The latest market report published by Credence Research, Inc. “Meat Substitutes Market, By Type (Textured vegetable protein, Quorn, Pea protein, Tofu, Tempeh, Seitan and others), By source (Soy-based meat substitutes, Wheat-based meat substitutes, Mycoprotein meat substitutes, Others), and By Region (North America, Europe, Asia Pacific, Latin America, & Middle East & Africa) – Growth, Future Prospects and Competitive Analysis, 2017 – 2025,” In 2016, the worldwide market for meat substitutes was estimated at US$ 3.84 billion.
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Among vegetarians, non-vegetarians and flexitarians, meat substitutes are becoming common. In addition, meat substitute companies specifically target non-vegetarians as this consumer group is interested in buying healthy foods that look like familiar flavors and textures. The young generation strongly supports market growth. The young generation is extremely exposed to the press and the internet, they follow carefully the recent trends in the food industry and are prepared to try fresh, health-friendly goods. The most dominant type of meat substitutes consumed worldwide are soy-based meat proteins. The producers studied other protein sources and extracted proteins from wheat gluten and pea for meat substitute manufacturing with the achievement of soy proteins. Factors such as increased demand for plant-based proteins, increased demand for meat substitutes owing to increased purchasing power, health advantages from meat substitutes, development of the manufacturing technique and technology of meat substitutes, environmentally friendly, low cost of meat substitutes, and government support will be key drivers of development in the meat substitute industry.
Competitive Insights New manufacturing technologies emerging and increasing demand for millennial meat substitutes offering manufacturers new company possibilities. In order to gain competitive edge over others, expansion and fresh product launches are the preferred strategies taken by producers on the market. Monde Nissin, Archers Daniels Midland Company, MGP Ingredients, E. I are the major players on the market. Blue Chip, Pinnacle Foods, Amy’s Kitchen, Kellogg Company, Hain Celestial, Beyond Meat, among others.
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- Consumer shift towards from animal to plant based proteins
- Government support for environment friendly production of meat substitutes
By Type Type
- Textured vegetable protein (TVP)
- Pea protein
- Other meat substitutes
By Source Type
- Soy-Based Meat Substitutes
- Wheat-Based Meat Substitutes
- Mycoprotein Meat Substitutes
- Other Sources of Meat Substitutes
By Geography Segment
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America
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