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FO_16816
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Pages: 100
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Feb 2016 | 6106 Views
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Author's :
Sheetanshu Upadhyay
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Tables: 36
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Global Meat Substitute Market is expected to garner a revenue of $5.2 billion by 2020, registering a CAGR of 8.4% during the forecast period 2015 - 2020. Meat is an excellent source of protein but contains high level of cholesterol and saturated fats. Individuals who consume it on a regular basis are more prone to develop health problems such as obesity and atherosclerosis.
Meat substitutes are products that resemble actual meat in terms of taste, flavor, and appearance, but are healthier as compared to meat. Such products are increasingly being used as substitutes for regular meat and meat products. They are primarily composed of ingredients such as soy, wheat, and others. Tofu is amongst the most popular meat substitute and is widely used as an alternative for pork, chicken, beef, and other meats. Europe and North America are amongst the biggest markets of meat substitutes; however Asia-Pacific is the fastest growing market.
Rising obesity rates all over the world and increasing health problems such as heart diseases, high blood pressure, diabetes, asthma, and others have led to increase in number of health conscious individuals worldwide. Per-capita consumption of meat has witnessed a decline, especially in developed economies in the recent past. Food products that are high in nutritional value and have similar taste and texture as that of meat, are gaining prominence among consumers. Other factors driving the market are innovative product launches by players operating in the market and attractive marketing and positioning strategies. However, a variety of low-cholesterol meat products available in the market including lean meats, pose a threat to the industry.
The market is segmented on the basis of product type, source, category, and geography. The segments on the basis of product type include meat substitutes prepared from tofu, tempeh, textured vegetable protein (TVP), quorn, seitan and others. On the basis of source, the market has been segmented into soy, wheat, mycoprotein and others (pea protein, rice protein and other sources based). Textured vegetable protein and tofu are amongst most popular ingredients used for the preparation of soy based meat substitutes. Seitan is commonly used for the preparation of wheat based meat substitutes. Market segmentations on the basis of 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 (U.S.), Beyond Meat (U.S.), Cauldron Foods (U.K.), Garden Protein International, Inc. (Canada), Meatless B.V. (The Netherlands), Quorn Foods (U.K.), Vbites Food, Ltd. (U.K.), Morningstar Farms (U.S.), MGP Ingredients (U.S.), Sonic Biochem Extractions Limited (India). Companies such as Amy’s Kitchen offer a wide range of innovative vegan meals and snacks. Beyond Meat, a leading player in meat substitute market offers highly innovative substitutes of pork, chicken, turkey, and beef.
MEAT SUBSTITUTE MARKET KEY BENEFITS
Key Players:
The world meat substitute market has exhibited 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 towards mock meats (meat substitutes) has increased consistently. Increasing health awareness coupled with increasing consciousness towards environmental sustainability and animal welfare have been the major factors driving the growth of meat substitute market. Moreover, rigorous marketing and positioning strategies adopted by the players operating in the market have fuelled the market 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.
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 coming years, owing to the increasing demand of 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 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 increasing consumer demand.
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