According to the World Health Organization, 1.7 million deaths occur each year due to cardiovascular heart diseases. The primary reason estimated for these deaths is the presence of high levels of cholesterol in meat. According to the UN Food and Agriculture Organization, 335 million tons of meat was produced in 2018 and 43.7 kilograms per year was consumed by every single individual on average on Earth. However, the apparent demand is breeding substitutes market too, formally meat substitutes. Additionally, an increase in the production of plant-based dishes like vegan burgers, and people on diet are driving the growth of the global meat substitutes market.
As per IndustryARC, the global meat substitutes market size offered opportunities worth between $4.5 billion to $4.8 billion in 2018, and the demand will be growing at a good CAGR of 6.1% to 6.6% during the forecast period. Meat substitutes or meat analog is the food derivative which contains the same qualities and essence of meat. Meat analogs contain high levels of proteins, nutrients, fibers, and are devoid of saturated fats. Minimum of 0.8grams protein per kilogram of body weight is required by a humanoid. Meat substitutes such as Tofu, Tempeh, Seitan, and Textured Vegetable Protein (TVP) are highly consumed by the people with irrespective of ages.
According to the analyst of the report, he demands the frozen meat substitutes is estimated to grow at an excellent CAGR of 35% to 38% during the forecast period of 2019-2025. The increasing demand in this category is due to the surge in grocery stores such as supermarkets, and food stores. Frozen food producer Tyson took 5% profit due to the production of plant-based meat substitutes in the company. Geographically, Europe is depicted as the key region for the growth of the meat substitutes market, with the maximum regional share of 33% to 35% during the forecast period of 2019-2025. The growth in this region is credited to changing lifestyles of people, in particular, their eating habits, an increase in the number of obese people. The report is titled “Meat Substitutes Market: by type (tempeh, textured vegetable protein, tofu, seitan, Quorn), by source (mycoprotein, wheat, soy), by category (refrigerated meat substitutes, frozen meat substitutes) & geography – forecast (2019 – 2025)”.
Global Meat Substitutes Market: Competitive Landscape
DM, DuPont, The Nisshin OilliO Group, Sonic Biochem Limited, MGP Ingredients, Garden Protein International, Beyond Meat, Amy’s Kitchen, Quorn Foods, MorningStar Farms, Meatless, VBites, and Others are some of the major players operating in the global meat substitutes market.
- DuPont –
DuPont meat alternative category offers plant-based options to people on diet and flexitarian customers without losing the taste and texture of meat. Its latest innovation Danisco is a meat analogue product that contains pea and soy protein options in place of meat food and a vigorous selection of plant-based obligatory and structural ingredients with a longer shelf life. This product also helps people with health-related benefits such as immunity and heart health.
- Garden Protein International –
Garden Protein International’s Gardein products are meat-free foods made by creating meat like fibers from vegetables. It offers various meatless meat products such as Mandarin Orange Chicken, Fishless Filets, Porkless Bites, Beefless Burgers, and others. The CEO of the Company states that Gardein products are designed to attract everyone’s attention from vegans to meat lovers. Currently, their products such as Chicken sliders, Mandarin Orange Crispy Chicken are experiencing high demand from consumers due to convenience.
Meat substitutes contain high levels of proteins while possessing taste, and texture similar to that of meat. Increase in the production of plant-based food products, the growth of health consciousness amongst individuals, and people on diet are driving the growth of the global meat substitutes market during the forecast period of 2019-2025.
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