Meat Substitute Market: Snapshot:
Increasing adoption of a dietary guideline to reduce the consumption of red meat is fluxing the demand for non-vegetarian alternatives, which is further boosting the demand for meat substitutes. According to a recent business intelligence report by an IndustryARC, the global meat substitute market size was $4.5 billion to $4.8 billion in 2018 and the opportunities are growing with a CAGR of 6.1% to 6.6% during the forecast period of 2019 to 2025. The report is titled “Meat Substitutes Market: by Type (Tempeh, Textured Vegetable Protein, Tofu, Seitan, Quorn), by Source (Mycoprotein, Wheat, Soy), by Category (Refrigerated Meat Substitutes, Frozen Meat Substitutes) & Geography - Forecast (2019 - 2025).”
Recent report released by NCBI stated that excess red and processed meat consumption is related to health conditions such as heart and cardiovascular diseases, which are leading the high mortality rate. Furthermore, meat consumptions impact the environment in several ways including contamination of soil, air, water, and other resources such as water and fuel. The antibiotics used in animal production food indicate growth of bacteria, which impends the value of antibiotics in human medicine.
Meat substitute, also known as meat analogue, are often based on products such as tofu or tempeh made up of soybeans, peas, or gluten. Some of the common examples of meat substitutes are falafel, in vitro meat, and soy protein.
Browse 62 Market Tables, 177 Figures spread through 145 slides and an in-depth TOC “Meat Substitutes Market (2019 - 2025)”
Meat Substitute Market: Leading Segments
The latest study by the analyst of IndustryARC suggested that Europe is the leading region with market share of 33% to 35% in 2018. Also, NCBI on their recent European study, found that meat reducers followed to eat 49% eggs, 26% imitation meats or vegetarian burgers, 17% prefer lentils or beans, and 76% opt for fish in meatless meals, 14% tofu, and 9% nuts. A major fraction of the population in Europe is inclining towards alternatives that are leading to more demand in the meat substitute market in Europe.
Furthermore, the analyst concluded that meat substitute application is segmented on the basis of frozen, refrigerated, and shelf stable foods. Their key application is in the frozen foods which will grow with a CAGR of 35% to 38% through to 2025. Rise in demand for convenience and pre-packed foods and frozen meat substitute products accounted for the largest market share during the forecast period.
Meat Substitute Market: Trends
- As per the study based on veganism, it is found that about millions of people are turning vegan every day. Therefore, demand for meat-free food will increase by 987% in 2017. Moreover, vegan was foreseen to be the biggest food trend during the forecast period. Due to increased health benefits and better non-vegetarian food alternatives, people, mostly teenagers are showing interest towards plant-based meat alternatives (PBMA) that is driving growth prospects in the meat substitutes market.
- The UK Government urged towards providing more vegan meals at hospitals and schools. Moreover, the National School Lunch Program has decided to include more plant-based proteins to meals instead of meat-based alternatives which are projected to provide lucrative opportunities to manufacturers for launching innovative meat substitute products.
- Single cell protein (SCP) is a protein source food made up of microorganisms. It has started gaining traction in the UK and other parts of Europe. SCP multiply fast irrespective of weather conditions to accumulate proteins. This process is now used for preparing meat substitute to impart meat texture in various foods. It also implants desirable taste with different flavors. In the wake of malnutrition, SCP is gaining demand all over which is stroking the meat substitute market.
- Increasing number of modified food products such as fortified snacks and low-fat & low-cholesterol meat substitutes act as a catalyst for the development of meat substitute market.
Meat Substitute Market: Competitive Landscape
Some of the major players in meat substitutes market are DM, DuPont, The Nisshin OilliO Group, Sonic Biochem Limited, MGP Ingredients, Garden Protein International, Beyond Meat, Amy's Kitchen, Quorn Foods, MorningStar Farms, Meatless, and VBites.
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