The global meat substitutes market is growing at a sturdy pace in recent times. Use of tofu in a variety of food preparations has created fresh opportunities for growth across the global meat substitutes market. Moreover, growing inclination of the masses towards vegan and vegetarian food habits has also created new growth opportunities. Therefore, the next decade is slated to witness the inflow of voluminous revenues within the global market. Manufacturing of meat substitutes has taken a new turn as food research attracts increased investments. Chefs resort to the use of meat substitutes for guests who prefer distinct tastes in vegan diets.
Meat substitute also called meat analogue, mock meat, faux meat or meat alternatives ahealthy replacement of meat that resemble chemical characteristics and aesthetic qualities such as flavor, taste, appearance and the basic texture of meat. Cashing in on the increasing health consciousness of the people, change in dietary plans, recent outbreak of animal diseases and the need for an alternative to meat due to harmful effects of over-consumption of meat, the meat substitute market is expected to witness substantial growth in this sector. With a strong growth rate, the sector is hoped to thrive across various continents and different categories.
Meat substitute market can be segmented on the basis of type, source, category and region. The type segment of meat consist of tofu and tofu ingredients, Quorn, Seitan, Tempeh, Textured Vegetable Protein (TVP), other soya products (natto, miso and yaso) and others comprising vales, risofu, lupi and pea-protein. On the basis of source, it is categorized into wheat based, soy based, mycroprotien and others (milk and rice based). Segmentation by category comprises refrigerated and frozen. North America, Europe, Asia-Pacific and rest of the world (RoW) comprise the regional segments of the meat substitute market.
Meat has always been a high source of protein since time immemorial, however, it also contains very high level of saturated fats and cholesterol. Regular consumption of meat leads to obesity, contributes to increased risk of cardiovascular diseases, diabetes, atherosclerosis, some forms of cancer (breast cancer and lung cancer) and osteoporosis. With the growing awareness about wellness and health, recent trends show that per-capita consumption of meat particularly high protein red-meat has witnessed a decline especially in the developed countries over the years.Some meat producing companies in Germany who have been traditionally associated with meat production are now venturing into the market of meat substitute production. Apart from rising health awareness, innovative and attractive products launches by key players of this sector and engaging marketing and brand positioning strategies are driving the market. Growing concern over animal welfare and enhanced understanding of the impact of meat industry on the environment are also driving the global meat substitute market.
The need to diversify the meat production has led to the production of low-cholesterol meat products, lean meats and these pose a threat to the sector.Steady demand of poultry meat especially chicken also poses a challenge to the industry. Besides, fluctuating price of the raw materials pose a challenge to the industry. Many people have soy allergies and intolerance of gluten
The US has the largest market of meat substitutes currently, followed by Europe and then by Asia-pacific region.Asia pacific region is also expected to witness the fastest growth in this sector during the forecast period. With the strong economic growth in of China, Japan and India and growing middle-class population, the demand for meat substitutes is expected to rise during the forecast period of 2016 to 2024. There is also a growing demand for soy-free and glutten free meat in Europe and Asia Pacific. A new dietary guideline issued by the Chinese government, as recommended by the Chinese health ministry which aims to reduce meat consumption of China by half in another decade and a half, suggests people to consume 40 to 75 grams of meat per day.
The key players in the meat substitute industry constitute Amy’s Kitchen (US based), Meatless B.V. (The Netherlands), Quorn Foods (U.K.), Sonic Biochem Extractions Limited (India), Ahimsa Food (India), Beyond Meat (US), Cauldron Foods (U.K.) among others. Beyond Meat provides its customers an array of completely plant-based meat substitutes, while Amy’s Kitchen has varieties of fresh and unfamiliar snacks and meals.
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