The global meat substitute market was valued at US$ 3.9 billion in 2016, and is expected to reach US$ 6.5 billion by 2025, witnessing a CAGR of 7.6% over the forecast period (2018 - 2025), according to Meat Substitute Market Report, by Product Type (Tofu, Quorn, Tempeh, Seitan, Soy Protein, Textured Vegetable Protein, Mushrooms, and Others), by Source (Soy, Cereal, Mycoprotein and Others), by Category (Frozen, Refrigerated, and Shelf-stable), by Distribution Channel (Online Stores and Offline Stores), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa), published by Coherent Market Insights.
Increasing health awareness among consumers regarding meat adulteration and environmental or ethical concerns related to meat consumption are major factors expected to drive growth of the meat substitute market growth. Consumers are changing their dietary pattern in order to exclude meat protein and include plant-based protein. These products help consumer with daily protein supply required for better health.
Moreover, meat substitutes help to reduce the calorie intake by 20%, which helps to reduce weight. The meat substitute reduce risk of heart disease, cancer, lower blood cholesterol, and increase bone mass. Adulteration and infection in meat can cause brain disorder, diarrhea, abdominal cramps, muscle pain, and fever. Therefore, increasing prevalence of such diseases associated with meat consumption is projected to boost growth of meat substitute market over the forecast period.
However, consumption of meat substitute results in adverse allergic reactions such as vomiting, nausea, and diarrhea, which is hindering growth of the market. According to the Center for Science in the Public Interest (CSPI), in December 2015, in the U.K., the percentage of consumers sensitive to mycoprotein meat substitute is greater as compared to that of the percentage sensitive to milk, soy, peanuts, and other food allergens. Furthermore, CSPI began collecting reports from affected consumers and nearly 1,692 people reported gastrointestinal reactions such as vomiting, nausea, cramping or diarrhea.
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Browse 150 market data tables* and 90 figures* on "Meat Substitute Market” - Global forecast to 2025.
Key Trends and Analysis of the Meat Substitutes Market:
Among category, refrigerated segment is expected to exhibit significant growth in the meat substitute market over the forecast period. This is attributed to increasing number of key players launching products in this segment that is a healthier option to full meat products. For instance, in September 2017, Quorn Foods, Inc.—a subsidiary of Monde Nissin Corporation—introduced a line of refrigerated products, which are meat and soy free, made with Quorn’s proprietary ingredient mycoprotein.
Among distribution channel, online stores segment is significantly gaining traction, and is expected to exhibit high growth over the forecast period. This is attributed to online stores offering a wide range of products through a single website and option such as free delivery and various discounts. According to Coherent Market Insights, the global online retail segment was valued at US$ 2,171.22 billion in 2016, and is expected to reach US$ 9,572.96 billion by 2025.
Key Takeaways of the Market:
Asia Pacific is expected to witness significant growth in global meat substitute market over the forecast period, owing to increasing number of key players focusing on expanding their presence in this region due to high consumer base. For instance, companies are focusing on mergers and acquisitions, in order to expand their market presence in the region. In November 2015, Monde Nissin Corp., a local food group acquired Quorn Foods, a U.K.-based manufacturer of meat substitute to boost the company’s sales and expand their presence globally. With this acquisition, Monde Nissin Corp. launched Quorn, in Thailand, in March 2017 to provide health conscious Thai consumers a nutritious, delicious, and sustainable meat alternative.
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.
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