Meat substitute means a food prepared from vegetarian ingredients, and sometimes without animal products for instance dairy. It is also known as meat analog, vegetarian meat, faux meat, and mock meat. It resembles with an aesthetic and chemical characteristics of the meat which includes basic texture, appearance, flavor, and taste of meat. Most of the meat substitute is soy-based or gluten-based. The widespread meat substitute is tofu. The key benefits are positive environmental outcomes, higher fiber & lower saturated fat content to food safety, and dietary diversity.
According to study, “Meat Substitutes Market Research Report by Type (Tofu & Tofu Products, Tempeh, Seitan, and Others), Source (Soy, Wheat, Mycoprotein, and Others), Category (Frozen, Refrigerated, Ambient, and Others), Distribution Channel (Store based, Non-store based), and Region-Global Forecast to 2023” the key companies operating in the meat substitutes market are Blue Chip Group, Garden Protein International, Inc., AMY's Kitchen, Inc., Quorn Foods, Inc., Beyond Meat Inc., Conagra Brands Inc., Tofurky Company, MGP Ingredients, Superbom, Meatless, Campbell Soup Company, Sonic Biochem Limited, Vegabom Healthy Option, Nisshin Oillio Group, MorningStar Farms L.C., VBites Foods, Ltd., Sunfed, Ltd., Schouten Europe B.V.
Based on product type, meat substitutes market is segmented into Tempeh-Based, Seitan-Based, Textured Vegetable Protein (TVP)-Based, Tofu-Based, Quorn-Based and others. Tempeh is a low-cost substitute which provides various health benefits such as reduced risk of diabetes and increasing antibodies production. TVP based product dominates the market owing to their meat-like texture & health benefits. Based on source type, market is segmented into wheat type, soy type, mycoprotein type and others. Soy segment is probable to have a huge demand as a result of its growth in preference among consumers and several health benefits for instance a decrease in obesity and glucose levels. Additionally, their wide application in numerous food items such as snacks, extruded snacks, crackers, cookies and other baked foods has led to better consumption. Based on category type, market is segmented into frozen, ambient, refrigerated, and others. Based on distribution channel, market is segmented into store based channel and non-store based channel.
The meat substitutes market is driven by rapid growth in the food service industry, followed by increase in obese population, new product development, attractive promotional & marketing strategies of brands for vegetarianism, rise in environmental concerns, environmental sustainability & animal welfare and increase in consumption of convenient food, due to growth in demand for snacks made from mock meats. However, wide availability of substitutes may impact the market. Moreover, increase in health awareness & vegetarianism and untapped developing markets are key opportunities for market.
Based on geography, the European region holds major share, followed by North-American region in meat substitutes market owing to growth in flexitarian population and increase in awareness regarding nutritional & meatless food in the region. The Asian-Pacific region is estimated to witness lucrative growth rate due to presence of a large consumer base, rise in health awareness and increase in consumption of meat by people over the forecast period. It is projected that future of the market will be bright on account of growth in incidences of meat adulteration & spoiled meat have encouraged customers to switch to vegan diets during the forecast period.
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Ankur Gupta, Head Marketing & Communications