Growing Global Meat Substitute Market led by Tofu, Tempeh and TVP...

Growing Global Meat Substitute Market led by Tofu, Tempeh and TVP Segments

Postado 2023-11-03 12:47:06

The global Meat Substitute market is estimated to be valued at US$ 12.95 billion in 2022 and is expected to exhibit a CAGR of 43.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The global Meat Substitute market consists of plant-based or lab-grown alternatives that mimic the sensory qualities of meat. Products such as tofu, tempeh, and textured vegetable protein (TVP) are popular meat alternatives that are high in protein and low in saturated fat. The growing health consciousness among consumers regarding the consumption of animal meat is driving the demand for meat substitutes.

Market key trends:
One of the key trends witnessed in the meat substitute market is the rise in popularity of mycoprotein. Mycoprotein is a microfungus that is high in protein. Cultured mycoprotein products such as Quorn have gained significant traction in countries such as the UK and U.S. Due to its meat-like texture, Quorn has emerged as a popular substitute for chicken. It has less fat than meat along with nutritional benefits similar to other protein sources such as beans, tofu, etc. Its versatility to be used in a variety of meat dishes makes it appealing for health-conscious flexitarians and vegetarians.

Market Key Trends:
One of the key trends in the meat substitute market is the rising popularity of plant-based meat products. With increasing awareness about health and environmental issues associated with meat consumption, many consumers are switching to meat alternatives. Many plant-based food companies are launching innovative meat substitutes made from wheat, soy, and other plant-based ingredients that closely mimic the texture, taste and appearance of animal meat. They are focusing on improving the flavor and mouthfeel of meat analogs to appeal to both vegetarians as well as meat-eaters.

SWOT Analysis:

Strengths: The meat substitute market offers several healthy and environment-friendly alternatives to animal meat. Plant-based meat substitutes are cholesterol-free and high in nutrients such as vitamins, minerals, and fiber.

Weaknesses: Meat substitutes made from plant-based ingredients are often more expensive than conventional meat. The taste and texture of some vegetarian meat alternatives still lag behind animal meat.

Opportunities: Growing health consciousness and concerns over sustainability are driving demand for meat substitutes. The market presents opportunities for manufacturers to invest in R&D and come up with affordable innovations that appeal to mainstream consumers.

Threats: The meat industry lobby poses regulatory threats by questioning labelling and marketing practices of meat analog companies. Traditional meat processors can launch their own plant-based meat lines to compete with pure plant-based brands.

Key Takeaways:

Global Meat Substitute Market Demand is expected to witness high growth, exhibiting CAGR of 43.6% over the forecast period 2023-2030, due to increasing health consciousness and concerns regarding animal welfare and environment sustainability.

Regionally, North America dominates the global meat substitute market currently. However, Asia Pacific is emerging as the fastest growing regional market with rising meat consumption in China and India coupled with growing vegan trends. Countries like China, Japan, and South Korea are witnessing increased sales of vegetarian meat alternatives.

Key players operating in the Meat Substitute market are DowDuPont Inc., Archer Daniels Midland Company, Amy’s Kitchen Inc., MGP Ingredients, Inc., Beyond Meat Inc., Sonic Biochem Extractions Ltd., VBites Foods Limited, The Nisshin OilliO Group, Ltd. Garden Protein International, MorningStar Farms, and Meatless BV. Prominent brands like Beyond Meat and Impossible Foods are raising funds to expand globally and replicate their success in the burger segment to other vegan meat categories like chicken, pork and seafood.