Meat substitutes are products that resemble actual meat in terms of taste, flavor, and appearance, and are healthier as compared to meat. Such products are increasingly being used as substitutes for regular meat and meat products. They are primarily composed of ingredients such as soy, wheat, and others. Tofu is the most popular meat substitute, and is widely used as an alternative to pork, chicken, beef, and other meats. Meat substitutes comprise a wide variety of products derived from plant-based and other organic sources. These include products such as tofu; tempeh; textured vegetable protein; Quorn; seitan; and other ingredients such as pea, lentils, and rice. The global meat substitute market size is expected to be valued at $8.1 billion by 2026, registering a CAGR of 7.8% from 2019 to 2026.
Meat serves as an ideal source of protein; however, it contains high amounts of cholesterol and saturated fats. Individuals who consume it on a regular basis are more prone to develop health issues such as obesity and atherosclerosis.
Raw materials used in the preparation of meat substitutes are primarily certified as organic, non-genetically modified (non-GMO), and plant based, containing high concentration of proteins and are low in cholesterol. Meat substitutes prepared from organic pea protein, rice protein, and other such innovative ingredients are anticipated to witness increased demand in developed regions. Moreover, Quorn witnesses rapid adoption among consumers, primarily in North America, Europe, and some parts of Asia-Pacific. The tempeh-based meat substitutes segment garner a relatively smaller portion of the share; however, is projected to grow at a promising rate from 2019 to 2026. Textured vegetable protein and tofu are among the majorly used meat substitutes, and these segments are anticipated to grow at a consistent pace from 2017 to 2026.
The global meat substitute market is segmented into product, source, category, and region. Depending on product, the market is categorized into tofu, tempeh, textured vegetable protein (TVP), Quorn, seitan, and others. By source, it is segregated into soy, wheat, mycoprotein, and others (pea protein, rice protein, and others). Market segmentation based on category includes frozen, refrigerated, and shelf-stable meat substitutes. To gain a comprehensive understanding, the market scenario is analyzed across key regions, including North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the global meat substitute market include Amys Kitchen Inc., Beyond Meat, Cauldron Foods, Garden Protein International, Inc., Meatless B.V., Quorn Foods, Vbites Food, Ltd., Morningstar Farms, MGP Ingredients Inc., and Sonic Biochem Extractions Limited. Other prominent players profiled in the report are ADM, The Nisshin Oillio Group, Meatless, Vbites, Schouten Europe, Memphis Meats, Alpha Foods, Corbion Biotech, Inc., and Famleigh Inc.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides an extensive analysis of the current and emerging market trends and opportunities in the global market.
- The report provides detailed qualitative and quantitative analysis of the current trends and future estimations that help evaluate the prevailing market opportunities.
- A comprehensive analysis of the factors that drive and restrict the growth of the market is provided.
- An extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework.
- The report provides extensive qualitative insights on the potential and niche segments or regions exhibiting favorable growth.
Meat Substitute Market Segments
KEY MARKET SEGMENTS
- Shelf Stable
- North America
o Rest of Europe
o South Korea
o Rest of Asia Pacific
o South Africa
o Rest of LAMEA
Key Market Players of Meat Substitute Market Profiled in the Report
- Amy’s Kitchen
- Beyond Meat
- Cauldron Foods
- Garden Protein International, Inc.
- Meatless B.V.
- Quorn Foods,
- Vbites Food, Ltd.
- Morningstar Farms
- MGP Ingredients
- Sonic Biochem Extractions Limited