Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Meat Substitute Market – Insights
Meat substitute also called as meat analogue is a meatless food that has similar appearance, taste, and texture as food made from meat, fish, and poultry. It is majorly made from non-meat ingredients and sometimes without using dairy products. The meat substitutes serve to vegetarian population, as they do not prefer meat consumption due to health, animals or environmental concern. Various health benefits associated with meat substitute such as aid in weight loss, preservation of bones, and maintaining normal blood sugar are some of the factors fueling growth of the meat substitute market.
Meat substitutes such as plant-based meat substitutes are not suitable for everyone and especially to gluten intolerant or sensitive individuals. Such allergy may lead to increased intestinal permeability and gut inflammation, which is major factor hindering the meat substitute market growth.
Figure 1. Global Meat Substitute Market Share (%), By Source, 2017
Source: Coherent Market Insights, 2017-18
The global meat substitute market was valued at US$ 3.9 billion in 2016, and is expected to expand at a CAGR of 7.6% in terms of revenue, during 2018– 2025. Meat substitutes are healthy, cholesterol free, low cost, and have meat-like texture, color, and taste along with long shelf life, which is driving growth of the global meat substitutes market.
Among product type, tofu segment accounted for the highest market share in 2017. Tofu, originated in China about 2000 years ago, is efficient source of protein and contains all eight essential amino acids. Notable health benefits of tofu include low cholesterol levels, maintaining cardiovascular health, preventing osteoporosis, and ease menopause symptoms.
Among source, the soy-based segment is expected to account for a significant revenue share during the forecast period, owing to increasing consumption of soybean due to its nutritional contents, as it is a source of calcium and linoleic acid. For instance, according to the U.S. International Trade Administration (ITA), in Mexico, the total soybean domestic consumption was 4,446 thousands of metric tons in 2015, and reached up to 4,700 thousands of metric tons in 2016.
Figure 2. Global Meat Substitute Market Share (%), By Region, 2017
Source: Coherent Market Insights, 2017-18
Europe accounted for the largest revenue share of 33% in the global meat substitute market in 2017, and is expected to maintain its dominance over the forecast period. This is attributed to increasing awareness about health benefits of the meat substitutes. Meat substitutes such as tempeh which is a high source of calcium, vitamins, minerals and antioxidants that help to lower cholesterol levels thus people prefer meat substitutes.
North America is expected to account for fastest growing market share in the global meat substitute market, in terms of revenue over the forecast period. This is attributed to increasing consumer preference for meat substitutes and decreasing consumption of meat, owing to rising concern regarding animal welfare among consumers. According to the United States Department of Agriculture, in 2014, the aggregate poultry, red meat, fish, edible basis fell to 181 pounds per person since 1983. Furthermore, market players are focused on new product launches for gaining the demand for meat substitutes in the region. For instance, in July 2018, Beyond Meat launched new types of plant-based meat burgers that are similar to meat-based burgers in taste, appearance, and smell. Such R&D activities by key players is boosting growth of the market.
Key players are focusing on adopting various organic and inorganic growth strategies such as mergers and acquisitions, joint ventures and partnerships, and product or technological innovations to retain position in the global meat substitute market. For instance, in February 2017, Quorn Foods and Shakey’s Pizza Restaurant, partnered to introduce meat free pizza made from mycoprotein.
Major Players in the Global Meat Substitute Market
Some of the key players operating in the global meat substitute market include DowDuPont Inc., Archer Daniels Midland Company, Amy’s Kitchen Inc., MGP Ingredients, Inc., Beyond Meat Inc., Sonic Biochem Extractions Ltd., VBites Foods Limited, The Nisshin OilliO Group, Ltd. Garden Protein International, MorningStar Farms, and Meatless BV.