iCrowdNewswire Mar 2, 2021 9:40 AM ET
According to the latest report by IMARC Group, titled “Meat Substitutes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global meat substitutes market size reached US$ 4.9 Billion in 2019. Meat substitutes are meat alternatives that are manufactured using grain and plant-based sources to replicate the taste, texture and appearance of meat products. Also known as mock meat, they are vegan or vegetarian products that are widely replacing pork, beef, chicken, fish and other kinds of seafood in various dishes. Often made from soybean, peas and tofu, they are rich in proteins, calcium and fiber, which has led to their widespread preference among individuals who prefer to avoid the consumption of meat due to personal beliefs and preferences. Apart from this, these products are lower in fat and calories as compared to meat products. Consequently, their consumption is widely associated with reducing cholesterol levels, regulating blood sugar levels and improving digestion.
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Global Meat Substitutes Market Trends:
The global market is primarily driven by the growing awareness among masses regarding the benefits of meat substitutes. The increasing prevalence of lifestyle diseases has led the majority of the population to make a shift from fat-rich meat products to vegan and vegetarian alternatives, which offer numerous health benefits while providing the body with essential nutrients. Moreover, the emerging trend of veganism on the global level, especially in developed countries, along with shifting dietary preferences and inflating disposable income levels, is providing a thrust to the market growth. Numerous awareness campaigns organized by animal welfare organizations regarding the adverse effects of high levels of meat consumption are further creating a positive outlook for the market. Various nutritionists and climate activists are also promoting the adoption of a meat-free diet to avoid the strain caused on the environment by the rising meat consumption. Furthermore, enhanced focus toward sustainable development among the masses has contributed to the uptake of meat substitutes. Numerous fast food giants, such as McDonald’s and Burger King, have launched plant-based burgers in the market to promote the adoption of a sustainable diet, which is bolstering the market growth. Some of the other factors contributing to the market growth include the advent of certified organic meat substitutes and the expansion of organized as well as the online retail sector. On account of the aforementioned factors, the market is expected to reach a value of US$ 7.6 Billion, growing at a CAGR of 7.7% during 2020-2025.
- On the basis of the type, the market has been divided into tofu and tofu ingredients, tempeh, textured vegetable protein (TVP), seitan, Quorn and others.
- Based on the source, soy holds the dominant share in the market. Other major segments include wheat and microprotein.
- On the basis of the category, the market has been classified into frozen, refrigerated and shelf-stable products, wherein frozen meat substitutes represent the most preferred segment.
- Based on the distribution channel, the market has been segregated into supermarkets and hypermarkets, health food stores, convenience stores and others.
- On the geographical front, Europe holds the leading position in the market. Other major regions include Asia Pacific, North America, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined with the detailed profiles of the key players operating in the market. Some of these players include Nisshin OilliO Group, Ltd., DuPont de Nemours, Inc., Archer Daniels Midland Company, Amy’s Kitchen, Inc., Conagra Brands, Inc., Quorn Foods (Marlow Foods Limited), Cauldron Foods, Campbell Soup Company, VBites Foods Limited, Blue Chip Group, Inc., Field Roast, Conagra Brands, Inc., Lightlife Foods, Inc., Nestlé SA, MGP, Tofurky Company, Inc, Meatless Farm Ltd. and Sonic Biochem Limited.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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