GLOBAL MEAT SUBSTITUTE MARKET FORECAST 2019-2027

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GLOBAL MEAT SUBSTITUTE MARKET FORECAST 2019-2027

Inkwood Research estimates that the market for meat substitutes will grow at an anticipated CAGR of 6.41% during the forecast period and will reach revenue of $7,372.9 million by 2027. For the study of the market, 2018 is taken into account as the base year, whereas the forecasted period lies between 2019 and 2027. The growing demand for plant-based protein is a significant factor driving the growth of the global meat substitute market. Plant-based proteins are rich in protein and fiber. Many companies worldwide are constantly promoting health benefits provided by the consumption of meat analog. The rising health concerns with regards to the consumption of meat are urging the need for meat alternatives in the market. Globally, the rising prevalence of obesity and favorable government initiatives are few of the factors that drive the growth of the meat substitutes market.

GLOBAL MEAT SUBSTITUTE MARKET FORECAST 2019-2027

Global Meat Substitute Market by Product Type (Tofu Based, Tempeh Based, Tvp Based, Seitan Based, Quorn Based, Other Products) by Category (Frozen, Refrigerated, Shelf Stable) by Source (Soy-based, Wheat Based, Mycoprotein, Other Sources) by Geography.

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Inkwood Research estimates that the market for meat substitutes will grow at an anticipated CAGR of 6.41% during the forecast period and will reach revenue of $7,372.9 million by 2027. For the study of the market, 2018 is taken into account as the base year, whereas the forecasted period lies between 2019 and 2027.

The global meat substitute market is mainly driven by the following factors:

  • Growing demand for plant-based protein
  • The rise in the obese population
  • Rising health consciousness among consumers

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The growing demand for plant-based protein is a significant factor driving the growth of the global meat substitute market. Plant-based proteins are rich in protein and fiber. Many companies worldwide are constantly promoting health benefits provided by the consumption of meat analog. The rising health concerns with regards to the consumption of meat are urging the need for meat alternatives in the market. Globally, the rising prevalence of obesity and favorable government initiatives are few of the factors that drive the growth of the meat substitutes market. For instance, in 2018, the Meghalaya government initiated Mission Jackfruit with a budget of Rs. 80 crore to encourage it as a vegan meat option. The growing awareness of climate change, coupled with several types of health issues, is pushing consumers to adopt a plant-based diet.

Soy-based is the leading segment in terms of revenue in the global meat substitute market, with a market share of 66.02% in the year 2018. Soy-based foods are gaining importance owing to its meat-like structure; tofu, textured vegetable protein, tempeh, and seitan are amongst the most popular soy-based proteins used for the preparation of a wide variety of meat analogs. Many key players include soy as a main ingredient in the production of meat substitute, which is further stimulating the demand for soy-based foods in the market. In 2018, Missouri passed a law that barred companies from claiming meat alternatives as “meat.” This law was challenged by Tofurky, a major key player in the market.

However, the availability of diverse low-fat meat as alternatives is hindering the market growth. Lean meats are gaining popularity among people due to the rising health consciousness. J.B.S. S.A. is amongst the leading players in the meat processing industry, offering a wide variety of innovative, low-fat beef, pork, lamb, and other meat products. Besides, the high cost of meat substitutes poses as a limiting factor for the market growth during the projected years.

Report scope of global meat substitute market covers segmentation analysis of product type, category, and source.

