Global Meat Substitutes Market is mainly driven by increasing health awareness among the consumer along with rising preferences of vegetarian diet. Increase in number of incidences of various animal diseases and their impact on human health by consumption of the diseased meat products is supporting the market growth. Growing concerns about environment has created renewed interest in vegetable protein foods in world which is driving the sales of meat substitutes products. Many people especially in developing countries are including meat substitutes as a part of their healthy diet, as they provide source of vegetarian protein, vitamins and minerals without the high saturated fat and cholesterol of meat products.
These factors will play a key role to grow meat substitutes market at CAGR of 4% during forecast period.
Key Players and Competitive Analysis-
The major key players in meat substitutes market are Beyond Meat (U.S.), Garden Protein International, Inc. (Canada), Amy’s Kitchen Inc. (U.S.), Quorn Foods (U.K.), MGP Ingredients Inc. (U.S.), Sonic Biochem Extractions Limited (India), Meatless B.V. (Netherlands) and Cauldron Foods (U.K.).
Companies such as Amy’s Kitchen offer a huge range of innovative vegan meals and snacks. Beyond Meat, a leading player in meat substitutes market offers highly innovative substitutes of chicken, pork, turkey and beef.
- Soy is most popular meat substitutes followed by wheat and mycoprotein.
- The demand for gluten-free and soy free meat substitutes is increasing is developed countries.
Global Meat Substitutes Market is growing as a result of health benefits associated with meat substitutes which content high protein. The meat substitutes market is highly driven by demand for healthy and diversified foods. There are opportunities for expansion of organized retail sector and innovation in product offerings. Changing perceptions for meat substitutes among various consumer groups is motivating meat substitute’s manufacturers to develop products according to their preferences.
Study Objectives of Meat Substitutes Market
- Detailed analysis of the market segments and sub-segments
- To estimate and forecast market size by type, source, category and region
- To analyze the key driving forces influencing the market
- Region level market analysis and market projections for North America, Europe, Asia, and Rest of the World (ROW) and their countries
- Value chain analysis & supply chain analysis
- Company profiling of major players in the market
- Competitive strategy analysis, mapping of key stakeholders in the market
- Analysis of historical market trends, and technologies, and current government regulatory requirements
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Downstream Market Analysis-
Soy-based meat substitutes are most widely used meat substitutes worldwide due to large availability of raw material. The use of this soy protein as a functional ingredient is increasing in the food industry. Soy is used as a source of protein in various meat substitutes such as tofu, tempeh, miso, textured vegetable protein (TVP), and other tofu ingredients. Most of the food products, marketed as meat substitutes are either frozen, refrigerated or shelf-stable. Products offered by leading meat substitutes companies mainly belong to frozen food category.
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