost and industrialized regions. Not only has this, in terms of revenue the electromechanical services sector registered during the forecasted period. These services involve a vertical transport system, UPS system, electrical power system, lighting systems, lift management, and several others. Fire protection and security systems collectively apprehended the remaining revenue share in the forecasted period in the developed regions.

Furthermore, based on the services, the integrated facility services underwrote a foremost share in the terms of creating revenue for the industry in the review period and are widely required by retail and commercial private segments This was followed by the single and bundled facility management services in the recent past years.

Based on the research, it is predicted that in the market of facility management there are numerous key players which presently functioning more positively for leading the fastest market growth and registering the high value of revenue around the globe and in the respected regions while developing the productivity of the services, decreasing the cost, developing the technologies in the underdeveloped region, increasing the demand and delivering the better consumer satisfaction includes Contrack FM, Enova, EFS Facilities Management, IFMC - Apleona Group, Egypro-FME, CBRE, JLL, Qeema FM, G4S, Savills, ProService, Encorp Facility Management, Emdad Facility Management and Egypt Service, ISS, Jones Lang LaSalle (JLL),Sodexo, Coldwell Banker Richard Ellis (CBRE),Colliers, GrupoEulen,Grupo Facility, All Facility, Linkes Facility, Mancorp,Cushman and Wakefield,Aramark and several others.

In terms of revenue, the Facility Management Market Future Outlook anticipated that the market will increase at a positive CAGR during the review period due to the growth in the requirement for both soft and hard services that will be further increased widely owing to the great growth in the construction, healthcare, and tourism across the globe. Therefore, in the coming years, it is anticipated that the market of facility management will increase around the globe with a wide amount of investment by the players for enlarging the enterprises.

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Ken Research

Ankur Gupta, Head Marketing & Communications

Ankur@kenresearch.com

+91-9015378249

Global Market Research Growth Trends: Ken Research

The major market research firms pucker and scrutinize the data regarding to the consumers, competitors, distributors and several other aspects and forces in the marketplace. A great portion of the work positively function by the top market research firms is commissioned by the particular corporates for the essential purposes. Whereas, many corporates also routinely gather a broad spectrum of the data and them attempt to promote some or all of it to the corporates that may advantage from such data.

Not only has this, the marketing research may be qualitative, quantitative, or an amalgamation of both. The Quantitative research is numerically concerned with, desires an essential attention to the measurement of the market phenomena, and often includes statistical analysis. The Qualitative research aims on imaginative words and symbols and usually includes determining the customers in a marketing setting or questioning them related to their product or service feasting observations. Nonetheless, the qualitative and quantitative research each deliver the dissimilar insights into the customer behavior, and the research results are customarily more useful when the two manner are amalgamated.

The market research can be understood of as the benefit of scientific method to the solution of marketing situations. It includes studying people as purchaser, customers, and sellers, determining their preferences, attitudes, habits and buying power. The market research is also apprehensive with the channels of allocation, with the promotion and pricing, and with the enterprise of the items and services to be marketed.

Not only has this, the market research is a manner of getting an overview of the customers’ desires, wants and beliefs. It can also include in ascertaining how they act. The research can be utilized to analyze how an item could be marketed. Whereas, the Peter Drucker assumed market research to be the personification of marketing. The market research is a manner that introducers and the marketplace study the customer and attain the data related to the customers’ desires.

However, the aim of effective market research is to look at the market linked with an essential good or service to establish how the audience will gain it. This can involve information attaining for the persistence of market subdivision and item differentiation, which can be utilized to tailor the advertising efforts or regulate which benefits are seen as a priority to the customer.

A business must engross in an assortment of tasks to complete the market research procedure. It desires to attain the information based on the market segment being positively analyzed. The business desires to determine and interpret the resulting the data to analyze the existence of any patterns or prominent data points that it can be utilize in the decision-making process. Hence, the top market research firms are positively increase across the globe over the coming years along the wide amount of investment by the investors.

For more information on the research report, refer to below link:

Global Market Research Industry

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Ken Research

Ankur Gupta, Head Marketing & Communications

Ankur@kenresearch.com

+91-9015378249

Rise in Demand for Plastic Products Expected to Drive Global Masterbatch Market over the Forecast Period: Ken Research

Masterbatche is a mixture of pigments, polymer, colors, and additive materials. It is available in solid & liquid forms. It is utilized to give shading and strengthen the color & properties of plastic for applications in numerous industries. It is encapsulated into carrier resin throughout the heating process and then cooled to cut into granules. The key properties are extrusion aids, antimicrobial, anti-oxidant, anti-slip, anti-static, anti-fouling, lubrication, flame retardance, abrasion resistance, oxygen scavenger, ultraviolet light resistance, and thermo-stabilizer.

