Global Meat Substitute Market Report, published by Variant Market Research, forecast that the global market is expected to reach $7,275 million by 2025 from $4,229 million in 2017; growing at a CAGR of 7.0% from 2017 to 2025. By geography, Asia-Pacific, and North America are expected to grow at a CAGR of 8.3% and 7.2%, respectively, during the forecast period. Commonly used meat substitutes include seitan, tofu, tempeh, vegan meat, gluten-free, textured vegetable protein, mushrooms, jackfruit, lentils, and beans & legumes, among others. Increasing consumer awareness and various health benefits of meat substitute are expected to boost the growth of the market over the coming years.
Meat Substitute Market (By Product Type: Tofu Based, Tempeh Based, TVP Based, Seitan Based, Quorn Based, and Other Product Types; By Category: Frozen, Refrigerated and Shelf-Stable; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025
Health benefits of meat substitute to drive the growth of the global market
The factors supporting growth of the global meat substitute market are increasing health concerns due to growing obesity levels carried on by the meat consumption, increased high preference for vegetarian as well as vegan foods, and health benefits of meat substitutes. However, the adverse impact of meat substitute consumption may act as a restraint for the growth of the market. Though, exploring advanced technology for development of new products would provide several growth opportunities for the market in the future years.
Product type, category, and geography are the major segments considered in the global meat substitute market. By product type, the market is bifurcated into tofu based, tempeh based, TVP based, seitan based, quorn based, and other product types. By category, the market is categorized into frozen, refrigerated and shelf-stable. By geography, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America covers the U.S., Canada, and Mexico. UK, Germany, Spain, France, and Rest of Europe are analyzed under the European market. China, Japan, India, and Rest of Asia-Pacific are included under the Asia-Pacific Market While RoW is bifurcated into South America, Middle East, and Africa.
TVP based accounted for the largest market share in theproduct type segment
TVP based accounted for the largest market share in 2017, in the product type segment, and are expected to continue its dominance during the forecast period 2017 – 2025. The growth is attributed to the fact that TVP based is the basic ingredient in many soy-based meat substitute products.
Frozen accounted for the largest market share in thecategorysegment
Frozen accounted for the largest market share in 2017, in the product type segment, and are expected to continue its dominance during the forecast period 2017 – 2025. The growth is attributed to growing demand for convenience foods, due to rising income levels of consumers.
Europe dominated the global market with highest market share over the forecast period
Europe dominated the global market with largest market share of 38.6% in 2017 and expected to continue its dominance during the forecasted period. The growth is attributed to the presence of large-scale meat substitute manufacturers like Quorn Foods (UK) & Meatless (Netherlands) in the region. High number of new improved meat-free product launches by manufacturers drive the growth of meat substitutes market.
The major players operating in the market are Marlow Foods Ltd, Kellogg NA Co., MGP Ingredients, Inc., Sonic Biochem Extractions Ltd., Amy's Kitchen, Inc., Beyond Meat, Boulder Brands USA Inc., Quorn, VBites Foods Limited, and Meatless BV, among others.