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Meat Substitutes Market By Type (Textured Vegetable Protein (TVP), Quorn, Pea Protein, Tofu, Tempeh, Seitan, Other Meat Substitutes), By Source (Soy-Based Meat Substitutes, Wheat-Based Meat Substitutes, Mycoprotein Meat Substitutes, Other Sources Of Meat Substitutes) - Growth, Future Prospects & Competitive Analysis, 2017 – 2025

Meat substitutes are food products that resemble meat in texture, taste, and protein qualities. Meat substitutes are made up of plant protein ingredients, which therefore contain no meat. The global market for meat substitutes was valued at USD 3.84 billion in 2016. The meat substitute market is mainly driven by increasing health consciousness, a shift in consumer preference towards natural plant proteins, rising meat prices, and increasing demand from general middle-class consumers. Meat substitutes are part of the free-from trend, which is driven by health concerns and the health and wellness trend. The growing global population is also a significant driver of the market. As per the U.N. projections, the global population will reach 8.9 billion people by 2050, increasing by 47% since 2000. In view of the current trend, alternative sources of protein have become an important factor in sustainable development. Meat substitutes are gaining popularity across the globe among vegetarians as well as non-vegetarians and flexitarians -- people who want to shift their diets toward consuming less meat. Moreover, the manufacturers of meat substitute products target non-vegetarians specifically because this consumer group is interested in purchasing healthy foods that resemble the flavors and textures of meat. Since meat causes various diseases, vegetarian options are becoming more popular. The meat substitute market has been segmented on the basis of type, source, and region.

Textured vegetable proteins accounted for approximately 40% of the market's revenue share by type in 2016 and are anticipated to maintain their dominance throughout the forecast period of 2017 to 2025. However, pea protein is projected to grow at a robust rate of around 8.5% during the forecast period of 2017 to 2025.

In terms of source, soy-based meat substitutes held the largest share in terms of value in 2016. It is also projected to grow at a decent rate during the forecast period of 2017 to 2025. Availability of raw materials, changing consumer preference toward plant-sourced meat substitutes, and the lower extraction cost of soy-based meat substitutes are expected to drive segment growth over the forecast period.

In 2016, the meat substitutes market by region was dominated by Europe, which accounted for more than 35% of the market share. Europe was followed by North America and the Asia-Pacific region. The U.K. is the largest national market for meat substitutes. An increasing number of vegetarians coupled with the flexitarianism trend in the U.K. is projected to propel the demand for meat substitutes in the region. The U.K. is also projected to see the fastest growth during the forecast period, with a CAGR of around 8.5% between 2017 and 2025.

The meat substitute market is highly fragmented, with the majority of the companies being small to medium-sized companies. Major players operating in the market are Amy's Kitchen, Pinnacle Foods, Archer Daniels Midland Company, MGP Ingredients, Blue Chip Group, Monde Nissin, Kellogg Company, Hain Celestial, and Beyond Meat, among others.

The global market for meat substitutes is segmented into the following categories:

By Type

  • Textured vegetable protein (TVP)
  • Quorn
  • Pea protein
  • Tofu
  • Tempeh
  • Seitan
  • Other meat substitutes

By Source

  • Soy-Based Meat Substitutes
  • Wheat-Based Meat Substitutes
  • mycoprotein meat substitutes
  • Other Sources of Meat Substitutes

By Geography

  • North America
  • U.S.
  • Canada
  • Europe
  • U.K.
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe
  • Asia Pacific
  • China
  • India
  • ASEAN
  • ANZ
  • Rest of Asia Pacific
  • Latin America
  • Brazil
  • Mexico
  • rest of Latin America
  • Middle East and Africa
  • GCC
  • Rest of the Middle East and Africa

For the purpose of this study, the global market for meat substitutes by type is categorized into:

  • Textured vegetable protein
  • Quorn
  • Seitan
  • Tofu
  • Pea protein
  • Tempeh
  • Other meat substitutes

Textured vegetable protein is estimated to account for approximately 40% of the meat substitute market in 2016 and is expected to maintain its dominance during the forecasted period. The low cost of TVP, coupled with its availability in different forms, is expected to drive the overall market globally. TVP is officially recognized by USAID as a product that can be used as a source of protein in cases of food insecurity. TVP finds its application in the production of a wide range of products, such as stews, spaghetti, pizza toppings, vegetarian burgers, sausages, meatballs, and other types of food.

TVP was followed by tofu and seitan in 2016. Factors such as health benefits, being cheaper than meat, environmental benefits, and so on are expected to fuel segment market growth during the forecast period. Tofu is gaining traction around the world owing to its nutritional qualities, as its high protein and low-fat content make it a preferred alternative to meat. Shifting consumer interest toward plant-based proteins is also a major aspect bolstering market growth. Other meat substitutes include quinoa seeds, lentils, beans, etc.

For the purpose of this study, the global market for meat substitutes by source is categorized into:

  • Soy-based meat substitutes
  • Wheat-based meat substitutes
  • Mycoprotein meat substitutes
  • Other sources of meat substitutes

Soy-based meat substitutes accounted for a significant market share of the meat substitutes market in 2016 and are expected to maintain their dominance during the forecasted period. Manufacturers are focusing on offering new and innovative alternatives that are sourced from plants, hence fueling demand for meat substitutes. Significant investment in technology, innovation, and cropland for plant-based meat alternative production is expected to boost the overall market's growth, for example. AURI.org collaborated with the Minnesota Soybean Research & Promotion Council to develop a soybean-based product similar to meat that can also be mixed into meat products at various levels. Change in consumption patterns and lifestyle, coupled with increasing demand for high-nutrition and healthy foods, is expected to drive the global meat substitutes market.

Soy-based meat substitutes were followed by wheat-based meat substitutes in 2016. Wheat gluten is also a rich source of protein and is suitable for the production of meat substitutes. Moreover, the amount of protein in wheat gluten is similar to that in beef. Thus, gluten-based products are a good alternative to animal proteins. Other sources include rice- and milk-based meat substitutes.

 Frequently Asked Questions:

The market for Meat Substitutes Market is expected to reach US$ 3.84 Bn in 2025.

he Meat Substitutes Market is expected to see significant CAGR growth over the coming years,at XX%.

The report is forecasted from 2017-2025.

The base year of this report is 2016.

Competitive Dashboard,MGP Ingredients,Monde Nissin, Kellogg Company,Hain Celestial are some of the major players in the global market.

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Godaddy
Published Date:  Jan 2018
Category:  Food & Beverage
Report ID:   58180
Report Format:   PDF
Pages:   120
Rating:    4.2 (40)
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