Worldwide, many consumers continue to focus on healthy and nutritious food products. Across the globe, consumers are demanding more wholesome and nutritious products. Further diseases associated with meat and meat products have impacted the nutritional and culinary preferences of population towards consuming meat products, especially those food products containing red meat. On the contrary, the demand for meat substitutes such as tofu, RTC/RTE, natto, tempeh, and others is increasing at a steady pace for the past few years. Tempeh is a soy-based fermented product which offers various health benefits and fills the diet gaps by providing essential elements that nourish human body.

Meat alternatives are high in demand, with regards to continued focus on health and wellness/good-for-you products. There is no indication that the consumers will refrain from meat any time soon. However, consumers are adopting a back-to-basics mind-set, focusing on simple ingredients and fewer processed foods. Controlling dietary consumption is regarded as a method of flexibility. Apart from health-associated factors, sustainability and considerations are also impelling this movement, especially amongst the women. There is increase in the demand for meat substitutes mainly due to increasing health concerns such as diabetes and obesity.

Intake of meat substitutes including tofu, RTC/RTE, natto, tempeh, and others, is largely pragmatic among population preferring a vegan diet as these products are rich in protein and calcium. For meeting these increasing demand, companies are focusing on investment in research and development to expand their product portfolio by launching variety of meat alternative products for catering to different taste preferences.

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According to the report by Transparency Market Research, the global meat alternative market is projected to expand at a CAGR of 6.1% during the period of forecast, 2018-2026.

The companies are adopting strategies such as collaborations and partnerships with a view to develop product portfolio. Few of the key players profiled in this research study include Turtle Island Foods, Inc., Nutrisoy Pty Ltd, Pinnacle Foods, Inc., Amy's Kitchen Inc., Atlantic Natural Foods, LLC, Impossible Foods Inc., The Hain Celestial Group, Inc., Beyond Meat Inc., Pacific Foods of Oregon, Inc., Monde Nissin Corporation, Kellogg Company, Fry Group Foods (Pty) Ltd., Nasoya Foods, Inc., Hügli Holding AG, Sweet Earth, Inc., VBites Food ltd., The Kraft Heinz Company, Schouten Europe B.V., Lightlife Foods Inc. and Taifun-Tofu GmbH.

Growth of Frozen Food Market

The global economy has grown rapidly with evolution of tourism sector, growth of hotels, restaurants and hospitality services. The notion of frozen food has taken-up rapid pace, with consciousness regarding various benefits of frozen food prompting their consumption on a large scale. In addition, nutritional value provided by frozen food is relatively higher than fresh food, as freezing of food items prevents the loss of essential proteins and vitamins during their transport or storage. Frozen meat alternative category is gaining momentous traction in the global meat alternative market, although refrigerated meat alternative is anticipated to grow at significant rate. Frozen tempeh is expected to witness revenue generation of over US$ 45 Bn by the end of the forecast period.

Sale of Meat Alternatives to Increase with Increasing Hotels, Restaurants and Cafes

Hotels, restaurants and institutional catering companies are all major players in the foodservice sector, with restaurants serving as the primary purchasers of meat alternative products. In order to meet demand of dynamic consumer groups, meat alternative products with a wide range of quality and prices are offered by key companies. Growth of HoReCa sector has emerged as one of the key factor driving growth of the meat alternative consumption globally. Growth of the HoReCa industry has always been linked to the prospects of the tourism industry and tourism is the foremost demand driver for increasing food consumption of a wide variety of food products.

Changing Dietary Pattern Leading to Increasing Demand for Meat Alternatives

Cutting off meat completely from the diet is difficult for many consumers, hence, flexitarianism is regarded as an achievable dietary change for many, rather than going completely vegan or vegetarian. Flexitarian is a portmanteau of flexible vegetarianism and encompassed individuals whose protein intake is dependent on sustainable sources like plant-based foods, and drastically reduce the consumption of meat in their diet. This trend is being backed by many food giants, which collectively supports the growth of all meat substitute products such as tofu, tempeh, RTC/RTE, natto, and others. Manufacturers are also striving to develop plant-based food products which offer meat-familiar texture and taste attributes, with the help of advanced food technology. This demonstrates the intensity of consumer demand for plant-based meat substitutes. Another major concern about meat consumption is the carbon footprint and a potential negative change in the climate. All soy-based food production is being closely scrutinized for its carbon emissions, including tempeh and tofu production in Indonesia, so as to compare their sustainable advantages over the meat industry.