Market by product type:

  • Tempeh based
  • Tofu based
  • TVP based
  • Quorn based
  • Seitan based
  • Other Products

Market by category:

  • Frozen
  • Shelf-stable
  • Refrigerated

Market by source:

  • Soy-based
  • Mycoprotein
  • Wheat-based
  • Other sources

On the basis of geography, the global meat substitute market has been segmented into four major regions, which includes:

  • North America: the United States & Canada
  • Europe: United Kingdom, France, Germany, Italy, Russia, Spain, & the Rest of Europe
  • Asia Pacific: China, Japan, India, Australia, South Korea & the Rest of Asia Pacific
  • Rest of World: Latin America, Middle East & Africa

Geographically, Europe is the largest market with a market share of 38.18% in terms of revenue in 2018. The dominance of Europe is attributed to the growing awareness to improve health conditions coupled with the need to inculcate sustainable habits. The ever increasing cases of contamination of meat are pushing the demand for meat alternatives in the region. Additionally, the presence of key players in the region is fueling the demand for faux meat in this region. Also, the increasing consumption of convenient food, snacks made up of mock meat, and changing lifestyles further enlarge the meat substitutes market. On the other hand, Asia Pacific is the fastest-growing region with a CAGR of XX% during the forecast period. The market in the region is growing owing to the rising demand for convenience food and increasing popularity for meat substitutes and snacks. For example, the government in China has issued nutritional guidelines, suggested by the country’s Health Ministry, which aims at reducing the country’s meat intake by half, by 2030.

Global meat substitute market has been segmented on the basis of product type, category, and source. The product type is further sub-segmented into tempeh, tofu, TVP, Quorn based, Seitan, and other products. The category is sub-segmented into refrigerated, frozen, and shelf-stable. Market by the source is sub-segmented into soy-based, mycoprotein, wheat-based, and other sources.

The market has a number of players, and some of the eminent players involved in global meat substitute market are as follows:

  • Amy’s Kitchen, Inc.
  • Beyond Meat
  • Cauldron Foods
  • Vbites Food Ltd.
  • other companies

In September 2018, Amy’s Kitchen launched a vegan Asian dumpling bowl. The bowl is the newest addition to the brand’s heat-and-serve selection. Currently, it is only available in the United States. This bowl features dumplings, noodles, vegetables, tofu, and a rich and savory hoisin sauce.

Key findings of the global meat substitutes market are:

  • Europe leads the global meat substitutes market by capturing the significant market share of around 38.18% in 2018
  • Asia Pacific meat substitute market is anticipated to grow at the highest CAGR of XX% during the forecast period of 2019-2027
  • The continued rise of plant-based protein augmented the growth of meat substitute market for the forecast period
  • Shelf Stable in meat substitute market is projected to grow fastest in the market at CAGR of XX% during the forecasted period
  1. RESEARCH SCOPE
    • STUDY GOALS
    • SCOPE OF THE MARKET STUDY
    • WHO WILL FIND THIS REPORT USEFUL?
    • STUDY AND FORECASTING YEARS
  2. RESEARCH METHODOLOGY
    • SOURCES OF DATA
      • SECONDARY DATA
      • PRIMARY DATA
    • TOP-DOWN APPROACH
    • BOTTOM-UP APPROACH
    • DATA TRIANGULATION
  3. EXECUTIVE SUMMARY
    • MARKET SUMMARY
    • KEY FINDINGS
      • ASIA PACIFIC DOMINATES THE OVERALL MEAT SUBSTITUTE MARKET
      • GROWING DEMAND FOR WHEAT BASED FOODS
      • RAPID GROWTH IN THE FOOD SERVICE INDUSTRY
  1. MARKET DYNAMICS
    • MARKET SCOPE & DEFINITION
    • MARKET DRIVERS
      • GROWING DEMAND FOR PLANT-BASED PROTEINS
      • RISING HEALTH CONSCIOUSNESS AMONG CUSTOMERS
      • RISE IN OBESE POPULATION
    • MARKET RESTRAINTS
      • DIVERSE AVAILABILITY OF SUBSTITUTES
    • MARKET OPPORTUNITIES
      • INCREASE IN HEALTH AWARENESS AND VEGETARIANISM
      • RISE IN PENETRATION OF MODERNIZED RETAIL CHAIN
    • MARKET CHALLENGES
      • RELATIVELY HIGH PRICES OF MEAT SUBSTITUTES
      • FOOD ALLERGIES ASSOCIATED WITH SOY-BASED FOOD
  1. MARKET BY PRODUCT TYPE
    • TOFU BASED
    • TEMPEH BASED
    • TVP BASED
    • SEITAN BASED
    • QUORN BASED
    • OTHER PRODUCTS
  2. MARKET BY CATEGORY
    • FROZEN
    • REFRIGERATED
    • SHELF STABLE
  3. MARKET BY SOURCE
    • SOY-BASED
    • WHEAT BASED
    • MYCOPROTEIN
    • OTHER SOURCES
  4. KEY ANALYTICS
    • PORTER’S FIVE FORCE MODEL
      • THREAT OF NEW ENTRANTS
      • THREAT OF SUBSTITUTE
      • BARGAINING POWER OF SUPPLIERS
      • BARGAINING POWER OF BUYERS
    • OPPORTUNITY MATRIX
    • VENDOR LANDSCAPE
  5. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • UNITED STATES
      • CANADA
    • EUROPE
      • UNITED KINGDOM
      • GERMANY
      • FRANCE
      • SPAIN
      • ITALY
      • RUSSIA
      • REST OF EUROPE
    • ASIA PACIFIC
      • CHINA
      • JAPAN
      • INDIA
      • SOUTH KOREA
      • AUSTRALIA
      • REST OF ASIA PACIFIC
    • REST OF WORLD
      • LATIN AMERICA
      • MIDDLE EAST & AFRICA
  1. COMPANY PROFILES
    • AMY’S KITCHEN INC.
    • BEYOND MEAT
    • CAULDRON FOODS
    • QUORN FOODS
    • KELLOG CO.
    • THE TORFURKY COMPANY
    • SUPERBOM
    • MEATLESS BV
    • VBITES FOOD LTD.
    • MGP INGREDIENTS
    • IMPOSSIBLE FOODS INC.
    • CONAGRA BRANDS INC.
    • THE CAMPBELL SOUP COMPANY
    • SONIC BIOCHEM LIMITED
    • VEGABOOM HEALTHY OPTION