According to study, “Global Masterbatch Market: Information by Type (Color, White, Black, Additive), Application (Packaging, Consumer Products, Building & Construction, Automobile Industry, Electrical & Electronics), & Region (Asia Pacific, North America) - Forecast till 2023” the key companies operating in the global masterbatch market are Cabot Corporation, Clariant, PolyOne, A. Schulman, Inc., Plastika Kritis S.A., AMERICHEM, Astra Polymers, Ampacet Corporation, Alok Masterbatches Pvt. Ltd., GABRIEL-CHEMIE Group, Hubron International, Prayag Polytech, Plastiblends, POLYPLAST, DongGuan HengCai Plastic Pigment Ltd., GCR Group, Tosaf, RTP Company.

Based on type, masterbatch market is segmented into additive masterbatch, black masterbatch, white masterbatch, filler masterbatch and color masterbatch. Additive masterbatch is further sub-segmented into antioxidant additive (primary, secondary and primary & secondary), antimicrobial additive, UV stabilizer, optical brightener, flame retardant, nucleating agent and foaming agent or blowing agent. Color masterbatch is also further sub-segmented into specialty color (fluorescent, metallic, phosphorescent, metallic), standard color and tailor-made colors. Black masterbatches dominate the market due to its extensive application in automotive and electronics industry. Based on polymer, market is segmented into low-density polyethylene & linear low-density polyethylene, polypropylene, polyvinyl chloride, high-density polyethylene polyethylene terephthalate, polyurethane, polystyrene and others (polycarbonate, polyamide, acrylonitrile butadiene styrene). The polymers help in improving acceptance & dispersion of extensive range of plastic additives & functional fillers. In addition, based on application, market is segmented into consumer goods (electronics, footwear and furniture), automotive (exterior & interior), packaging (rigid & flexible), textile, building & construction (pipes & fittings, fences & fenestrations, doors & windows, siding), agriculture and others (household appliances, furniture, sports & leisure    and vegetables).

The masterbatch industry is driven by increase in demand from automotive industry, followed by rise in demand for personal vehicles, rise in urbanization, improvement in disposable income, widely preferred coloring method, supportive government regulations & policies, growth in consumer preference for sophisticated color formulations, rise in demand for plastic products and replacement of metals with plastics in automotive applications. However, limited supply of raw material, rise in price of raw materials such as titanium oxide, pigments, and black carbon, high cost of product, and stringent government regulation for its application in food products may impact the market. Moreover, growth in emerging nations and rise in awareness about usage of environment friendly products are key opportunities for market.

Based on geography, the Asian-Pacific region holds major share in masterbatch market owing to favorable regulatory policies towards automotive industries and rapid growth in packaging industry in the region. The European and North-American regions are expected to witness lucrative growth due to fast-paced industrialization, growth in number of exports and rise in consumption of consumer goods and building & construction activities over the forecast period.

For more information on the research report, refer to below link:-

Global Masterbatch Market

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Ken Research

Ankur Gupta, Head Marketing & Communications

Ankur@kenresearch.com

+91-9015378249

South Korea Cold Chain Market Future Outlook: Ken Research

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How Is The Cold Chain Market Positioned In South Korea?

South Korea is Asia’s fourth-largest economy has the potential to offer significant growth opportunities in the South Korea Cold Chain Industry. The cold chain business in the country has been significantly growing owing to the growth of international trade of perishable foods, technological advancements in refrigerated storage & transport, government support for infrastructure development of the cold chain industry and increasing need for medicines owing to the aging population of South Korea. Over the last few years, the seafood and pharmaceutical industry in the country has seen a significant boom and has necessitated the development of cold chain facilities in the country. The revenue of the industry has grown from USD ~ Billion in 2013 to USD ~Billion in the year 2018 with a CAGR of ~%.

The growth of the industry can be attributed to factors such as the rise of third party logistics, the emergence of new players, and shift from an owned warehouse to leased warehouses along with growth in end-user industries and increasing infrastructure investment by the government. Other factors such as an increase in the number of modern grocery retail stores and a rise in consumer retail spending have also augmented the growth of the market over the period 2013-2018.

Cold chain facilities in the country are becoming increasingly sophisticated along with the provision of advanced IT solutions for warehouse and transportation management. To ensure optimal utilization, companies have started using automation technologies and focus on on-demand warehousing.

