Boost in fitness and wellness sector has enhanced the market growth trajectory of the sector to an elevated level. Shift in food consumption trend and rising veganism among consumers have led to consumers demanding meat substitutes to balance their nutritional requirements. However, food adulteration is one of the major reasons confining the growth of meat substitutes market.
The global meat substitutes market is expected to reach a valuation of USD 9.25 bn by 2023, according to a new research report from Market Research Future (MRFR). The market is expected to exhibit steady growth over the forecast period due to the growing demand for vegan and vegetarian alternatives to meats and meat products. The growing popularity of the veganism movement is likely to be a major driver for the global meat substitutes market. The veganism movement is mainly popular in Western developed economies such as the U.S., the UK, Germany, and France, whereas the traditional popularity of meat substitutes such as tempeh and seitan in Eastern Asian cuisines has driven the meat substitutes market in the emerging Asia Pacific region in the last few years.
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Market Scenario and Growth Factors:
Rising population of vegan consumers and increasing awareness about health benefits obtained from meat substitutes have prompted the growth of the product in the global market. Rising campaigns on animal welfare have influenced the positive sale of meat alternatives among the vegan consumers. Health benefits gained out of meat substitute’s consumption are the main drivers to the development of this segment. Growth of the functional foods manufactured out of plant-based products has also provided an impetus for the increased demand of this sector.
Significant meat substitutes market player are AMY’s Kitchen, Inc., Beyond Meat, Quorn Foods, Inc, Garden Protein International, Inc., Blue Chip Group, MorningStar Farms L.C., VBites Foods, Ltd., Schouten Europe B.V., Sunfed, Ltd., and others.
The market is heavily banking on strategies implemented by major companies. Its rival meat industry has already gained a significant foothold, and in order to crack the former’s base, innovative tactics are needed. For instance, Beyond Meat’s positioning of products in stores to Beyond Burger’s tweaking of the taste. Apart from these, merger, collaboration, acquisition, and other methods play a significant role. Beyond Meat is stepping into the U.K. market by inking a distribution deal with Authentic Food Co. MorningStar Farms L.C., on the other hand, has launched their vegan BBQ Chik’N Nuggets, and their vegan burgers are already a hit.
Beyond Meat is another brand which is successfully promoting their products by adopting a technique of tweaking their product taste a bit on a regular basis.
The company has implemented a strategy in the U.S., where they have placed their product alongside meat products and witnessed a growth in their sales as more people have now realized that sustainable foods are the future. They are now ready to play the same game in Europe.
Tesco’s vegan-friendly Beyond Burger is fast-becoming popular as people are now opting more for healthier foods.
The Global Meat Substitutes Market is segmented on the basis of product type, source, category, distribution channel, and region.
On the basis of product type, the global meat substitutes market is segmented into tofu, tempeh, seitan, quorn, other soy-based products, textured vegetable protein, and others.
By source, the global meat substitutes market is segmented into soy, wheat, mycoprotein, and others.
By category, the global meat substitutes market is segmented into frozen, refrigerated, and ambient.
By distribution channel, the market is segmented into store-based and non-store-based distribution.
The Global Meat Substitutes Market is segmented into North America, Europe, APAC, and Rest of the World (RoW). Global dietary market is highly dominated by North America and Europe due to rising population of vegan consumers in the region. APAC is the fastest growing region based on increasing inclination of consumers towards healthy life-style and shift in food consumption pattern. The consumption of Meat Substitutes in countries like the U.S., the U.K and China is expected to grow in upcoming years.
TABLE OF CONTENTS
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Market Structure
3 Market Research Methodology
3.1 Research Function
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Supply Chain Analysis
4.1.1 Raw Material Suppliers
4.2 Porter’s Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitutes
4.2.5 Internal Rivalry