According to a new report published by Allied Market Research titled, Meat Substitute Market by Product Type, Source and Category: Global Opportunity Analysis and Industry Forecast, 2018-2025," the global meat substitute market size was valued at $4,175 million in 2017, and is expected to reach $7,549 million by 2025, registering a CAGR of 7.7% from 2018 to 2025. Europe dominated the global meat substitute market in 2017, accounting for 38.5% of the total revenue.
The meat substitute market by product type comprises products prepared from tofu, tempeh, textured vegetable protein, seitan, quorn, and other plant-based sources. Textured vegetable protein (TVP)-based meat substitutes occupied the largest market share of 35.8% in 2017 as it is the basic ingredient in most of the soy-based meat substitute products. In terms of growth, Seitan-based meat substitutes are projected to exhibit an impressive CAGR of 9.4%, owing to increase in adoption in the food service industry.
Most of the food and snack products, marketed as meat substitutes are either frozen, refrigerated, or shelf-stable. Products offered by leading meat substitute companies such as Amys Kitchen, Beyond Meat, and others, primarily belong to frozen category. However, shelf stable category is projected to exhibit the fastest growth in the coming years.
Various categories of meat substitutes marketed by players include frozen, refrigerated, and shelf-stable products. Frozen meat substitutes occupied a prominent market share of 77.2% in 2017, followed by refrigerated and shelf stable meat substitute products. The shelf stable category is anticipated to exhibit the fastest CAGR of 9.1% from 2018 to 2025.
Key Findings of the Meat Substitute Market:
- In terms of value, the quorn-based segment is expected to grow at a CAGR of 8.5% during the forecast period.
- Europe is expected to dominate the market, registering a CAGR of 7.3% in terms of value.
- Asia-Pacific is projected to exponential growth in demand throughout 2025, growing at the highest CAGR 9.4%, in terms of value.
- Soy-based segment is anticipated to dominate the global meat substitute market registering CAGR of 7.2%.
- In the global meat substitute market, the shelf stable segment is expected to grow at a CAGR of 9.1%, in terms of value.
North America and Europe collectively accounted for about more than two-thirds of the share of the global meat substitute market in 2017. Developing lifestyle and rise in disposable income of consumers are expected to drive the growth of the Asia-Pacific market.
The key players profiled in the report are Amys Kitchen Inc., Beyond Meat, Cauldron Foods, Garden Protein International, Inc., Meatless B.V., Quorn Foods, Vbites Food, Ltd., Morningstar Farms, MGP Ingredients Inc., and Sonic Biochem Extractions Limited.
Other prominent players in the meat substitute industry are ADM, Dupont, The Nisshin Oillio Group, Meatless, Vbites, Schouten Europe, Memphis Meats, Alpha Foods, Corbion Biotech, Inc., and Famleigh Inc.