Global Meat Substitutes Market is segmented by Product Type (Tofu, Tempeh, TVP, Seitan, and Other Product Types), Distribution Channel (Supermarket/ Hypermarkets, Convenience Stores, Online Stores, and Others), and Geography
Fastest Growing Market:
Global meat substitutes market is projected to grow at a CAGR of 7.9% during the forecast period.
- Rising consumer awareness on negative health effects, associated with the consumption of meat, is leading to a shift toward a vegan diet. This is most likely to contribute to the evolution of meat substitutes, globally. Additionally, the benefits of cholesterol-free protein, with meat-like texture, are one of those key factors promoting the growth of meat substitute products.
- High processing cost involved in the production of meat substitutes, as compared to natural meat, has led to a high price of meat substitute products, like Tofu, Tempeh, and other protein alternatives, and this is expected to hinder the market growth, especially in countries, like India, Brazil, Mexico, etc. For meat substitutes, like Tempeh, Tofu, and Seitan, which originated from Asian countries, like Indonesia, China, and Japan, respectively, the market recorded a high penetration rate in the Asia-Pacific region. The market is highly dominated by soy-based meat substitutes, followed by wheat-based.
Scope of the Report
Global meat substitutes market offers a range of products, including tofu, tempeh, TVP, seitan, and other product types. Additionally, the report spans market revenue of distribution channels broadly supermarket/ hypermarkets, convenience stores, online stores, and others. The study also covers the global level analysis of the major regions, North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
|TVP ( Textured Vegetable Protein)|
|Other Product Types|
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Key Market Trends
Growing Preference for Plant-based Proteins
The market for meat-based proteins recorded high demand, globally, in the past decade, with most of the population in Europe and North America highly dependent on the meat products for necessary, daily protein intake. Though meat proteins provide the required content of amino acid for the body, they are highly associated with cholesterol content, which proved to be a leading cause for serious health issues. This became the primary reason for an increase in the demand for plant-based protein food, especially in developed countries, like the United States, Germany, France, and the United Kingdom. With modified technologies, the companies are targeting consumers, by coming up with innovative products with similar properties as real meat. These meat substitutes are made with a combination of soy, wheat, and pea protein to attain the desired structure. With the adoption of western cuisine, the countries in Asia are also shifting toward meat substitutes, which is expected to drive the market. Australia and China are the two major countries that are rapidly shifting toward plant-based proteins.
Europe Dominates the Global Market
The market across the United Kingdom is one of the frontrunners in scaling the demand for meat substitutes, where consumer ate approximately 4.4. billion meat-free dinners in 2018, according to statistics shared by supermarket sales. Apart from meat-free products, consumers were also inclined toward purchasing free-from products, such as gluten-free….