South Korea Cold Chain Market Segmentation

By Type of Market

In 2018, the cold storage market and cold transport market contributed an equal amount of revenue in the cold chain industry owing to the rising consumption of refrigerated products such as meat, seafood, dairy among others in the country which require cold transport facilities in order to be transported to the storage warehouses and then finally, the end-users have contributed to the growth of the industry. Moreover, the increase in retail spending in the country along with the increase in imports of temperature-sensitive products such as meat and related products, tropical fruits, and others, has augmented the growth of the industry over the review period.

By End-User Application

The increased consumption of meat and seafood in-country propelled the growth of the cold chain market in South Korea as these frozen foods need to be stored and transported in temperature-sensitive environments. The segment accounted for the largest contribution of ~% in the overall revenue of the cold chain market in 2018 followed by pharmaceuticals and fruits and vegetables contributing an equal revenue share of ~%. The remaining share was contributed by dairy products, bakery, and confectionery and other products such as processed foods and ready-to-eat meals which are usually imported into the country.

By Ownership

In 2018, Third-Party Logistics (3PL) cold chain facilities were evaluated to be USD ~ Billion in 2018 and accounted for the majority share of ~% in the revenue of the cold chain industry. The 3PL operators have the expertise and offer a wide range of integrated services to the clients. A large number of cold chain operators are resorting to renting or leasing out facilities from Third Party Logistic Cold Chain providers due to the increasing costs of establishing and maintaining their own warehouses and fleet. On the other hand, the owned cold chain segment acquired a share of ~% in 2018.

South Korea Cold Storage Market Segmentation

By Temperature Range

The chilled storage segment was observed to be the leading segment and contributed the maximum share to the revenue of the cold storage industry due to the huge demand for meat and seafood, pharmaceuticals and other processed foods in the country. The remaining revenue was contributed by ambient and frozen storages.

By Region

The northern region comprising of cities such as Seoul and Incheon has a network of well-developed and connected highways and is one of the most populated states of the country. Owing to this, the northern region of South Korea has accounted for ~% share in the cold storage market, generating revenue of USD ~ Billion in 2018. The central region contributed the second-highest share which was followed by the Southern region including cities such as Busan and more due to the proximity to the sea and the presence of well-developed port infrastructure.

South Korea Cold Transport Market Segmentation

By Mode of Transport

Land transport was analyzed to be the dominating mode of transport due to excellent road infrastructure and connectivity in the country. Sea has been the most popular model for handling export and import of various food products and chemicals and contributed a revenue share of ~% in cold transport market followed by air transportation which handles imports of vaccines and expensive seafood in the country.

By Mode of Land Transport

Among the land transport facilities available in the country, the 40 footer reefers are the most commonly used ones because the cold transport business except the last mile delivery is usually done in bulk and the capacity of the truck in metric tons is much higher as compared to other reefers. The remaining share was captured by 20 Footer Reefers and others including 4 wheelers, 6 wheelers, and 8 wheelers

By Location

The larger revenue share of ~% in the cold transportation market of South Korea has been garnered by domestic cold transport. South Korea is an import oriented country import bulk of temperature-sensitive items such as fruits and vegetables, pharmaceutical items and others are then distributed through cold transport within the country. On the other hand, international cold transport has captured a lower revenues share of ~% in the cold transport market of South Korea in 2018

By Vicinity

Due to the well-connected transport infrastructure in the country, it takes less than 6 hours to travel from any one region to the other which has augmented the growth in inter-city business resulting in a higher share of domestic revenue in South Korea cold transport market.

Key Segments Covered:-

By Type of Market

Cold Storage

By Temperature

Frozen

Chilled

Ambient

By Region

North

Central

South

Cold Transport

By Mode of Transport

Land

Sea

Air

By Location

Domestic

International

By Mode of Land Transport

40 Footer reefers

20 Footer reefers

Others (6, 8, 10 wheelers and more)

By Vicinity

Inter-city

Intra-city

By End-User Application

Meat and Seafood

Fruits and Vegetables

Pharmaceuticals/Healthcare

Dairy Products

Bakery and Confectionary

Others

By Ownership

Owned/Integrated

Third-Party Logistics (3PL)

Key Target Audience

Cold Chain Companies

Logistics Companies

Private Equity Investors

Government Associations

Construction Companies

Dairy Companies

Meat and Seafood Companies

Fruits and Vegetable Companies

Pharmaceutical Companies

Ice-Cream Companies

Time Period Captured in the Report:-

Historical Period: 2013-2018

Forecast Period: 2018-2023E

Companies Covered:-

Lotte Logistics

CJ Logistics

Dongwon Industrial

Borim Logistics

Dongbu Express

Hansol Logistics

DB Schenker

Daelim Corporation

GS Global

DHL

Ottogi Logistics Service Co., Ltd.

