Meat Substitutes Market - Forecast(2021 - 2026)
Meat Substitutes Market Overview:
The United Nations Environment has identified meat as one of the most disquieting concerns for the world to tackle because our use of animals as a food production technology has put the world in a precarious situation, and it can have catastrophic ramifications. This particularly attributes to the destructive impact the animal agriculture has on the environment that exceeds the impact caused by any other technologies. Apparently, meat substitutes are identified as a revolutionary solution that can ameliorate the formidable perils caused by the exuded meat consumption across the globe, which is stroking the meat substitutes market that was valued at around $4.5 billion to $4.8 billion in 2018. Furthermore, the analyst estimates the demand for meat substitutes, globally, to rise with a healthy CAGR of 6.1% to 6.6% during the forecast period of 2019 to 2025.
According to IFIS Food and Health Information, there is a palpable rise in the popularity of meat substitutes in Europe, and the UK meat substitutes market alone was valued to be $749 million in 2017 with a rise of $43 million just in two years[2]. This growth in the sales of meat substitutes largely attributes to the flexitarian movement in the region wherein people are not turning into vegetarians, but owing to the awareness pertaining to the repercussions of meat consumption, they are also considering the alternatives for the nutrition. The research conducted by the market analyst has positioned Europe as the leading region with 33% to 35% meats substitute market share in 2018.
Meat Substitutes Market Outlook:
Meat substitutes are meat analogue or meat alternatives such as falafel, soybeans, legumes, In vitro meat, and soy protein, and they have an appearance of meat and are also comprised of nutrients that are found in meat. These alternatives are used in the form of frozen, refrigerated, and shelf stable food. Their key application is in the form of frozen meat substitutes, and it will grow with a superlative CAGR of 35% to 38% through to 2025, according to the estimation by the market analyst.
“The time-constraint and limited ability to cook food in the millennial generation coupled with the fact that the world is observing an overwhelming amount of food losses has given rise to the trend of frozen food which is reflecting in the perpetually growing frozen meat substitutes market,” comments the market expert in the market research report.
Meat Substitutes Market Growth Drivers:
- The Veganism Wave Mushrooming Across the Globe –
According to the findings of the Food Revolution Network, the Google trends have observed a tangible increase in the number of people showing interest in veganism in 2018 as compared to 2004 with a 600% increase in people identified as vegans in the U.S. in the last three years. Only 1% of the U.S. population was vegan in 2014 that rose to a significant 6% in 2018. Furthermore, in the UK, there is a 350% increase in the number of people identified as vegans. The trend of veganism is gradually proliferating across the globe due to the awareness about the health benefits of the same. Subsequently, this is leading to a gamut of opportunities in the meats substitute market as the consumers are considering diet options that can supplement their nutritional needs.
- The Millennial Mindset Leading to Meat-Free Movement –
The millennial generation is bringing upon a shift in many industries and the food and beverages market is no different, and as a repercussion of this shift, In March 2018, Forbes had documented that 70% of the world population is either reducing meat consumption or shunning from it entirely[3]. This largely attributes to the easy access of health-related information on the digital platforms which have become an integral part of the lives of millennials. There is a myriad of persuasive articles and videos on the Internet that are intended to grow awareness about the impact of meat on the environment and why meat substitutes hold importance in the contemporary world. This is bringing a seismic shift in the mindset of individuals who are shifting to plant-based proteins, and that has a catapulting effect on the meat substitutes market revenues.
- The Rising Global Demand for Meat Substitute in Future –
According to the Weforum, by 2050, the global food systems will need to meet the dietary demands of 10 billion people who will also be wealthier than people today[4]. It would be implausible to suffice the demand for meat for this humongous global population and all the more so when the people in North America and Europe have a heavy meat diet. This will substantially drive the requirement for the meat substitutes in order to meet the growing demand for nutritional supplements of the meat. It’s a major factor which will lead to a thriving meat substitutes market which will observe a plethora of food and beverages giants and emerging players venturing into the meat-free food business.
Meat Substitutes Market Trends:
- In 2017, the UK-based food group named Quron Foods had attributed the growth in meat-free products as the main factor of its revenue.
- In March 2018, Kerry Group ventured in the meat substitutes market by acquiring Ojah – a Dutch company that is an innovator of textured meat alternatives.
Meat Substitutes Market Challenges:
The major challenge in the meat substitutes market is that the awareness about the impact of meat on the environment is increasing at a very gradual pace. Even though a lot of health and fitness forums document the benefits of meat substitutes, some of them offer an oppositional reading. So, a fraction of target customers is dithering to opt for meat substitutes. However, the future demand for meat supplements that are part of the challenges in the sustainable development goals (SDGs) of the United Nations is going to bring more prospects in the meat substitutes market.
Meat Substitutes Market Key Players Perspective:
The report documents the key players crusading for the meat substitutes market share are DM, DuPont, The Nisshin OilliO Group, Sonic Biochem Limited, MGP Ingredients, Garden Protein International, Beyond Meat, Amy's Kitchen, Quorn Foods, and MorningStar Farms.
Meat Substitutes Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the meat substitutes market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of meat substitutes market, and their specific applications as refrigerated meat substitutes and frozen meat substitutes.
Meat Substitutes Market Report: Industry Coverage
The report analyses the product demands by the type of meat substitutes that include tempeh, textured vegetable protein, tofu, seitan, and quorn. The market research report also segments the market on the basis of the source of meat substitutes that include mycoprotein, wheat, and soy.
The meat substitutes market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
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