Meat Substitutes Market Overview:
Meat substitutes market is gradually becoming mainstream as products under the sector are fast gaining recognition. This has encouraged further investments in the sector that has a broadened the horizon for expansion. The global meat substitutes market is expecting a substantial growth with which it can scale USD 9.25 billion during the forecast period (2018-2023), reveals Market Research Future (MRFR) in a well-analyzed study that includes drivers such as shifting consumer trends, innovation in meat substitutes, new product launches, and growing tendency to become vegan. These factors have led many food brands in channelizing their efforts towards research & development, and these substitutes go in sync with the idea of food sustainability which can be considered essential for the global market growth.
However, consumer’s growing preference for gluten-free products can be set back for seitan, and other wheat-based substitutes which can hold back the regular growth of the meat substitutes market during the forecast period.
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Meat Substitutes Market Player:
Significant meat substitutes market player are AMY’s Kitchen, Inc., Beyond Meat, Quorn Foods, Inc, Garden Protein International, Inc., Blue Chip Group, MorningStar Farms L.C., VBites Foods, Ltd., Schouten Europe B.V., Sunfed, Ltd., and others.
Market Insight:
The market is heavily banking on strategies implemented by major companies. Its rival meat industry has already gained a significant foothold, and in order to crack the former’s base, innovative tactics are needed. For instance, Beyond Meat’s positioning of products in stores to Beyond Burger’s tweaking of the taste. Apart from these, merger, collaboration, acquisition, and other methods play a significant role. Beyond Meat is stepping into the U.K. market by inking a distribution deal with Authentic Food Co. MorningStar Farms L.C., on the other hand, has launched their vegan BBQ Chik’N Nuggets, and their vegan burgers are already a hit.
Industry Trend:
Tesco’s vegan-friendly Beyond Burger is fast-becoming popular as people are now opting more for healthier foods. The company has implemented a strategy in the U.S., where they have placed their product alongside meat products and witnessed a growth in their sales as more people have now realized that sustainable foods are the future. They are now ready to play the same game in Europe.
Beyond Meat is another brand which is successfully promoting their products by adopting a technique of tweaking their product taste a bit on a regular basis.
Segmentation:
The Global Meat Substitutes Market can be segmented by product type, source, category, and distribution channel.
By product type, the meat substitutes market can be segmented into tofu & tofu products, textured vegetable protein, tempeh, other soy-based products, seitan, quorn, and other meat substitute products.
Based on source, the meat substitutes market can be segmented into soy, wheat, mycoprotein, and others.
Based on category, the meat substitutes market includes frozen, refrigerated, and ambient.
Based on distribution channel, the meat substitutes market can be segmented into store-based, and non-store based.
Regional Analysis:
Geographic analysis of the global meat substitutes market includes North America, Europe, Asia Pacific (APAC), Latin America (LATAM), and Middle East & Africa (MEA).
Europe is expected to dominate the market substantially during the forecast period. The region is much concerned about the potential eco-disaster which is why many of the populace has shifted towards sustainable foods and in the process, have given rise to meat substitutes sale.
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North America is also becoming a hotbed for the said market. With many people opting for veganism, the region is witnessing a surge in sales of such products. The APAC market is expected to become the fastest growing region. Changing lifestyle and rise in disposable income are expected to drive the regional market forward.
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