Meat Alternatives Market

2019 Analysis and Review Meat Alternatives Market by Source - Plant-Based Protein, Insect Protein and Mycoprotein for 2019 - 2029

  • 2020-02-05
  • REP-GB-11042
  • 224 Tables
  • 227 Figures
  • 300 pages
  • PDF PPT EXCEL
Meat Alternatives Market
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Meat Alternatives Market Value to Surpass US$ 15 Bn by 2029

Meat alternatives are gaining traction among consumers due to the rise in the veganism and flexitarianism trend, especially in developed countries. This is owing to health benefits that plant-based protein offers and increasing focus on animal welfare among consumers. Exhibiting a high CAGR of ~12% yearly growth in revenues, the global meat alternatives market will surpass US$ 15 Bn mark in 2029. This FMI study reveals that the market will grow at a steady pace during 2019 - 2029.

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Meat Alternatives Market- Key Research Findings 

  • The global meat alternatives market generated a revenue of US$ 5 Bn in 2019.
  • The market is projected to increment at a highly remarkable CAGR of 12% over the forecast period 2019-2029.  
  • Accounting for 90% of the revenue share, plant-based protein such as wheat, soy, pea, rice, and lentil will continue to witness higher demand.
  • Insect protein is expected to showcase a noteworthy CAGR during the forecast period. 
  • Sales of meat alternatives through grocery stores and supermarkets are becoming mainstream.
  • North America accounts for major share of the global meat alternatives market, while Europe is expected to offer lucrative growth opportunities for the market players.

Key Factors Influencing Meat Alternatives Market

  • Growing Number of Vegetarian and Flexitarian

    As per IFIS Food and Health Information, there is a palpable increase in the popularity of meat alternatives in Europe, especially in the U.K. This increase in the sales of meat alternatives largely depends on the flexitarian trend in the region, as people are not completely turning into vegetarians. Due to the awareness pertaining to the repercussion of meat consumption, the population of Europe is also considering the nutritive meat substitutes. 

  • Millennial Mindset Leading to Meat Alternatives 

    In recent times, millennials are largely concerned about their health. Therefore, they are inclining towards a healthy eating pattern. Change in consumers’ preference is significantly reshaping the food & beverage industry, and subsequently fueling the demand for meat substitutes. Due to these factors, most of the teenagers are showing interest in plant-based meat alternatives.

  • Gradual Shift Away from Meat Products

    As per the Weforum report, worldwide food systems will need to fulfill the dietary demands of more than 10 billion people. It will be difficult to fulfill the needs of this population, especially when people in North America and Europe have heavy meat requirements. However, recent aversion of consumer towards meat products amid the rise of vegan culture is highly likely to push demand for meat alternatives.

  • Awareness About High Environment Impact of Meat Industry

    Growing awareness regarding the impact of meat on the environment is leading to changing dietary patterns of consumers. This has led to surge in the demand for meat alternatives. Moreover, governments of various countries are developing Sustainable Development Goals (SDGs) in collaboration with the United Nations, which will gradually influence growth prospects of the meat alternatives market.

Meat Alternatives Market Structure Analysis

  • Start-ups and mid-sized market players are highly benefiting from the growing demand for meat substitutes.
  • In June 2019, Beyond Meant, Inc., introduced a new product- Beyond Beef, an alternative to meat.
  • In October 2018, Atlantic Natural Foods LLC launched TUNO, a new plant-based seafood alternative.

Report Metric

Details

Base Year

2019

Forecast Period

2019-2029

Market value in 2019

US$ 5 Bn

CAGR over 2019-2029

12%

Segments Covered

Source, Nature, Application, Product, Distribution Channel, Storage

Growth Drivers

North America & Europe

  • Overcoming aversion to insect protein
  • Growing demand for plant-based products

APEJ

  • Large number of vegetarian consumers
  • Rising popularity of vegan culture

Latin America & MEA

  • Rising awareness of meat substitute products

Key Company Covered

Agrana, AGT Food & Ingredients, Inc., Amy’s Kitchen Inc., Axiom Foods Inc., and Beyond Meat Inc.

Plant-based Protein Holds Dominance with 90% Share

Despite the increasing interest in insect protein and cultured meat among consumers, these markets are will need more than a decade to become fully commercialized. Thus, plant-based protein which has low production cost, high market penetration and better innovation has become highly attractive. Soy, wheat and pea protein make up to 95% of the plant-based proteins in the meat alternatives market. The demand for faba, lentil, chia, and corn is expected to increase at a high rate even though they have a smaller market share compared to the other segments.

Consumers are Overcoming the Yuck Factor in Insect Protein to Adapting Its Taste

Insect protein is gaining traction as meat alternative due to the high protein content. It is more sustainable compared to other animal meats that we consume. The consumption of insect protein has been high in Latin America, Asia, and Africa. According to the study, in the U.S. and Europe, the insect protein market is gaining considerable traction. Consumers in Europe and North America, are most likely expected to overcome the aversion to insect protein, which could positively impact the market’s expansion. The uses of insect proteins have been expanding in the meat alternatives market as they are incorporated in a variety of products such as bars, cereals, snacks, flour, etc. Bugsolutely Ltd. has introduced a pasta that has 80% wheat flour and 20% cricket flour.

