Meat Substitute Market Is Estimated To Witness High Growth
SWOT Analysis
Strength:
- The meat substitute market has strong growth potential due to rising health consciousness among consumers globally. Many people are avoiding meat consumption to lead healthier lifestyles.
- There is a wide range of product innovation in meat substitutes made from plant-based ingredients like tofu, tempeh, and seitan, which appeals to flexitarian consumers. - Growing vegan and vegetarian demographics is driving the demand for meat substitutes that deliver similar taste and texture as compared to real meat.
Weakness:
- Some meat substitutes made from plant-based ingredients have less protein content than real meat which is a concern. This restricts their appeal among fitness enthusiasts. - High price points of certain meat substitute products compared to regular meat limits their mass adoption.
Opportunity:
- Younger consumers are more passionate about health, sustainability and animal welfare which can boost trial of meat substitutes. - Growing meat export restrictions and self-sufficiency efforts in different countries open potential for alternate proteins like meat substitutes. - Innovations to enhance the taste, mouthfeel and protein content of meat substitutes through new ingredients, formulation and technology will expand their usage occasions and appeal.
Threats:
- Intense competition from startups offering novel plant-based meat substitutes poses threat to existing players. - Negative publicity around processing of some ingredients used in meat substitutes can question their clean label credentials.
Key Takeaways
The Global Meat Substitute Market Size is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing health consciousness. Rising cases of heart disease, diabetes and obesity have driven consumers to cut down on meat intake and adopt healthier alternatives like meat substitutes.
Regional analysis: North America dominates the global meat substitute market currently. However, Asia Pacific is fastest growing market for meat substitutes driven by increasing disposable incomes, growing vegan trends and large health-conscious young population in countries like India and China.
Key players operating in the Meat Substitute market are ADM (US), Ingredion Incorporated (US), DuPont (US), Kerry Group (Ireland), and Roquette Frères (France).
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