Meat Substitute Market - Global Trends & Forecast to 2022
Meat substitutes are meatless products that have similar taste, appearance, and texture of a food made from meat, poultry, or fish. Its nutritional value is also approximately equal to or greater than that of meat, and often includes essential vitamins such as B-12. Although, its name indicates that it is an alternative to meat products, its label must clearly indicate that it is a meatless product. The most common meat substitutes include soy products such as tempeh, tofu & tofu ingredients, textured vegetable protein, and other soy products that include miso, yaso, and nattō; seitan; quorn; and others that include lupine, pea protein, risofu, and valess. There are a variety of reasons for choosing meat substitutes, including health benefits, ecological benefits, religious reasons, convenience, and taste. Health benefits are the major reasons consumers are eliminating or reducing meat in their diets.
Meat Substitutes Market by Type (Tofu & Tofu Ingredients, Tempeh, Textured Vegetable Protein, Seitan, Quorn), Source (Soy-based, Wheat-based, Mycoprotein), Category (Frozen, Refrigerated), and Region - Global Forecast to 2022Request FREE Sample
The meat substitutes market is projected to reach USD 5.96 billion by 2022, at a CAGR of 6.6% from 2016. The growth in demand for plant-based and healthy sources of protein and nutrients is the main driving factor of this market. The meat substitutes market is primarily driven by the increasing awareness about the health complications caused by the consumption of meat and meat products, in terms of increase in obesity and cholesterol. The increasing awareness about pet health, environmental concerns, and growth in the retail industry have also boosted this market, globally. However, the perceived ill-effects of meat substitutes and perception of taste are the major restraining factors of this market. The increasingly available choices in terms of available meat substitute products; specifically in developing economies of Asia-Pacific and Latin American, including China, India, Brazil, and Argentina; has increased the bargaining power of consumers, which has resulted in the increase in demand and consumption of meatless food products and in market growth.
Despite several advantages of meat substitutes, the lack of consumer awareness and the usage of genetically modified seeds for producing meat substitutes are some of the significant challenges of the global meat substitutes market. Soy is largely used for the production of meat substitutes and a significant amount of the soybean produced is genetically modified. Most of the genetically modified soy is industrially produced with hexane, which may lead to the damage of the nervous system if consumed in large quantities.
The meat substitutes market in Asia-Pacific is projected to grow at the highest CAGR during the forecast period. Increase in disposable incomes, growth in demand from developing and populous countries such as China, India, and Malaysia; and the shift in dietary preferences towards healthy and nutritious food increases the demand for non-animal sourced protein rich food products, which in turn drives the growth of the Asia-Pacific meat substitutes market.
U.S. accounted for the largest market share amongst all countries in the meat substitutes market. This is mainly due to the increasing number of vegan consumers in the country. It was followed by Germany and U.K. This trend is projected to remain same in the next six years. In the Asia-Pacific region, China dominated the meat substitutes market.
The segmentation considered for this report is based on the type, source, category, brand, and region that constitute the key markets. The meat substitutes market, based on source, has been segmented into soy-based meat substitutes, wheat-based meat substitutes, mycoprotein meat substitutes, and others. The soy-based meat substitutes segment accounted for the largest market share in 2015 owing its wide applications in the food industry. Soybean is considered as one of the best sources of plant-based protein. Apart from protein, soy also contains other nutritional ingredients such as vitamins and minerals.
The meat substitutes market, based on type, has been segmented into tofu & tofu ingredients, tempeh, textured vegetable protein (TVP), other soy products, seitan, quorn, and others. Tofu & tofu ingredients dominated the global meat substitutes market in 2015. The quorn segment is projected to grow at the highest CAGR of 8.0% during the forecast period. It has multiple health benefits, for instance, it contains all the essential amino acids that humans need without cholesterol. Also, high protein content & dietary fiber and low content of saturated fat are also driving factors for the increase in demand for quorn foods.
The meat substitutes market, based on category, has been segmented into frozen meat substitutes and refrigerated meat substitutes. The frozen meat substitutes segment is projected to grow at the highest rate between 2016 and 2022. Frozen meat substitutes helps to maintain the nutritional value of food products and retain the flavor and texture of meat substitutes.
Also, the frozen meat substitutes market is gaining popularity due to changes in purchasing patterns, coupled with fast life style and the shift from traditional food to convenience food, from small grocery shops to supermarkets, especially in emerging countries. Consequently, significant growth in the convenience food industry, including ready-to-eat foods and ready-to-cook foods, has also fueled the growth of the frozen meat substitutes market, globally.
The meat substitutes market is competitive due to the presence of a number of large and small-scale firms. Investments, expansions, and new product launches were the key strategies adopted by these players to ensure their growth in the market from 2011 to 2016. The market was dominated by players such as Archer Daniels Midland Company (ADM) (U.S.), E. I. du Pont de Nemours and Company (U.S.), Garden Protein International Inc. (Canada), Amy’s Kitchen Inc. (U.S.), and Morningstar Farms LLC. (U.S.).
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