Due to the large number of health benefits advantages with meat substitute’s consumption, the market is growing at an incremental pace. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on Global Meat Substitutes Market Research Report- Forecast to 2022 that the market will demonstrate an exceptional CAGR % while achieving million dollar growth readily in the forecast period.
Rising population of vegan consumers and increasing awareness about health benefits obtained from meat substitutes have prompted the growth of the product in the global market. Rising campaigns on animal welfare have influenced the positive sale of meat alternatives among the vegan consumers. Health benefits gained out of meat substitute’s consumption are the main drivers to the development of this segment. Growth of the functional foods manufactured out of plant-based products has also provided an impetus for the increased demand of this sector.
Boost in fitness and wellness sector has enhanced the market growth trajectory of the sector to an elevated level. Shift in food consumption trend and rising veganism among consumers have led to consumers demanding meat substitutes to balance their nutritional requirements. However, food adulteration is one of the major reasons confining the growth of meat substitutes market.
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Latest Industry Updates
Nov 2017 Marks & Spencer launched a new range of their vegan and vegetarian products to suffice the consumers growing needs. The products offered by the company include 13 products including sweetcorn and chickpea burgers, beetroot falafel and sweet potato steak.
Sept 2017 Quorn Foods- one of the key players in the meat substitute market announced the launch of its new line of innovative refrigerated products in the U.S. The product range launched under this category consists of 100% meat and soy-free sausages. Rising demand for meat alternatives is anticipated to increase the sale of product globally.
Aug 2017 Impossible Foods, the Californian biotech startup and a renowned name in the meat substitute market increased their financial investments to $257 million in order to expand their business. The strategy will help the company to strengthen their business portfolio and expand their offerings.
Jan 2017 America’s First Meat-Free Fast-Food Restaurant- Amy’s Drive Thru is investing hugely in order to expand their business and offerings of meat alternatives. The joint has three operating facility in the U.S. and is planning to expand their reach in order to meet the rising demand for vegan products.
The Key Players Profiled In Meat Substitutes Are Beyond Meat (U.S.), Garden Protein International, Inc. (Canada), Amys Kitchen Inc. (U.S.), Quorn Foods (U.K.), MGP Ingredients Inc. (U.S.), Sonic Biochem Extractions Limited (India), Meatless B.V. (The Netherlands) and Cauldron Foods (U.K.) among many others.
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The Global Meat Substitutes Market is segmented into North America, Europe, APAC, and Rest of the World (RoW). Global dietary market is highly dominated by North America and Europe due to rising population of vegan consumers in the region. APAC is the fastest growing region based on increasing inclination of consumers towards healthy life-style and shift in food consumption pattern. The consumption of Meat Substitutes in countries like the U.S., the U.K and China is expected to grow in upcoming years.