Report Ocean has recently published the “Meat Substitutes Market” Research Report 2023-2030, offering a comprehensive analysis of the market. This report delves deep into the market dynamics, including key trends, upcoming technologies, drivers, challenges, and regulatory policies. It also features company profiles and strategies of prominent players in the industry. With over 100+ market data tables, pie charts, graphs, and figures, this global market study provides a thorough understanding of the market landscape. It presents a complete assessment, encompassing future trends, current growth factors, informed opinions, factual insights, and industry-validated market data, enabling accurate forecasts until 2030.
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The global meat substitutes market is projected to expand at a CAGR of 7.4% during the forecast period (2018-2023) and is expected to be worth USD 6.1 billion by 2023.
Rising health issues (which includes obesity and diabetes) owing to the excess consumption of meat products, and increasing awareness of environmental impact caused by rearing of animals (for meat consumption) are major factors driving the consumers to shift towards meat substitutes. The emerging trend in the meat substitutes market includes diversification of raw materials used in the making of alternative meat products, primarily shifting from soy and wheat, to recognizable, clean-label ingredients, and high quality protein, which appeals to non-vegans and non-vegetarians.
Segmentation based on product type
The different product types offered in the meat substitutes market include tofu and tofu-based products, tempeh, seitan, textured vegetable protein (TVP) and quorn. The tofu and tofu-based food contributed the largest market share of 43% in 2018, due to its ease of availability, and high nutritional value. Seitan is projected to show the highest CAGR of 8.3% during 2018-2023, as it is steadily gaining popularity in the form of vegan comfort food, and is also being used in junk food like burger, pizza, fake fried chicken, and kebabs. Due to its versatile nature, it is abundantly available in restaurants in Europe and the US.
Segmentation based on source type
The different types of sources from which the meat substitute products are derived include soy, wheat and mycoprotein. The soy segment contributed the largest market share of 48% in 2018, owing to the awareness of its high protein content and various health benefits associated with it. Wheat is expected to expand at a CAGR of 7.7% during 2018-2023, as wheat gluten is a key ingredient for the preparation of seitan and it also provides high content of minerals, vitamin B, and zinc, which is essential for a meat substitute product. The mycoprotein segment is expected to expand at the CAGR of 7.8% during 2018-2023, as mycoprotein is associated with numerous health benefits such as stable blood pressure, improved digestive system, and lower cholesterol.
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Regional insights
The meat substitutes market in Europe is expected to expand at the highest CAGR of 9.3% during the 2018-2023 period, as this market is driven by the rise in health-conscious consumers due to the growing incidences of diseases and conditions such as diabetes, high-blood pressure, and constipation coupled with the trend of flexitarian lifestyle that has been fueling the market for meat substitutes. The North American meat substitutes market is expected to expand at a CAGR of 5.9% during the forecast period, which is driven by the presence of innovative startups like Meatless B.V, Beyond Meat, and Next Level Burgers that offer a wide range of alternatives to meat, and satiate the taste buds of not only vegan consumers, but to non-vegetarians as well.
In 2018, the Asia-Pacific region which contributed USD 0.8 Bn in the total meat substitutes market, is driven by industrial growth and improvements in the food industry, providing new opportunities for the meat substitutes market in this region. In Europe, the contribution of new product launches from the meat substitutes category increased from 9% in 2013 to 11% in 2018 (Jan-Sep). This trend was also seen across the globe with new product launches increasing from 6% to 14%.
Companies covered
- Amys Kitchen
- VBites
- Monde Nissin Corporation
- Beyond Meat
- Impossible Foods
- Sunfed
- Next Level Burgers
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
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The report addresses the following key questions regarding the Meat Substitutes market:
- What is the expected growth rate of the market in the upcoming years and what factors are driving this growth?
- How do consumers perceive and adopt different types of Meat Substitutes in the market?
- How are regulatory policies and government initiatives impacting the growth of the Meat Substitutes market?
- What is the market share of the top 5 players in the Meat Substitutes market and how is it likely to change in the future?
- What are the latest technologies and innovations in the Meat Substitutes market and how are they shaping the industry landscape?
- How do macroeconomic factors such as inflation, GDP, and exchange rates affect the Meat Substitutes market?
- What are the challenges related to the supply chain and logistics that Meat Substitutes market players face and how are they addressing them?
- How is the changing consumer behavior and preferences influencing the dynamics of the Meat Substitutes market?
- What are the potential risks and uncertainties associated with investing in the Meat Substitutes market, and how can they be mitigated?
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Meat Substitutes market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Meat Substitutes market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Meat Substitutes market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Meat Substitutes business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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