The increasing health consciousness is leading consumers across the globe to adopt healthier lifestyles; this has been driving the growth of the global meat substitutes market over the past few years. A focus on health and nutrition has encouraged manufacturers to increase the production of meat substitutes. Growing awareness of the health benefits of vegetarianism has led consumers to adopt vegetarian and vegan diets. This is one of the factors leading to increased sales of meat substitute products globally. Quorn Foods Inc. is one of the leading market players in the global meat substitutes market. The company offers a wide range of meat-free frozen food as well as vegan food. The company focuses on product launches and offering a wide range of products to consumers. For instance, it launched three new products, namely Sweet & Smoky Strips, Thai Aromatic Bites, and Buttermilk Bites in April 2018. In July 2017, the company increased its production capacity by investing in a new manufacturing facility in Billingham, the UK.
Although a number of consumers are adopting vegetarianism and veganism, the demand for meat substitutes is restrained due to the lack of awareness about the products and their availability, thus limiting its market appeal; this further restricts the growth of the global meat substitutes market. Furthermore, a weak distribution channel is expected to hamper the growth of the global meat substitutes market during the review period.
Regional Analysis
Based on region, the global meat substitutes market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. Europe is expected to be the largest market during the forecast period. The regional market is estimated to reach USD 3,479.3 million by 2023 registering a CAGR of 6.13%. The rest of Europe is projected to account for the largest European market share of 30.00% in 2018 and remain the largest market in Europe during the forecast period. The growth of the meat substitutes market in Europe can be attributed to factors such as the growing awareness of the health benefits of meat substitute products and increasing inclination toward vegetarian food in the developed nations of Europe. The meat substitutes market in Asia-Pacific is projected to register the highest CAGR of 7.00% to reach USD 1,821.1 million by 2023. China is expected to account for the maximum market share of nearly 31.78% in the Asia-Pacific meat substitutes market in 2018. The market in Australia and New Zealand is projected to register the highest CAGR of 7.51%.
Segmentation
The global meat substitutes market has been segmented, by product type, into tofu and tofu products, textured vegetable protein (TVP), tempeh, other soy-based products, seitan, quorn, and others. The textured vegetable protein segment accounted for the largest market share in 2017 and is expected to remain dominant during the forecast period. By source, the global meat substitutes market has been divided into soy, wheat, mycoprotein, and others. Based on category, the global meat substitutes market has been segmented into frozen, refrigerated, and ambient. The global meat substitutes market has been classified, on the basis of distribution channel, as store-based and non-store-based.
Key Players
The leading players in the global meat substitutes market are Amy's Kitchen, Inc. (US), Beyond Meat (US), Quorn Foods, Inc. (US), Garden Protein International, Inc. (US), Blue Chip Group (US), Morningstar Farms (US), VBites Foods Ltd (UK), Schouten BV (Netherlands), Cauldron Foods Ltd (UK), and Sunfed Ltd (New Zealand).
Target Audience
> Meat substitute manufacturers
> Raw material suppliers
> End users
> Retailers and wholesalers
> E-commerce companies
> Traders, importers, and exporters
Key Findings
> Based on product type, the textured vegetable protein segment is expected to account for the largest market share during the forecast period of 2018 to 2023. The seitan segment is projected to register the highest CAGR of 6.87% during the forecast period.
> The soy source segment is expected to dominate the global meat substitutes market during the review period due to the versatile applications of soy in the production of meat analogs.
> The frozen category segment is projected to be the largest owing to the long shelf life of the products. This segment is expected to register a CAGR of 6.85% during the forecast period.
> Based on distribution channel, the store-based segment is expected to exhibit a CAGR of 6.21% during the forecast period to reach USD 6,893.8 million by the end of 2023.
Regional and Country-Level Analysis of the Global Meat Substitutes Market: Development and Demand Forecast till 2023
As per MRFR analysis, the global meat substitutes market is estimated to reach USD 9,253.5 million by the end of 2023 at a CAGR of 6.50% during the forecast period.
The report also offers a brief country-level analysis for the various regional markets.
> North America
o US
o Canada
o Mexico
> Europe
o Germany
o UK
o France
o Italy
o Netherlands
o Rest of Europe
> Asia-Pacific
o China
o India
o Japan
o Australia and New Zealand
o Rest of Asia-Pacific
> Rest of the World
o South America
o Middle East
o Africa