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FO_16816
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Pages: 210
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Jun 2018 | 13319 Views
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Author(s) :
Akhila Prasannan
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Tables: 56
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Meat Substitute Market Overview:
The global meat substitute market size is expected to be valued at $7.5 billion by 2025, registering a CAGR of 7.7% during the forecast period (2018‐2025). The entire meat substitute market consists of a wide variety of products prepared from ingredients derived from plant based and other organic sources. Meat substitute products are prepared from tofu, tempeh, textured vegetable protein, Quorn, Seitan, and other ingredients such as pea, lentils, and rice.
Individuals in high-income geographical regions, such as North America and Western Europe, are more prone to diabetes, cancer, and other critical health issues, owing to their unhealthy food and lifestyle habits. Increase in incidence of such health disorders boosts health and fitness consciousness among consumers. This in turn, is expected to drive the market growth. In addition, rapid growth in food service industries and attractive marketing and promotional strategies of companies for vegetarianism have affected the market growth positively. However, consistent increase in the number of innovative, low-cholesterol meat product launches such as lean meats in developed markets restrains the growth of the meat substitute market. Furthermore, rapid increase in health issues in the developed countries have increased the number of consumers preferring vegetarian food. This preference towards vegetarian food is projected to provide lucrative opportunities to market players for launching innovative meat substitute products in upcoming years.
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The market is segmented based on product type, source, category, and region. The segments based on product type include meat substitutes prepared from tofu, tempeh, textured vegetable protein (TVP), quorn, seitan, and others. Based on source, the market is segmented into soy, wheat, mycoprotein, and others (pea protein, rice protein, and other sources). Market segmentations based on category include frozen, refrigerated, and shelf-stable meat substitutes. To gain a comprehensive understanding, the market scenario is analyzed across key geographic regions namely North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the report are Amy’s Kitchen, Beyond Meat, Cauldron Foods, Garden Protein International, Inc., Meatless B.V., Quorn Foods, Vbites Food, Ltd., Morningstar Farms, MGP Ingredients, and Sonic Biochem Extractions Limited. Companies such as Amy’s Kitchen offer a wide range of innovative vegan meals and snacks. Beyond Meat, a leading player in the meat substitute market offers highly innovative substitutes of pork, chicken, turkey, and beef.
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TVP is a dehydrated high-protein, high-fiber meat replacement made from soy flour. It is available in a wide variety of shapes including chunks, strips, flakes, and granules with a texture similar to cooked beef or minced meat. TVP-based products have gained popularity in developed regions such as North America and Europe, owing to their meat-like texture and health benefits. Beef, chicken, fish, and other flavors of textured vegetable proteins are highly popular amongst consumers.
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Soy-based faux meat products comprise the largest share of the overall market. Various kinds of soy-based meat analogues have gained prominence among consumers, primarily owing to their meat-like texture. Europe generated the highest revenue in the soy-based meat substitute market.
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The market in Asia-Pacific offers lucrative growth opportunities for the operating players. Increase in adoption of western lifestyle and rise in disposable income of consumers majorly drive the meat substitute market growth. This region offers potential growth opportunities to market players for launching innovative meat substitute products.
Key Benefits
The global meat substitute market exhibits a promising growth since past few years. Developed markets including North America and Europe have witnessed a decline in per capita consumption of meats since past few years, contrarily preference of consumers toward mock meats (meat substitutes) has increased consistently. Increase in health awareness coupled with rise in consciousness toward environmental sustainability and animal welfare are the major factors that drive the growth of the meat substitute industry. Moreover, rigorous marketing and positioning strategies adopted by the players operating in the market fuel the growth. Innovative product launches such as artificial duck, beef, chicken, turkey, and other meats that resemble real meats in terms of taste and texture have not only gained popularity amongst vegan consumers, but have also attracted more number of non-vegetarians in the recent years.
The meat substitute market comprises wide variety of food and snack products prepared from tofu, tempeh, seitan, textured vegetable protein (TVP), quorn, and other plant-based ingredients. The overall market is small in size, yet is highly competitive. Faux meats prepared from quorn, pea protein, rice protein and other such plant based and organic sources would witness greater adoption in North America and Europe in the coming years, owing to the increase in demand for gluten-free and soy-free food products.
Leading companies in the meat substitute market such as Quorn foods, Amy’s Kitchen Inc., Beyond Meat, and others have witnessed a double digit growth in the past few years. Moreover, other players operating in the fast food industry such as KFC, McDonald’s, Burger king, and others are anticipated to strengthen their meat substitute product line to meet the increase in consumer demand.
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