Meat Substitutes Market by Source (Soy, Wheat and Mycoprotein), Type (Tofu, Tempeh, Textured Vegetable Protein (TVP), and Seitan), Category (Frozen, Refrigerated, and Shelf-Stable) – Global Analysis & Forecast 2019-2030
Report ID : 143 | Published Date : May 2020 | Pages : 200 | Region : Global | Report Code : FB-8
Meat Substitutes Market Overview and Introduction
Meat substitute or alternatives are the food products which taste & appear similar to meat but does not contain any meat. Animal agriculture utilizes 77% of the total agricultural land on earth; however, it is capable of supplying only 17% of the aggregated food supply required for human consumption. On the contrary, meat substitute such as plant-based food products, minimize greenhouse gas (GHG) emissions by eliminating biodiversity loss, deforestation, water pollution, and freshwater use. The adoption of plant-based alternatives has witnessed a significant surge in the past few years owing to growing shift of consumer preference towards flexitarian diets and rising consciousness regarding one’s health.
The global meat substitute is driven by the factors such as rising preference among millennial regarding vegetarian or vegan foods, growing health concerns due to meat consumption, and concerns regarding animal welfare, & greenhouse gas emissions, among others. Moreover, higher consumption of red meat has been linked to several health problems such as heart disease, diabetes and cancer. All these factors have been pivotal in contributing to the increasing consciousness regarding health. For instance, in the U.S., approximately two-thirds of the population are gradually reducing meat consumption to improve the overall health standards at an individual level. However, high costs associated with manufacturing of meat alternatives increases the overall cost of the products, thereby, negatively impacting the growth of the market.
Meat Substitute Market By Source, By Type & By Category
The global meat substitute market is segmented into source, type, and source, type, category category. Based on source the market is segmented into soy, wheat, mycoprotein and others. Soybean is considered to be one of the major crops grown among majority of developed nations across the globe, for instance, U.S. dominates soy production, whereas Brazil is the second largest producer of soy. Moreover, soy act as the main component for majority meat substitute products, thereby, significantly contributing to largest market share of this segment. Based on type, the global meat substitutes market is segmented into tofu, tempeh, textured vegetable protein, seitan and others. Tempeh is anticipated to account for the highest CAGR during the forecast period, owing to rising demand for protein containing meat substitutes. Based on category the market is bifurcated into frozen, refrigerated and shelf shade. Refrigerated products are anticipated to register the highest CAGR, owing to rising demand for refrigerated meat substitutes which is primarily driven by extensive use of these products among retail & restaurant industry in developed countries.
Meat Substitute Market By Region
Based on region the market is segmented into four regions namely North America, Europe, Asia-Pacific, and Rest of the World (ROW). Asia-Pacific is expected to witness the highest CAGR during the forecast period, owing to factors such as introduction of new startups and growing availability of a wide range of meat substitute products in the region. For instance, Zhenmeat plant-based protein meat startup in China is expected to offer a wide range of plant-based meat products, such as sausage, steak, and meatballs. These products are anticipated to be available for online sales and also several Chinese restaurants.
Meat Substitute Market Prominent Players
Some of the key players operating in the global meat substitute market include Beyond Meat, Amy’s Kitchen, Quorn Foods, Morningstar Farms, Gardein Protein International, Maple Leaf Foods., Impossible Food Inc. VBites Foods Limited, Tofurky, Dr. Praeger’s Sensible Foods and others.