* This data is only a representation. Actual data may vary and will be available in report.

Consumers are Overcoming the Yuck Factor in Insect Protein to Adapting Its Taste
Consumers are Overcoming the Yuck Factor in Insect Protein to Adapting Its Taste
Consumers are Overcoming the Yuck Factor in Insect Protein to Adapting Its Taste
Consumers are Overcoming the Yuck Factor in Insect Protein to Adapting Its Taste
  • 2014
  • 2018
  • 2022
  • 2029
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Millennials Have Become the Change Makers in Meat Alternatives Market

Millenials have become more concerned about their health, hence they are in favour of maintaining a healthy eating pattern. The changing consumer preference is reshaping the food and beverages industry, subsequently fuelling the demand for meat alternatives, especially the plant-based ones. These products are trending among Gen Z and millennial who are more inclined to make healthier food choices. Spurred by this, the demand for clean label products will rise, which in turn will create growth opportunities for the meat alternatives market.

Plant-based Protein holds leading revenue share

Insect Protein to showcase noteworthy CAGR

How Growth will Unfold

Technological innovations have changed the dynamics of the meat alternatives market as the development of cultured meat, mycoprotein, and impossible burgers could not have been possible otherwise. Meat alternatives that were previously available did not taste or look like meat as the name suggests. But the research and development carried out in the meat alternatives market have increased the number of product launches and have led to the launch of innovative products. For example, Impossible Foods is producing a bleeding burger by using genetically modified yeast to produce heme, a protein that mimics the flavour of the meat.

Plant-based Protein By Product, 2019

* This data is only a representation. Actual data may vary and will be available in report.

Click Here To Know How The Growth Will Unfold

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Overview

Meat Alternatives Market: Global Industry Analysis 2014-2018 & Opportunity Assessment 2019-2029

A recent market study published by Future Market Insights on the meat alternatives market offers global industry analysis for 2014-2018 & opportunity assessment for 2019-2029. The study offers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on the historical, as well as current growth parameters, the growth prospects of the market are obtained with maximum precision.

Meat Alternatives Market Taxonomy

The global meat alternatives market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.

Product Type

  • Seitan or Wheat gluten
  • Tofu
  • Tempeh
  • Textured Vegetable Protein
  • Quorn
  • Risofu
  • Algae/ Mycoprotein
  • Insects
  • Fermented proteins
  • Cultured or ‘clean’ meat
  • Fish Protein
  • Others (Yaso, Nato and Miso)

Nature

  • Organic
  • Conventional

Source

  • Plant-based Protein
    • Soy-Based 
    • Wheat-Based 
    • Pea-Based
    • Canola- Based
    • Faba Bean- Based
    • Potato- Based
    • Rice- Based Lentil- Based
    • Flax- Based Chia- Based
    • Corn- Based
  • Insect Protein
  • Mycoprotein

Storage

  • Refrigerated
  • Frozen
  • Shelf-Stable

Distribution Channel

  • B2B
  • Retail
    • Hypermarkets/Supermarkets
    • Convenience Stores
    • Specialty Stores
    • Independent Small Groceries
    • Wholesalers
    • Online Retail
    • Other Retail Formats
  • HoReCa (Food service Sector)

End Use Application

  • B2B 
    • Bakery & Confectionery
    • Protein and Nutritional Bars
    • Breakfast Cereals
    • Functional Beverages
    • Dairy Alternatives
    • Dietary Supplements
    • Sports Nutrition
    • Infant Nutrition
    • Meat Additives, Analogs & Substitutes
    • Dressings, Sauces & Spreads
    • Pharmaceutical Products
    • Personal Care Products
    • Animal Nutrition and Animal Feed
    • Aquaculture
  • B2C

What's Included

The executive summary of the meat alternatives market includes the market country analysis, proprietary wheel of fortune, demand-side and supply-side trends, opportunity assessment, and recommendations on the global meat alternatives market.

Readers can find the detailed segmentation and definition of the meat alternatives market in this chapter, which will help them understand basic information about the meat alternatives market. This section also highlights the inclusions and exclusions, which help the reader understand the scope of the meat alternatives market report.

The associated industry assessment of the meat alternatives market is carried out in this section. The macroeconomic factors affecting growth of the meat alternatives market are provided in this section and the impact of these macroeconomic indicators on the meat alternatives market is analyzed. The processing overview and technological advancements in the meat alternatives market is also provided.

Profit margins at each level of the meat alternatives market are analyzed and readers can find detailed information on top importers and exporters as well as the value chain of the market.

The drivers and restraints impacting the growth of the meat alternatives market are explained in this chapter. Opportunities and ongoing trends in the meat alternatives market are also comprehensively discussed.

This chapter includes detailed analysis of the historical meat alternatives market (2014-2018), along with an opportunity analysis for the forecast period (2019-2029). Readers can also find the absolute $ opportunity for the current year (2019 – 2020) and incremental opportunity for the forecast period (2019–2029).

