Market Research Report
Global Meat Substitutes Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||389926|
|Published||Content info||154 Pages
Delivery time: 2-3 business days
|Global Meat Substitutes Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: April 1, 2019||Content info: 154 Pages||
The meat substitutes market (henceforth, referred to as the market studied) recorded a revenue of USD 4,223.45 million in 2018 and is expected to reach USD 6,590.38 million by 2024, registering a CAGR of 7.9%, during the forecast period (2019-2024). Rising consumer awareness on negative health effects, associated with the consumption of meat, is leading to a shift toward a vegan diet. This is most likely to contribute to the evolution of meat substitutes, globally. Additionally, the benefits of cholesterol-free protein, with meat-like texture, are one of those key factors promoting the growth of meat substitute products. High processing cost involved in the production of meat substitutes, as compared to natural meat, has led to a high price of meat substitute products, like Tofu, Tempeh, and other protein alternatives, and this is expected to hinder the market growth, especially in countries, like India, Brazil, Mexico, etc. For meat substitutes, like Tempeh, Tofu, and Seitan, which originated from Asian countries, like Indonesia, China, and Japan, respectively, the market recorded a high penetration rate in the Asia-Pacific region. The market is highly dominated by soy-based meat substitutes, followed by wheat-based.
The meat substitutes market consists of a wide variety of products, prepared from ingredients derived from plant-based and other organic sources.
The market for meat-based proteins recorded high demand, globally, in the past decade, with most of the population in Europe and North America highly dependent on the meat products for necessary, daily protein intake. Though meat proteins provide the required content of amino acid for the body, they are highly associated with cholesterol content, which proved to be a leading cause for serious health issues. This became the primary reason for an increase in the demand for plant-based protein food, especially in developed countries, like the United States, Germany, France, and the United Kingdom. With modified technologies, the companies are targeting consumers, by coming up with innovative products with similar properties as real meat. These meat substitutes are made with a combination of soy, wheat, and pea protein to attain the desired structure. With the adoption of western cuisine, the countries in Asia are also shifting toward meat substitutes, which is expected to drive the market. Australia and China are the two major countries that are rapidly shifting toward plant-based proteins.
The market across the United Kingdom is one of the frontrunners in scaling the demand for meat substitutes, where consumer ate approximately 4.4. billion meat-free dinners in 2018, according to statistics shared by supermarket sales. Apart from meat-free products, consumers were also inclined toward purchasing free-from products, such as gluten-free. Some of the key factors facilitating the demand for meat substitutes include health consciousness, ethics related to safeguarding the environment, and surging cost of meat, motivating consumers to seek alternative sources. The shift toward consumption of meat alternatives is largely driven by the growing millennial, where the demographics at most, consider in understanding the food source, animal welfare issues, and impact on the environment while making decisions related to purchasing.
Meat substitutes market is highly fragmented, due to the presence of numerous small players. Key players, like Kellogg's, Conagra Brands Inc., and The Campbell Soup Company, entered the market, by acquiring small meat substitute companies. In 2017, Campbell Soup Company acquired the Pacific Foods of Oregon LLC for USD 700 million. This acquisition is expected to help in strengthening Campbell's health and well-being portfolio in the growing natural and organic category. In the North American region, other small players, like Amy's Kitchen Inc., Beyond Meat Inc., and Impossible Foods Inc., are focusing on gaining significant market shares in the meat substitutes market. In Europe, sales volume of companies, such as Quorn, Vivera, Beyond Meat, and Schouten have been increasing, since the past few years, owing to the high demand for meat substitute products.
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