Meat Substitutes Market Outline
Meat substitutes are the products which resemble the actual meat in flavor, taste and appearance and healthier as compared to the original meat. Many products are being used as the substitutes for the regular meat and meat products. These meat substitutes are composed of various ingredients like wheat, soy and others. Tofu is one of the most popular substitutes of meat which is widely used across the globe. Increase in prevalence rate of obesity across the globe and growing health problems like cardiac issues, hypertension, asthma and others are the major factors that are driving the growth of the market. Declining per capita consumption of meat especially in developed economies in recent years owing to growing health concerns is expected to create demand for the market. High nutritional food products and similar taste to meat are witnessed to gain traction towards the market. However, alternatives such as lean meats and low cholesterol meat available in the market are the few restrains for the growth of the market.
Increasing awareness regarding health among the consumers coupled with dramatic changes in preferences towards vegetarian diet is anticipated to fuel the market. Soy is the vital raw material for production of meat substitutes. Meat substitutes market is moderately competitive due to the presence of limited number of companies but it is very difficult to the new entrants due to various alternatives in meat industry rather than the meat substitutes. Companies are being focused on the new product launches such as novel textures, taste, organic and non-GMA products, collaborations, robust investment in R&D are expected to create new avenues for the market over the forecast period.
The Meat Substitutes Market is classified on the basis of source, type and geographical regions.
Based on source,
- Mycoprotein meat substitutes
Based on type, This market is segmented as
- Textured vegetable protein
- Soy products
Geographically Meat Substitutes Market is segmented as Latin America, North America, Asia-Pacific, The Middle East & Africa and Europe. Europe is the largest market followed by North America owing to the rise in awareness among the people. Asia Pacific is expected to hold a significant position during the forecast period due to the rise in disposable income of developing countries, growing middle class population, and growing awareness regarding health especially in the countries like India, New Zealand, China, South Korea and Australia.
Some of the players in Meat Substitutes Market Beyond Meat (U.S.), Amy’s Kitchen (U.S.), Cauldron Foods (U.K.), Meatless B.V. (The Netherlands), Garden Protein International, Inc. (Canada), Sonic Biochem Extractions Limited (India), Quorn Foods (U.K.), Morningstar Farms (U.S.), Vbites Food, Ltd. (U.K.), MGP Ingredients (U.S.).
In September 2017, Quorn Foods, a producer of meat substitutes has introduced its new range of innovative refrigerated products in US
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2015-2019) and forecast (2020-2026)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key marketdevelopments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market