The demand for meat alternatives is high across the world due to the continuous focus on healthy food products. Health-related issues and cruelty towards animals has affected the buying behavior of consumers. Also with the help of social media, the awareness of consumers has increased on how the consumption of meat products impact the environment. Many key players are continuously focusing on business development and marketing activities to penetrate into the food stores. The prominent players in the meat alternative market include Nutrisoy Pty Ltd, Turtle Island Foods, Inc., Atlantic Natural Foods, LLC, Pinnacle Foods, Inc., The Hain Celestial Group, Inc., Amy’s Kitchen Inc., Pacific Foods of Oregon, Inc., Kellogg Company, Nasoya Foods, Inc., The Kraft Heinz Company, Lightlife Foods Inc., and Schouten Europe B.V. Some of the meat substitutes include RTC/RTE, tofu, tempeh, natto, and others. These products are majorly consumed by vegan population as they are rich in calcium and protein. Many companies are investing in research and development activities in order to expand their product range and launch new and tasty meat alternatives.
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The global meat alternatives market is expected to witness a robust CAGR of 6.1% in the forecast period. According to source, the global meat alternative market is segmented into mycoprotein-based meat alternatives, wheat-based meat alternatives, soy-based meat alternatives, and other sources. Of these, the other segment is likely to grow substantially during the forecast period. The meat alternatives market is geographically divided into specific regions which include Asia Pacific, North America, Europe, Latin America, and MEA. Among these, North America is estimated to grow at a thriving pace in the forecast period 2018-2026. Asia Pacific is likely to dominate the market till 2026.
The global meat alternatives market has grown with the expansion of restaurants, hotels, and tourism sector. Also, the intake of frozen foods has increased rapidly due to the enormous benefits provided by the consumption of these food products. Furthermore, the freezing of food products prevent the food from losing its essential nutrients and vitamins, thus the nutrients provided by frozen food are more compared to the fresh food. Hence, the frozen meat alternative market is estimated to expand significantly in the forecast period. Restaurants, hotels, and other hospitality services primarily the ones with meat alternative products are the leading players in the foodservice industry. Few companies offer a broad range of meat alternative food items to hotels, restaurants, and cafes so as to meet the dynamic demands of consumers. All the above drivers surge the growth of meat alternatives market globally.
It is always preferred to be a semi-vegan than going completely vegan. This transformation is accepted by majority of the food giants as they support the growth of meat alternatives market. Even manufacturers with the use of advanced technology are starting to develop food products which are plant-based and tastes like meat. This will in turn increase the demand for plant-based food items. There are some concerns related to meat consumption which include climate changes and carbon footprint. In fact, the tofu and tempeh production houses in Indonesia are scrutinized closely for their carbon emissions in order to compare their benefits with the meat industry.
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