Meat Substitutes Market
Meat substitutes are the products that have all the properties of meat like meat flavor, appearance, taste and health benefits just like meat. There are a number of products that are used as meat substitutes. Tofu is one of the meat substitutes that are being widely used all over the world. Major constituents of these meat substitutes are wheat, soya etc.
Global Meat Substitutes Market – Drivers and Constraints
Health issues like cardiac, asthma, obesity, hypertension etc, decreasing per capita income in developed countries, growing health concern of the population across the world, and inclination of the population towards vegetarian food are likely to drive growth for the meat substitutes market in the projected period.
On contrary, availability of alternate meat products like lean meat and meat with low cholesterol etc will continue to limit the growth for the meat substitutes market.
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Meat Substitutes Market – Market Segmentation
The meat substitutes market can be segmented on the basis of product type, source, and regions.
On the basis of the product type, the meat substitutes market can be segmented as below:-
• Tofu
• Textured vegetable protein
• Tempeh
• Soy products
• Quorn
• Seitan
• Others
On the basis of the source, the meat substitute market can be segmented as below:-
• Wheat-based
• Soy-based
• Mycoprotein meat substitutes
• Others
Analysis of the Meat Substitutes Market based on Geography
On the basis of the geographical regions, the meat substitutes market can be divided into five important regions. They are:-
• North America
• Latin America
• Europe
• Asia-Pacific
• Middle East and Africa
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Europe is likely to have the largest market share of the meat substitutes market. North America is likely to be the second largest market. Main driving force in these regions is growing concern of the population towards health and a change in food preference.
Asia-Pacific is also likely to show a significant growth in the forecasted period mainly due to factors like – economically growing middle class, increase in disposable income, and growing health concern among people in countries like India, China, South Korea, New Zealand etc.
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Meat Substitutes Market – Key Players
Few key players in the meat substitutes market are listed below:-
• Beyond Meat (U.S.)
• Amy’s Kitchen (U.S.)
• Cauldron Foods (U.K.)
• Meatless B.V. (The Netherlands)
• Garden Protein International, Inc. (Canada)
• Sonic Biochem Extractions Limited (India)
• Quorn Foods (U.K.)
• Morningstar Farms (U.S.)
• Vbites Food, Ltd. (U.K.)
• MGP Ingredients (U.S.)
The meat substitutes market is not very competitive as there are fewer players in the market but entry of a new player is difficult due to alternative meat market. Players are adopting strategies like intense R & D, new product launches and joint collaborations in order to grow in the market.
Developments in the Meat Substitutes Market
• September, 2017 – Introduction of new range of refrigerated products by Quorn Foods in USA.
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