According to a new report published by Trends Market Research titled, “Meat Substitute Market by Product, Source, and Category: Global Opportunity Analysis and Industry Forecast, 2019–2026,” the global meat substitute market size was valued at $4,1 billion in 2017, and is expected to reach $8.1 billion by 2026, registering a CAGR of 7.8% from 2019 to 2026.
Europe dominated the global meat substitute market in 2017, accounting for 38.5% of the total revenue.
The meat substitute market by product comprises products prepared from tofu, tempeh, textured vegetable protein, seitan, Quorn, and other plant-based sources. The textured vegetable protein (TVP)-based meat substitutes segment occupied the largest share of 35.8% in 2017, as it is the basic ingredient in most of the soy-based meat substitute products. However, the seitan-based meat substitutes segment is projected to exhibit a CAGR of 9.4% during the forecast period, owing to increase in its adoption in the food service industry.
Most of the food and snack products marketed as meat substitutes are either soy-based, wheat-based, or mycoprotein. Among these, the soy-based faux meat products segment is the largest shareholder throughout the analysis period. This is attributed to the fact that various kinds of soy-based meat analogs have gained prominence among consumers, primarily owing to their meat-like texture. However, increase in number of soy-allergic individuals, primarily in developed markets, has fueled the demand for wheat-based faux meats.
Moreover, seitan has gained popularity in the food service industry, owing to its cost-effectiveness and meat-like texture. In addition, mycoprotein-based meat substitutes have witnessed increased adoption in the recent years, as they are derived from fungal protein. However, the mycoprotein-based meat analogue market is in its nascent phase. Conversely, the preference for mycoprotein-based meat substitute products prepared from Quorn has increased at a considerable rate across the UK, Australia, and the U.S.
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Various categories of meat substitutes marketed by players include frozen, refrigerated, and shelf-stable products. The frozen meat substitutes segment occupied a prominent market share of 77.2% in 2017, followed by refrigerated and shelf-stable meat substitute category, which is anticipated to exhibit the highest CAGR of 8.9% from 2019 to 2026.
According to Shankar Bhandalkar, Team Lead-Research, Food & Beverage at Allied Market Research, “Increase in incidence of health disorders such as life style diseases and rise in health consciousness among consumers have augmented the adoption of vegan food products across the world. According to the study, ~30% of Americans are not only eliminating meat from the diet but are also shifting their preference toward the consumption of plant-based meat alternatives. Thus, all these factors collectively contribute toward the growth of the global meat substitute market.”
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KEY FINDINGS of THE STUDY
• Quorn-based segment is expected to grow at a CAGR of 8.5% during the forecast period.
• Europe is anticipated to dominate the meat substitute market growth, registering a CAGR of 7.2%.
• Asia-Pacific is projected to exhibit exponential growth throughout 2026, registering the highest of CAGR 9.3%. developing lifestyle and rise in disposable income of consumers are expected to drive the growth of the Asia-Pacific market.
• Soy-based segment is anticipated to dominate the global meat substitute market analysis, growing at a CAGR of 7.2%.
• The shelf-stable segment is estimated to grow at a CAGR of 9.1% in the meat substitute market forecast.
The global market is fragmented with the presence of several market participants across various regions. The market shows high concentration of players operating in North America and Europe, and unorganized market with many regional players garnering small shares in other regions. The key players profiled in the report include Amys Kitchen Inc., Beyond Meat, Cauldron Foods, Garden Protein International, Inc., Meatless B.V., Quorn Foods, Vbites Food, Ltd., Morningstar Farms, MGP Ingredients Inc., and Sonic Biochem Extractions Limited. Other prominent players in the meat substitute industry are ADM, Dupont, The Nisshin Oillio Group, Meatless, Vbites, Schouten Europe, Memphis Meats, Alpha Foods, Corbion Biotech, Inc., and Famleigh Inc.