The global meat substitutes market is expecting a substantial growth with which it can scale USD 9.25 billion during the forecast period (2019-2023), reveals Market Research Future (MRFR) in a well-analyzed study that includes drivers such as shifting consumer trends, innovation in meat substitutes, new product launches, and growing tendency to become vegan.
Meat Substitutes Market is gradually becoming mainstream as products under the sector are fast gaining recognition. Due to the large number of health benefits advantages with meat substitute’s consumption, the market is growing at an incremental pace. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on Global Meat Substitutes Market Research Report- Forecast to 2022 that the market will demonstrate an exceptional CAGR 4% while achieving million dollar growth readily in the forecast period.
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Market Scenario and Growth Factors:
These factors have led many food brands in channelizing their efforts towards research & development, and these substitutes go in sync with the idea of food sustainability which can be considered essential for the global market growth. This has encouraged further investments in the sector that has a broadened the horizon for expansion. However, consumer’s growing preference for gluten-free products can be set back for seitan, and other wheat-based substitutes which can hold back the regular growth of the meat substitutes market during the forecast period.
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 can be segmented by product type, source, category, and distribution channel.
By product type, the meat substitutes market can be segmented into tofu & tofu products, textured vegetable protein, tempeh, other soy-based products, seitan, quorn, and other meat substitute products.
Based on source, the meat substitutes market can be segmented into soy, wheat, mycoprotein, and others.
Based on category, the meat substitutes market includes frozen, refrigerated, and ambient.
Based on distribution channel, the meat substitutes market can be segmented into store-based, and non-store based.
North America is also becoming a hotbed for the said market. With many people opting for veganism, the region is witnessing a surge in sales of such products. The APAC market is expected to become the fastest growing region. Changing lifestyle and rise in disposable income are expected to drive the regional market forward.
The region is much concerned about the potential eco-disaster which is why many of the populace has shifted towards sustainable foods and in the process, have given rise to meat substitutes sale. Geographic analysis of the global meat substitutes market includes North America, Europe, Asia Pacific (APAC), Latin America (LATAM), and Middle East & Africa (MEA). Europe is expected to dominate the market substantially during the forecast period.
Table Of Content:
Market Factor Analysis
Global Meat Substitutes Market, by Product Type
Global Meat Substitutes Market, by Source
Global Meat Substitutes Market, by Category
Global Meat Substitutes Market, by Distribution Channel
Global Meat Substitutes Market, by Region
List of Tables
List of Figures
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