Meat Substitutes Market Outlook
The rise in production of processed meats has given rise to new sicknesses. Meat substitutes or meat alternatives are foods that imitate the flavor and texture of meats. Laws that restrict the consumption of meat in some religions have given the production of meat alternatives a boost. The global meat substitutes market report by Market Research Future (MRFR) encompasses a list of trends, drivers, restraints, and opportunities proving to be a valuable read for investors.
As per MRFR, the global the meat substitutes market Share analysis is predicted to grow at USD 8,800 Million by the end of the year 2027. Further, the Market is projected to hold a CAGR of 7.0% during the forecast period of 2020 to 2027. Nowadays, meat substitutes are going mainstream steadily due to the decreasing demand for Meat among some specific group of people in the globe. Recently, the global food sectors have been actively looking forward to the expansion of the meat substitute category by monitoring and developing new initiatives. Hence, the investment has increased in meat substitute products in the ongoing period.
New product launches and extended offerings by meat analog manufacturers to reach a wide consumer base are expected to spur market growth. Rising sentiment and sympathy towards animals and increasing activism are predicted to work favorably for the meat substitutes market.
However, the high price of vegan foods compared to other foods can impede the market.
Covid-19 Impact analysis
As per the Market Forecast report, the global market has been impacted because of the ongoing global pandemic. During the covid-19 period, the value chain and the supply chain were disrupted. This has resulted in the loss of investments and production. In addition, the meat substitutes market has faced a shortage of raw materials, productions, and workforce.
In the later period, the market has engaged its new strategies and safety measures to combat the coronavirus outbreak. In the current period, the global market is accounted to hold the significant Meat Substitutes Market Share in the research period.
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The meat substitutes market is segmented by product type, source, category, and distribution channel.
By type, it is segmented into tofu & tofu products, tempeh, textured vegetable protein (TVP), seitan, Quorn, other soy-based products, and other meat substitute products. The textured vegetable protein segment was the largest in 2017 and will retain its top position in the coming years. Its derivation from soy combined with its popularity among vegans can drive the segment growth. On the other hand, seitan is presumed to exhibit a 6.87% CAGR during the forecast period.
By source, it is segmented into mycoprotein, wheat, soy, and others. The soy segment is anticipated to grow at a robust rate during the forecast timespan. Health benefits such as reduction of obesity due to consumption and application in snacks are likely to boost the segment valuation.
By category, it is segmented into ambient, refrigerated, and frozen. The frozen segment holds close to 50% market share and will continue to dominate till the end of the forecast period. This can be attributed to the availability of frozen vegan products. On the flip side, the refrigerated segment can showcase the fastest growth rate till 2023 due to new launches by companies.
By distribution channel, it is segmented into store-based and non-store-based. The store-based channel holds a share above 70% currently. This can be attributed to retail stores and hypermarket chains keeping vegan products in stock for customers. On the other hand, the non-store-based segment can showcase a 7.36% CAGR till 2023 due to the convenience offered by e-commerce stores.
Asia Pacific (APAC), Latin America, the Middle East & Africa (MEA), North America, and Europe are regions covered in the global meat substitutes market report.
North America and Europe are major regions of the global plant-based meat substitutes market. The former can contribute to market revenue by offering a plethora of meat substitutes and the decision of consumers to shift to veganism to reduce obesity levels. Awareness created via advertisements and posters can induce market demand in the region. The latter can exhibit a strong growth rate due to the rise of veganism and the large consumer population’s awareness of meat substitutes.
On the other hand, the APAC region can display a 7% CAGR during the assessment period due to a large vegetarian population, rise in purchasing power, and urbanization.
Surfed, Ltd., AMY's Kitchen, Inc., Beyond Meat, Quorn Foods, Inc, VBites Foods, Ltd., Blue Chip Group, Garden Protein International, Inc., Schouten Europe B.V., MorningStar Farms L.C., and others are some of the major players in the meat substitutes market. Collaborations, mergers, and new product launches engulf the market landscape.
NOTE: Our Team of Researchers is Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.