Global Meat Substitutes Market
Meat substitutes are vegan food ingredients that are used in different applications to provide similar functionality such as taste, texture and other characteristics in place of meat. These substitutes are used in the production of vegan meat or meat alternative products. These ingredients individually are known to provide different characteristics and features to the food product they are used in developing.
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The main factors behind the growth of the market are:
- Health benefits of meat substitutes: Similar to that of meat, meat substitutes provide their own unique benefits which are equally effective to that of meat and meat-based products. To put into perspective, the assumption that vegan foods or a vegetarian diet limits the consumption of necessary nutrients is false. The requirement of necessary nutrients can be achieved with just a vegan diet that is systemized and planned as per the requirements of each individual. This has resulted in greater adoption of meat substitutes due to their benefits and with very little negative effects on the health of individuals
- Rising health concerns due to increasing obesity levels: Although, the consumption of meat provides its benefits such as higher protein intake, greater energy levels and various other benefits; one of the major concerns with their intake is the negative effects it has on the weight of individuals essentially resulting in greater incidences of obesity in population. This rising incidence of obesity is set to be a major factor for the growth of meat substitutes as they are a healthier alternative to meats providing similar benefits with reduced chances of obesity in the consumer
The market is segmented on the basis of category as frozen, refrigerated, shelf-stable; type as tofu & tofu ingredients, tempeh, textured vegetable protein, other soy products, seitan, quorn, others; source is segmented into soy, wheat, mycoprotein among others.
Some of the recent market developments are as follows:
- In June 2019, Tyson Foods announced the launch of the company’s first plant-based protein brand by the name of “Raised & Rooted” consisting of nuggets having a similar taste to that of chicken and blended burger products consisting of beef. The product range is set to be a healthier alternative to the products they are substituting for. This brand has been launched to compete with “Beyond Meat” brand and its product offerings available in the market. This launch is also launched to meet the growing demands for meat substitute products for various consumers
- In June 2019, Beyond Meat announced the launch of an upgraded meatier version of their plant-based burger. This upgraded version includes a combination of proteins and amino acids that can be defined as a complete protein alternative. With this combination, there are also certain modifications to the texture and taste of the burger. The products will be available in all of the major retail stores throughout United States, although the price has not been quoted for the product
“According to Data Bridge Market Research, global meat substitutes market is growing at a substantial CAGR of 6.85% during the forecast period of 2018 to 2025”
Some of the major players operating in the market are Amy's Kitchen, Archer Daniels Midland, Beyond Meat, Blue Chip Group, DuPont, The Nisshin Ollio Group, Sonic Biochem Limited, MGP Ingredients, Garden Protein International, Quorn Foods, KELLOGG NA CO., The Monday Campaigns, Inc, Field Roast, Gardein, MorningStar Farms, The Kraft Heinz Company, LIGHTLIFE FOODS, Cauldron Foods, Sweet Earth Foods, Tofurky and VBites among others.
Still, a very young market with vast potential for growth due to the widespread availability of consumers, potential for growth of technologies as well as the availability of an ever-growing consumer base. Majority of the population are shifting their preferences from meat consumption to meat substitutes due to their preference of leading a healthier lifestyle. This represents that with innovations in the product range and solutions for the market players, their products will be widely accepted as the currently available range of products are very limited.