Market Research Report
Demand for the meat substitutes is rapidly growing. This is because of the various diseases are associated with meat have impacted the preferences of consumer towards the intake of meat products. Meat substitutes offer various health benefits and fill the diet gaps by providing essential elements that nourish human body. Intake of meat substitutes is largely observed among athletes and young generation as these products contain high amount of protein and calcium. Also, a large percentage of population across the globe is preferring vegan food that has spurred the demand for meat substitutes. To fulfil the increasing demand, manufacturers are focusing on investing in research and development to expand their product portfolio by launching different types of meat substitutes with the possible permutations and combinations. The market is expected to grow from 6% to 7%.
The major factors that drive this market are rising health concerns among meat consumers, health benefits provided by meat substitute products, and increasing adoption level of meat substitutes by consumers, rising urbanization in developing countries, rapid adaptation of processed foods. Also, currently, the global campaign of ‘go vegetarian’ is the most powerful influencer of the demand for such products. Health benefits of this cholesterol-free protein, with meat-like texture, is the main factor promoting the growth of meat substitute products.
The Global Meat Substitute Market can be segmented based on type, source, category and region. By type, this market is further sub-divided into Tofu & tofu ingredients, Tempeh, Textured vegetable protein, Seitan and Quorn. The tofu & tofu ingredients segment recorded for the largest share of the meat substitutes market in 2017 and followed by it was textured vegetable protein segment. Since, tempeh and tofu are derived from soy they are rich in proteins and minerals and thus are a popular meat alternative among vegetarians.
By source, the Global Meat Substitute Market can be sub-segmented into Soy, Wheat and Mycoprotein. Soy protein is a cost-effective and a reliable substitute for meat. It has the highest amount of protein as compared to other meat substitutes. Thus, soy-based meat substitute products accounted for the largest market share, followed by mycoprotein, in 2017. Soy burgers, soy turkey, soy bacon, soy chicken, and soy hot dogs are a few popular soy-based food products.
Based on category, the Global Meat Substitute Market is segmented into Frozen, Refrigerated and Shelf-stable. Frozen meat substitute products accounted for the largest market share in 2017. The rise in demand for convenience foods, as a result of growing income levels of consumers. This is one of the major factors driving the market for frozen meat substitutes.
Further based on geography, the Global Meat Substitute Market is segmented into Europe, APAC, North America, South America and MEA. Europe was the largest market for meat substitutes in 2017. The market is characterized by the presence of large-scale meat substitute manufacturers such as Quorn Foods (UK) and Meatless (Netherlands). The increasing number of new modified meat-free product launches by manufacturers such low-fat and fortified snack with meat substitutes act as catalysts for the growth of meat substitutes market. Asia-Pacific is the fastest-growing region due to the huge support from the large population, rising urbanization, increasing incomes and rapid adaptation of processed foods in the market.
The leading players of this industry are Amys Kitchen, Beyond Meat, Blue Chip Groups, Cauldron Foods, MGP Ingrdients, Meatless BV, Morningstar Farms, Nisshin Ollio Group, Quorn Foods, Sonic Biochem, Vbites Foods, ADM, DuPont etc.
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