This report provides forecast and analysis of the global meat alternatives market. It provides estimated data of 2018, and forecast data up to 2026 in terms of revenue (US$ Mn) and volume (Metric Tons). The report also includes macroeconomic indicators along with an outlook on meat alternatives for global market. It includes drivers and restraints of the global meat alternatives market and their impact on each region during the forecast period. The report also comprises the study of current issues with consumers and opportunities for meat alternatives products. It also includes value chain analysis for meat alternative products.

In order to provide users of this report with comprehensive view of the market, we have included detailed competitiveness analysis and market key players and strategy overview. The dashboard provides detailed comparison of meat alternatives manufacturers on parameters such as total revenue, product offerings, and key strategy. The study encompasses market attractiveness analysis by source, product type, category, distribution channel and region.

The report includes meat alternatives market company profiles and the revenue generated from the companies across North America, Latin America, Europe, APAC and MEA. By source, the global meat alternatives market is segmented as soy-based meat alternatives, wheat-based meat alternatives mycoprotein-based meat alternatives and other sources of meat alternatives. By product type the market is segmented as tofu, tempeh, seitan, RTC/RTE, natto and others. Furthermore, by category, the global meat alternatives market is segmented as frozen and refrigerated. By distribution channel, the market is segmented as plain and herbs & spices. By distribution channel, the market is segmented as direct and indirect. For the calculation of revenue collection of average regional prices were obtained through primary quotes from numerous meat alternatives manufacturers, retailers and distributors. All key end users have been considered and potential applications have been estimated on the basis of secondary sources and feedback from primary respondents. Country demand patterns have been considered while estimating the market for various end users of meat alternatives in the different regions. Top-down approach has been used to estimate the meat alternatives market by countries. Global market numbers by product type has been derived using the bottom-up approach, which is cumulative of each country’s demand. The market has been forecast based on constant currency rates.

A number of primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, and Hoover’s, and company annual reports and publications.

The report provides detailed competitive and company profiles of key participants operating in the global market. Some of the major companies operating in the global Meat alternatives market are Turtle Island Foods, Inc., Nutrisoy Pty Ltd, Pinnacle Foods, Inc., Amy's Kitchen Inc., Atlantic Natural Foods, LLC, Impossible Foods Inc., The Hain Celestial Group, Inc., Beyond Meat Inc., Pacific Foods of Oregon, Inc., Monde Nissin Corporation, Kellogg Company, Fry Group Foods (Pty) Ltd., Nasoya Foods, Inc., Hügli Holding AG, Sweet Earth, Inc., VBites Food ltd., The Kraft Heinz Company, Schouten Europe B.V., Lightlife Foods Inc. and Taifun-Tofu GmbH.

Global Meat Alternatives Market – By Source

  • Soy-based Meat Alternatives
  • Wheat-based Alternatives
  • Mycoprotein-based meat alternatives
  • Other sources of meat alternatives

Global Meat Alternatives Market – By Category

  • Refrigerated
  • Frozen

Global Meat Alternatives Market – By Product Type

  • Tofu
  • Tempeh
  • Seitan
  • RTC/RTE
  • Natto
  • Others

Global Meat Alternatives Market – By Distribution Channel

  • Direct
  • Indirect
    • Modern Groceries
    • Discount Stores
    • Convenience Stores
    • Food & Drink Specialty Stores
    • Traditional Groceries
    • Online Retail

Global Meat Alternatives Market – By Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

Also, another key feature of this report is the analysis of all key segments in terms of absolute dollar. This is traditionally overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the global meat alternatives market.

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