Pantos Logistics

Key Topics Covered in the Report:-

Cold Chain Businesses South Korea

South Korea Refrigerated Truck Market

South Korea Reefer Truck Market Size

South Korea Food and Drink Storage Industry

South Korea Lotte Logistics Market Revenue

South Korea CJ Logistics Market Analysis

Cold Storage Seoul Market Growth

South Korea DHL Logistics Competitors

Number of warehouses in South Korea

Dairy Industry Market Size in South Korea in KRW Billion

South Korea Processed Meat and Seafood Market

Confectionery Market Size in South Korea

For More Information, Refer To Below Link:-

South Korea Cold Chain Market

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Indonesia Cold Chain (Cold Transport And Storage) Market Outlook To 2021 - By End Users (Meat And Seafood, Vaccines And Other Pharma Products, Bakery And Confectionary, Fruits And Vegetables And Others)

Contact Us:-

Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249

Increase in Awareness Regarding Nutritional Food Expected to Drive Meat Substitutes Market over the Forecast Period: Ken Research

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Meat substitute means a food prepared from vegetarian ingredients, and sometimes without animal products for instance dairy. It is also known as meat analog, vegetarian meat, faux meat, and mock meat. It resembles with an aesthetic and chemical characteristics of the meat which includes basic texture, appearance, flavor, and taste of meat. Most of the meat substitute is soy-based or gluten-based. The widespread meat substitute is tofu. The key benefits are positive environmental outcomes, higher fiber & lower saturated fat content to food safety, and dietary diversity.

According to study, “Meat Substitutes Market Research Report by Type (Tofu & Tofu Products, Tempeh, Seitan, and Others), Source (Soy, Wheat, Mycoprotein, and Others), Category (Frozen, Refrigerated, Ambient, and Others), Distribution Channel (Store based, Non-store based), and Region-Global Forecast to 2023” the key companies operating in the meat substitutes market are Blue Chip Group, Garden Protein International, Inc., AMY's Kitchen, Inc., Quorn Foods, Inc., Beyond Meat Inc., Conagra Brands Inc., Tofurky Company, MGP Ingredients, Superbom, Meatless, Campbell Soup Company, Sonic Biochem Limited, Vegabom Healthy Option, Nisshin Oillio Group, MorningStar Farms L.C., VBites Foods, Ltd., Sunfed, Ltd., Schouten Europe B.V.

Based on product type, meat substitutes market is segmented into Tempeh-Based, Seitan-Based, Textured Vegetable Protein (TVP)-Based, Tofu-Based, Quorn-Based and others. Tempeh is a low-cost substitute which provides various health benefits such as reduced risk of diabetes and increasing antibodies production. TVP based product dominates the market owing to their meat-like texture & health benefits. Based on source type, market is segmented into wheat type, soy type, mycoprotein type and others. Soy segment is probable to have a huge demand as a result of its growth in preference among consumers and several health benefits for instance a decrease in obesity and glucose levels. Additionally, their wide application in numerous food items such as snacks, extruded snacks, crackers, cookies and other baked foods has led to better consumption. Based on category type, market is segmented into frozen, ambient, refrigerated, and others. Based on distribution channel, market is segmented into store based channel and non-store based channel.

The meat substitutes market is driven by rapid growth in the food service industry, followed by increase in obese population, new product development, attractive promotional & marketing strategies of brands for vegetarianism, rise in environmental concerns, environmental sustainability & animal welfare and increase in consumption of convenient food, due to growth in demand for snacks made from mock meats. However, wide availability of substitutes may impact the market. Moreover, increase in health awareness & vegetarianism and untapped developing markets are key opportunities for market.

Based on geography, the European region holds major share, followed by North-American region in meat substitutes market owing to growth in flexitarian population and increase in awareness regarding nutritional & meatless food in the region. The Asian-Pacific region is estimated to witness lucrative growth rate due to presence of a large consumer base, rise in health awareness and increase in consumption of meat by people over the forecast period. It is projected that future of the market will be bright on account of growth in incidences of meat adulteration & spoiled meat have encouraged customers to switch to vegan diets during the forecast period.

To know more, click on the link below:-

Global Meat Substitutes Market Research Report

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Global Meat Substitutes Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024

Contact Us:-

Ken Research

Ankur Gupta, Head Marketing & Communications

ankur@kenresearch.com

+91-9015378249