Substitute Meat Market to Witness over X.X% Growth ‘in Revenue During the COVID-19 Pandemic
A meat substitute or meat analogue, approximates certain aesthetic major qualities such as texture, appearance and flavour or chemical characteristics of a specific meat. The main source of meat substitutes are soybeans (such as tofu and tempeh), gluten, or peas etc.
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Increasing obesity and diabetes worldwide due to consumption of meat has result in rising health concern contributing in the growth of the market. In addition, meat substitute product has advantages of weight loss and general wellbeing. Furthermore, demand for meat substitutes by consumers is growing, it a also helps manufacturer innovate and develop product lines for meat substitutes, that also work as a driving force for the global substitute meat market.
By type, the market is segmented into segments such as tofu & tofu ingredients, tempeh, textured vegetable protein, other soy products (miso, yaso, and nattô), seitan, quorn and other meat substitutes (risofu, valess, lupine, and pea protein). The tofu & tofu ingredients segment projected for the largest share of the meat substitutes market in 2018. Meat substitutes such as tempeh and tofu are rich in proteins and minerals, since they are derived from soy; moreover, they have become a popular meat alternative among vegetarians and vegan consumers for their health benefits. On the basis of category, market is dividing into frozen, refrigerated and shelf-stable. Among these, frozen meat substitute products are leading the market. The key driver of the segment is growing demand for convenience foods with rising income levels of consumers. On the basis of source, the global market is categorised into Soy, Wheat, Mycoprotein and Others (rice, peas, pulses, and milk). Soy-based meat substitute products projected for the largest market share. This is because soy protein is a cost-effective and reliable substitute for meat and has the highest amount of protein as compared to other meat substitutes. Soy-based meat substitutes have the ability to be produced so as to mimic the organoleptic characteristics of meat products. Soy burgers, soy turkey, soy bacon, soy chicken, and soy hot dogs are a few popular soy-based food products.
Europe is the largest market of substitute meat market. The major driver of the region is presence of large-scale meat substitute manufacturers such as Quorn Foods (UK) and Meatless (Netherlands) in the region. The rising number of new modified meat-free product launches by manufacturers such low-fat and fortified snack with meat substitutes act as catalysts for the growth of meat substitutes market. Further, Strong demand in the European market is expected to boost the market growth over the forecast period. Demand of substitute meat in emerging economies such as China, India, Brazil, and Argentina is also anticipating to grow with increasing disposable income.
The key market players that are profiled in the report include ADM (US), The Nisshin OilliO Group (Japan), DuPont (US), Sonic Biochem Limited (India), Garden Protein International (Canada), MGP Ingredients (US), Beyond Meat (US), Quorn Foods (UK), Amy’s Kitchen (US), MorningStar Farms (US), Meatless (Netherlands), and VBites (UK).
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The substitute meat market has been segmented as follows:
Global Substitute Meat Market, by Category
Global Substitute Meat Market, by Type
- Tofu & tofu ingredients
- Textured vegetable protein
- Other soy products (miso, yaso, and nattô)
- Other meat substitutes (risofu, valess, lupine, and pea protein)
Global Substitute Meat Market, by Source
- Others (rice, peas, pulses, and milk)
Global Substitute Meat Market, by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
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