Meat Substitutes Market By Source (Soy-based Meat Substitutes, Wheat-based Meat Substitutes, Mycoprotien-based Meat Substitutes), Category (Refrigerated, Frozen), Product (Tofu, Tempeh, Seitan, RTC/RTE, Natto), Distribution Channel (Direct, Indirect) & Region - Forecast to 2019 - 2029
Meat Substitutes Market - Analysis, Outlook, Growth, Trends, Forecasts
- November 2019
- 244 pages
- Food and Beverage
Meat Substitutes Market Overview
[244 Pages Report] The Meat Substitutes Market is valued at US$ 5.3 Billion in 2021. The market is likely to grow at a CAGR of 5.6% through 2026, reaching US$ 7 Billion.
India takes the top rank, with veganism accounting for 27% of the population.
Among the category type items, frozen meat replacements account for the lion's share of the market through 2026.
- The Game Changers, a new pro-vegan documentary, dismisses myths on the necessity of meat consumption to ensure best athletic performance. This has led to many players and celebrities switching to vegan diets
- Increasing Inclination Towards Healthier Meat Substitutes
Rise in consumption of fast food has led to an alarming rate of obesity. Developed countries like the U.S., France, the U.K., and others are facing obesity as one of the chronic disorders affecting their population.
Regulatory bodies in these countries are taking measures to make improvements in the food industry, particularly regarding nutritional content in processed meat products. Meat substitutes are widely preferred over conventional meat options, as they increase protein content in food, without increasing cholesterol levels. Obesity is anticipated to become an epidemic and an enormous challenge to the public health sector, as it is witnessing a sharp increase and affecting most of the population from infants to adults.
- Google Trends show that a remarkable global rise in the interest in veganism has been witnessed from 2004 to 2018. Top regions include Australia, Israel, Austria, Canada, and New Zealand. Seven percent or about 3.5 million people now identify as vegan in Great Britain. Although the U.K. and the U.S. round out the top 3 vegan countries by %, the first spot is taken by India with veganism covering 27% of the population.
- Ethical Consumerism Augmenting Uptake of Meat Substitutes
Internet and smartphone proliferation has elevated consumer awareness regarding how their consumption patterns impact the environment. Animal cruelty and health issues largely influence buying decisions of consumers, especially in developed regions such as North America and Europe. This has resulted in a sudden and excessive demand in the organic and natural products sector.
Other such consumer attitudes, such as protesting animal cruelty, reducing carbon emissions, and the conservation of water (a large quantity of water is utilized for meat production/processing), which will culminate in a high consumption of meat substitutes in the foreseeable. Besides, a spurt in population growth is also likely to create the need for substitute foods.
- Reinforced Supply Chain in Developed Regions
The trend for better substitutes for dairy and meat is currently gaining momentum in the Western and North American markets. Hence, a large number of meat substitutes are expected to be developed in this region over the forecast period. The market is expected to witness a cultural exchange as Asia is expected to maintain its dominance for meat substitutes, which originate from Western cultures, while consumers from the West may explore traditional Asian meat substitutes, such as tofu, while exploring new variants in meat substitutes.
Meat Substitutes Market Outlook
The meat substitutes market is showing a strong growth rate as there is a shift in the consumption pattern. Increasing awareness towards clean eating and growing inclination towards plant-based food is likely to contribute to the growth of the meat substitutes market during the forecast period.
In addition, in March 2018, Forbes found that nearly 70% of the world’s population is cutting down on its meat consumption. Researchers have found that high consumption of red meat leads to colorectal cancer. Such findings have been influential in driving the shift from meat to meat substitutes.
Efforts are even made by manufacturers to attract the attention of gym-goers individuals, who swear by protein for maintaining their health. As a result, manufacturers of meat substitutes are adding more nutritional values and proteins to their products to attract the attention of health-conscious cohorts.
During the pandemic, several fake claims regarding the spread of COVID-19 from animal to person were made, which decreased the demand for meat products. As a result, manufacturers of the meat substitutes were and are able to capitalize on the opportunity to position their products as safe for consumption.
On the flip side, several fitness forums offer an oppositional reading that the meat substitutes are disrupting the food chain. Such influences might influence the growth of the meat substitutes market during the forecast period.
Acquisitions and innovation are the basis of survival in the meat substitutes market. For instance, in March 2018, Kerry Group entered into the meat substitutes market through the acquisition of Ojah that innovates textured-meat alternatives.
Post COVID-19 prospect for meat substitutes market seems favourable, as effective brand positioning and availability of contact-free products through online distribution channels have garnered popularity among millennial populace.
MEAT SUBSTITUTES MARKET STRUCTURE ANALYSIS
- The global meat substitutes market is growing, with a lot of local and regional players dominating the market.
- Manufacturers are turning their focus towards the development and production of laboratory cultured (grown) meat and 3D printed meat in an attempt to offer products which are produced with consideration towards animal wellbeing.
- A considerable number of new market entrants, particularly in the plant-based meat sector, are operating through acquisitions of small- or medium-sized meat substitute businesses that have an established position in regional or domestic markets.
- In developed regions, trademark holders are aggressively expanding their portfolios to include meat substitutes. Around 75% of the Vegan Trademark business originates from Germany having the most Trademark holders, followed by Italy & Spain. Vegan Trademark covers 53 countries around the world.
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Meat Substitutes Market - Report Scope
Historical Data Available for
US$ for Value and Volume
Key Regions Covered
North America, Latin America, Europe, China, APAC, and Middle East & Africa (MEA)
Key Countries Covered
U.S, Canada, Mexico, Brazil, Argentina, rest of Latin America, EU5, Nordic, Russia, Poland, Rest of Europe, China, Japan, India, Australia, New Zealand, Rest of APAC, GCC, North Africa, Rest of MEA, & South Africa
Key Segments Covered
Distribution Channel, Product, Category, Source
Key Companies Profiled
Market Overview, Key Market Trends, Key Success Factors, Demand Analysis, Market Background, COVID-19 Analysis, Segmental Analysis, Regional Profiling, Market Structure & Competition Analysis
Customization & Pricing
Meat Substitutes Market: Segmentation
The global meat substitutes market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
- Soy-based Meat Substitutes
- Wheat-based Meat Substitutes
- Mycoprotien-based Meat Substitutes
- Other sources of Meat Substitutes
- Modern Groceries
- Discount Stores
- Convenience Stores
- Food & Drink Specialty Stores
- Traditional Groceries
- Online Retail
- North America
- Latin America