KEY GROWTH INFLUENCERS - MEAT SUBSTITUTES MARKET
- Increasing Demand from Sports Nutrition Industry
A vegan diet fits well into an athlete’s training plan as it tends to be higher in carbohydrates, which is essential for athletes. Vegan sources of protein include quinoa, peanut butter, protein-enriched pasta, brown rice, tofu, soymilk, nuts, tempeh, beans, and peas. Vegan food includes numerous health benefits such as rich in certain nutrients, helps in weight management, protect against certain cancer, lowers risk of heart diseases, reduce pain from arthritis, and many others. Owing to an increase in awareness about the health benefits associated with the consumption of meat substitutes, most athletes are now switching to vegan diets.
- 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.
- 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.
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.
- 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 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.
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