Based on product type, the meat alternatives market is segmented into seitan or wheat gluten, tofu, tempeh, textured vegetable protein, quorn, risofu, algae/ mycoprotein, insects, fermented proteins (casein and whey), cultured or ‘clean’ meat, fish protein and others (yaso, nato and miso). this section also offers market attractiveness analysis based on product type.

Based on nature, the meat alternatives market is segmented into organic and conventional. In this chapter, readers can find information about key trends and developments in the meat alternatives market and market attractiveness analysis based on nature.

Based on source, the meat alternatives market is segmented into soy-based protein, wheat-based protein, pea-based protein, canola- based protein, fava bean- based protein, potato- based protein, rice- based protein, lentil- based protein, flax- based protein, chia- based protein, corn- based protein and mycoprotein. this section also offers market attractiveness analysis based on source.

This chapter provides details about the meat alternatives market on the basis of storage, and has been classified into refrigerated, frozen and shelf-stable. In this chapter, readers can understand market attractive analysis based on storage.

This chapter provides details about the meat alternatives market on the basis of distribution channel, and has been classified into B2B, B2C and HoReCa (Food Service Sector). In this chapter, readers can understand market attractive analysis based on distribution channel.

This chapter provides details about the meat alternatives market on the basis of end use application, and has been classified into B2B and B2C. The B2B segment is further segmented into bakery & confectionery, protein and nutritional bars, breakfast cereals, functional beverages, dairy alternatives, dietary supplements, sports nutrition, infant nutrition, meat additives, analogs & substitutes, dressings, sauces & spreads, pharmaceutical products, personal care products, animal nutrition and animal feed and aquaculture. In this chapter, readers can understand market attractive analysis based on end use application.

This chapter explains how the Meat Alternatives market is anticipated to grow across various geographic regions such as North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East and Africa.

This chapter includes a detailed analysis of the growth of the meat alternatives market in the North America region, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find regional trends, regulations, and market growth based on end users and countries in the North America region.

Readers can find detailed information about several factors, such as the pricing analysis and regional trends, which are impacting growth of the meat alternatives market in the Latin America region. This chapter also includes growth prospects of the Meat Alternatives market in leading LATAM countries such as Brazil, Mexico, Argentina, Chile and the Rest of Latin America.

Important growth prospects of the meat alternatives market based on its end users in several countries such as EU-4, U.K, BENELUX, NORDIC, Russia, Poland, Greece, and Rest of Europe are included in this chapter.

Important growth prospects of the meat alternatives market based on its end users in several countries such as India, Thailand, Indonesia, Malaysia, Singapore, and rest of South Asia are included in this chapter.

This chapter includes a detailed analysis of the growth of the Meat Alternatives market in the East Asia region, along with a country-wise assessment that includes, china, Japan, and South Korea. Readers can also find regional trends, regulations, and market growth based on end users and countries in the East Asia region.

This chapter offers insights into how the meat alternatives market is expected to grow in Oceania regions, along with a country-wise assessment that includes Australia and New Zealand during the forecast period of 2019-2029.

This chapter offers insights into how the meat alternatives market is expected to grow in major countries in the MEA region such as GCC Countries, Turkey, South Africa, and the Rest of MEA, during the forecast period 2019-2029.

In this chapter, readers can find detailed information about tier analysis and market concentration of the key players in the meat alternatives market along with their market presence analysis by region and product portfolio.

In this chapter, readers can find a comprehensive list of leading manufacturers in the meat alternatives market, along with detailed information about each company, which includes company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are Archer Daniels Midland Company, Cargill Inc., Ingredion Inc., CHS Inc., AGRANA Beteiligungs-AG, Glanbia plc, Roquette Frères, Wilmar International Ltd.,  MGP Ingredients, Gushen Biotechnology Group Co., Ltd. among others.

This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the meat alternatives report.

This chapter helps readers understand the research methodology followed to obtain various conclusions, as well as important qualitative and quantitative information, on the meat alternatives market.

How the research was conducted?

Primary Research

  • C - Level Executives
  • Marketing Directors
  • Sales Heads
  • Production Managers
  • Distributors Heads
  • Sales Executives
  • Product Manufacturers
  • Distributors
  • Traders 
  • Industry Experts
  • End Users
  • Current Market Dynamics and Challenges
  • Market Characteristics
  • Market Performance and Growth Quadrants
  • Competition Structure and Market Structure
  • Strategic Growth Initiatives
  • Near-term and Long-term Market Growth Prospects
  • Market Segment Splits and Authenticity
  • Opinions on Market Projections and Validity Of Assumptions

Secondary Research

  • Industry Publications
    • Industrial Week
    • Industrial Product Review
    • Industrial Magazine
  • Industry Associations
    • Dieticians Association
    • Food and Agriculture Organization
    • American Dairy Association
  • Company Press Releases
  • Annual Reports and Investor Presentations
  • Research Papers
  • Government Websites and Publications
  • Trade Websites

Primary Interview Splits

Primary Interview Splits meat alternatives market designation

Primary Interview Splits meat alternatives market stakeholder

To Learn More About our Comprehensive Perspective on Meat Alternatives Market,

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Harish Tiwari

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