Meat Substitutes Market Report, By Type (Tofu & Tofu Ingredients, Tempeh, Textured Vegetable Protein, Seitan, Quorn), Source (Soy, Wheat, Mycoprotein), Category (Refrigerated, Frozen), Distribution Channel (Direct, Indirect) and Geography- Global Market Share, Trend Analysis & Forecast

Consumption of meat can lead to digestive symptoms such as diarrhea or constipation. Also, intake of red meat can increase the risk of a gastrointestinal condition called diverticulitis. A meat substitute or meat alternative is a food product that may have a similar taste, texture, or appearance to meat but does not contain meat. It is important to know which meat substitute products provide the nutrients a person needs. The number of vegans in Great Britain quadrupled between 2014 and 2019. In 2019 there were 600,000 vegans, or 1.16% of the population; 276,000 (0.46%) in 2016; and 150,000 (0.25%) in 2014. Thus, vegans and vegetarians are looked upon to drive the market over the forecast period.

Global Meat Substitute Market Dynamics

Mounting environmental concerns and awareness about the health advantages of meat substitutes are the major factors driving this market. Developing regions such as Central & South America and Asia Pacific are likely to witness substantial growth opportunities for the global market. Similarly, shifting inclination toward vegan diet because of several health benefits and environmental concerns is projected to boost the market over the years to come. Thus, manufacturers are taking substantial steps to develop superior products and improve their product portfolio to cater to the growing demand.

Meat Substitutes Market- Segmental Overview

The study analyses Global Meat Substitutes market based on type, source, category distribution channel and geography. 

• Tofu & tofu ingredients, tempeh, textured vegetable protein, seitan, quorn are some of the major meat substitutes available in the market. Tofu & tofu ingredients segment is likely to dominate the market over the forecast period.
• The major sourced of meat substitute products include soy-based, wheat based and mycoprotein based meat substitutes. Soy based products are rich in vitamins, fibers and is likely to dominate the market.
• Based on category, these products are available in refrigerated and frozen form
• Direct sales and indirect sales are the two major distribution channels. Direct sales further includes modern groceries, discount stores, convenience stores etc.

Global Meat Substitutes Market-Regional Outlook

The market is studied for the key countries of North America, Europe, Asia Pacific and Rest of the World. Europe led the global market, followed by North America and Asia Pacific. Asia Pacific is likely to register the highest CAGR over the forecast period. However, European dominance over the global market is slated to continue over the next seven years. 

Strong demand in the European market is expected to boost the market growth. Demand from the emerging economies such as China, India, Brazil, and Argentina is also likely to play a critical role in augmenting the regional market. Also, Europe is likely to be the second-largest consumer of the global industry. Rising concerns towards lactose intolerances along with shifting consumer inclination towards plant-based proteins in Europe is expected to have a positive impact on the growth of this industry.

Global Meat Substitutes Market-Key Players

The major players of the Meat Substitutes Market are Amy’s Kitchen, Beyond Meat, Blue Chip Groups, Cauldron Foods, MGP Ingredients, Meatless BV, Morningstar Farms, Nisshin Ollio Group, Quorn Foods, Sonic Biochem, Vbites, ADM, DuPont and among others.