Characterized by the increasing demand for the vegan, particularly plant-based products, the market for meat substitutes continues its growth at a healthy pace. A new study of Future Market Insights (FMI) foresees that global meat substitutes market will reach beyond US $37 Bn by 2019 end, further witnessing a notable 6% rise through the next seven years.
The thriving free-form trend will continue to shape consumption patterns within the meat substitutes category. Moreover, increasing demand for natural products, frequent product launches, and high awareness about functional benefits of free-form foods would be arguing well for the growth of meat substitutes market.
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Impact of meat consumption such as high carbon footprint and the adverse changes in the climatic condition remain factors that influence consumers to switch to meat substitutes. Soy-based food manufacture is thus being thoroughly examined for its carbon emissions, including tofu and tempeh production in Indonesia, to compare their sustainable advantages over meat.
Key Takeaways – Meat Substitutes Market Study
- Asia Pacific meat substitutes market offers huge potential in terms of value share.Following the success of products such as tofu as a meat/dairy substitute. In Western countries, tempeh and seitan that originate in Asia, will also be favored as meat substitutes in the West.
- Tofu that currently accounts for over 45% market share will remain the favored meat substitute. Tempeh is however set to exhibit a higher rate of consumption in the near future.
- Manufacturers of meat substitutes are focusing on acquisitions.
- For instance, Light life Foods. Which produces vegan meat substitutes like sausages, tempeh, and burgers, was acquired by Maple Leaf Foods Inc., one of Canada’s largest meat processors, for US $140 million.
- In 2017, food giant – Unilever Ltd. invested in Netherlands-based food project Plant Meat Matters. The project focuses on the production of all-vegan steak including meat substitutes for both restaurants and home cooks across the globe.
- In 2018 Tyson Foods, which is considered as the largest meat processor in U.S., announced its investments in fake meat (meat substitutes).
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To boost product sales and stand out from the breakneck competition, manufacturers must now intensify their focus on developing novel meat substitutes that closely mimic not only the taste and texture but also the savory aspects of meat.
Meat Substitutes Market – Report Scope
|Historical Data Available for||2019-2026|
|Market Analysis||US$ for Value and Volume|
|Key Regions Covered||North America, Latin America, Europe, China, APAC, and Middle East & Africa (MEA)|
|Key Countries Covered||U.S, Canada, Mexico, Brazil, Argentina, rest of Latin America, EU5, Nordic, Russia, Poland, Rest of Europe, China, Japan, India, Australia, New Zealand, Rest of APAC, GCC, North Africa, Rest of MEA, & South Africa|
|Key Segments Covered||Distribution Channel, Product, Category, Source|
|Key Companies Profiled||Amy’s Kitchen, Inc Pinnacle Foods, Inc (Congra Brand) Atlantic Natural Foods, LLC Impossible Foods Inc. Hain Celestial Group, Inc. Beyond Meat Inc. Pacific Foods of Oregon, Inc. Monde Nissin Corporation Kellogg Company Fry Group Foods (Pty) Ltd. Nutrisoy Pty Ltd Nasoya Foods, Inc. Hügli Holding AG Sweet Earth, Inc. VBites Food ltd. The Kraft Heinz Company Schouten Europe B.V. Turtle Island Foods, Inc. Lightlife Foods Inc. Taifun-Tofu GmbH|
|Report Coverage||Market Overview, Key Market Trends, Key Success Factors, Demand Analysis, Market Background, COVID-19 Analysis, Segmental Analysis, Regional Profiling, Market Structure & Competition Analysis|
|Customization & Pricing||Available Upon Request|
Flexitarians to Push Export Opportunities for Manufacturers
Australia has shown tremendous potential for the growth of meat substitutes market. Over the last few years, several small-sized companies manufacturing meat substitutes have emerged in Eastern Australian regions such as Queensland and Victoria. As country markets in a particular region tend to take market and demand cues from their neighbors, both Australia and New Zealand influence each other’s food cultures. The flexitarian trend amongst Kiwi consumers is on the rise, and consumers are increasingly demanding variants in vegan and meat substitutes. This presents an enormous opportunity for Australia to expand its export base of meat substitutes especially tempeh in New Zealand.