The global Meat substitutes Market is estimated to reach an annual growth rate of 7.8% between 2020 and 2025. Emerging regions such as Latin America and Asia-Pacific are expected to provide enormous growth opportunities for the global market.
Meat substitutes are also known as fake meats, meat analogues, vegetarian meats and simulated meats. They are similar to the aesthetic and chemical properties of meat, including the underlying texture, taste, appearance and taste of meat. Most meat substitutes are based on gluten or soy. Vegetarians reduce meat consumption for health or ethical reasons. A popular alternative for meat is tofu.
- In 2017, Campbell Soup Company acquired Pacific Foods of Oregon LLC for $ 700 million. The acquisition is supposed to help strengthen Campbell’s health and wellness portfolio in the growing natural and organic categories.
- In March 2018, Kerry Group acquired the Dutch company Ojah, innovator of meat substitutes, and invested in the meat substitutes market.
As consumers become more aware of the adverse health effects associated with eating meat, they are becoming vegan. This is likely to contribute to the evolution of meat substitutes worldwide. In addition, the benefits of cholesterol-free protein with a meat-like texture are one of the critical factors that promote the growth of meat substitutes. Meat is a rich source of protein, cholesterol and saturated fat. Regular consumption of meat causes cardiovascular disease, obesity, atherosclerosis, diabetes, osteoporosis and cancer. Consumers are leaning towards health and wellness these days. This leads to a reduction in the consumption of meat rich in protein, which is likely to accelerate market growth. The production companies engaged in meat products are now entering the market for meat replacement production. Market growth is expected to expand as concerns increase over the adverse effects on animal welfare and the environment of the meat industry.
But the constant demand for poultry meat, fluctuations in raw material and chicken prices represent a great challenge for the meat replacement market.
By product type, the global meat substitutes market is separated as Tofu-based, Seitan-based, TVP-based, Quorn-based, Tempeh-based and others.
By source, the global market is segmented as wheat, soy and mycoprotein.
By Category, the global meat alternatives business is divided into refrigerated, frozen and shelf-stable.
North America contributed to the largest market share, where the United States dominates the local meat substitute market, followed by other regions like Europe and Asia-Pacific. Asia-Pacific will see significant growth in the near future. Countries like India, China and Japan show strong economic growth in the meat substitutes market due to their large vegan consumer base.
Companies that participate in the global meat substitute market include Amy’s Kitchen, Ahimsa Food, Quorn Foods, Meatless B.V, Beyond Meat, Cauldron Food and Sonic Biochem Extraction Limited.
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Sales Manager at Market Data Forecast