The global meat substitutes market was valued at USD 3.20 billion in 2013, and it is estimated reach USD 5.81 billion by 2022, with a CAGR of about 7.4%. Meat is an excellent source of protein, but it also contains large quantities of saturated fats and cholesterol. People consuming meat on a daily basis are more prone to health related problems such as atherosclerosis and obesity. Increasing consciousness about personal health and shift in dietary preference towards vegan diet are expected to propel the meat substitutes market over the upcoming period. The rise in demand for a healthy source of proteins and plant-based nutrients is the primary driving force of the market.
Growing health problems such as high blood pressure, heart disease, asthma, diabetes and increasing number of people suffering from obesity all around the globe have led to more and more number of individuals becoming health conscious. The increasing health concerns about consumption of meat coupled with several animal disease outbreaks in the recent past are the significant factors stimulating the growth of the global market. In the developing regions such as Latin America and Asia Pacific increasing standard of living due to the rising disposable income have propelled the meat substitute consumption. However, per-capita consumption of meat has experienced a decline, especially in developed regions of the world in the recent past.
Food products which have similar nutrients, taste, and texture of meat, are gaining popularity among consumers. Moreover, growing consciousness towards the advantages of a vegan diet such as improved cardiovascular health, lower heart problems, reduced diabetes & obesity, lower cholesterol risk are projected to impact the global meat substitute market positively. Despite number of benefits of the product over the traditional meat, the absence of consumer awareness and usage of GMO seeds for making the product are the major obstacles for the global meat substitutes market. Furthermore, availability of various low fat – low cholesterol alternatives, higher cost and various health concerns such as soy allergy and intolerance from gluten are expected to pose a threat to the global market.
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Raw Material Insights:
Meat substitutes are mainly composed of ingredients such as wheat, soy, and others. Soy-based products are amongst the most popular ones and dominate the raw material segment; Soy products accounts for nearly four-fifth of the global market. The regional market such as North America and Latin America is expected to impact positively on growing soy production in these regions. The global soy production is dominated by countries such as Brazil, Argentina, and U.S. which serve half of the global soy demand.
Asia Pacific, Middle East, and Europe are inclined towards wheat production. Increasing disposable income and standard of living in the emerging economies such as India and China, Asia Pacific region is projected to experience the fastest growth during the forecast period.
Tofu, seitan, tempeh, TVP, Quorn, and other soy based and tofu-based products are the superior meat substitutes. Soy, mycoprotein, and wheat based are the main ingredients for this product. Textured vegetable protein (TVP) leads the global consumption market followed by tofu based products among all the other products. Other products occupy smaller sections of the markets.
Research and development activities are being carried out to develop cheaper but excellent substitutes giving plenty of growth opportunities for the industry players. So as to commercialize the products, high costs are spent on R&D activities which are expected to hamper the market development.
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In the past few years, Europe dominated the global meat substitute market followed by North America and Asia Pacific. Increasing soy production in the United States is projected to drive the regional market. Moreover, growing population in the developing regions of the world coupled with rising convenience food demand is expected to further expand the meat substitute market in the upcoming seven years.
The emerging areas provide ample opportunities for the current as well as new market players of the industry. Diverse regions account for availability of different raw materials such as North America is considered for soy-based production and regions like Europe and Asia Pacific are considered for wheat-based production. Such type of scenario is likely to provide significant growth to the particular regional markets.
Key industry players are investing in research and development activities to manufacture superior quality products as well as increase their product portfolio. Archer Daniels Midland produces TVP and dominates the global market accounting for more than half the market share. Partnerships and collaborations are the major strategies adopted by leading companies to stronghold their product offerings in the industry. Major market participants include Vbites foo Ltd., Morning Star Farms, MGP Ingredients Inc., Quorn Foods, Meatless B.V, Garden Protein Internationals Inc., Amy’s Kitchen Inc., Cauldron Foods UK and Beyond Meat.
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/food
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