LIST OF TABLES

TABLE 1. GLOBAL MEAT SUBSTITUTE MARKET, BY GEOGRAPHY, 2019-2027 (IN $ MILLION)

TABLE 2. GLOBAL MEAT SUBSTITUTE MARKET, BY PRODUCT TYPE, 2019-2027 (IN $ MILLION)

TABLE 3. GLOBAL TOFU BASED MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 4. GLOBAL TEMPEH BASED MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 5. GLOBAL TVP BASED MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 6. GLOBAL SEITAN BASED MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 7. GLOBAL QUORN BASED MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 8. GLOBAL OTHER PRODUCTS MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 9. GLOBAL MEAT SUBSTITUTE MARKET, BY CATEGORY, 2019-2027 (IN $ MILLION)

TABLE 10. GLOBAL FROZEN MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 11. GLOBAL REFRIGERATED MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 12. GLOBAL SHELF STABLE MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 13. GLOBAL MEAT SUBSTITUTE MARKET, BY SOURCE, 2019-2027 (IN $ MILLION)

TABLE 14. GLOBAL SOY-BASED MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 15. GLOBAL WHEAT BASED MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 16. GLOBAL MYCOPROTEIN MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 17. GLOBAL OTHER SOURCES MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 18. OPPORTUNITY MATRIX

TABLE 19. VENDOR LANDSCAPE

TABLE 20. GLOBAL MEAT SUBSTITUTE MARKET, BY GEOGRAPHY, 2019-2027 (IN $ MILLION)

TABLE 21. NORTH AMERICA MEAT SUBSTITUTE MARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)

TABLE 22. EUROPE MEAT SUBSTITUTE MARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)

TABLE 23. ASIA PACIFIC MEAT SUBSTITUTE MARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)

TABLE 24. REST OF WORLD MEAT SUBSTITUTE MARKET, BY REGION, 2019-2027 (IN $ MILLION)

LIST OF FIGURES

FIGURE 1.     GLOBAL MEAT SUBSTITUTE MARKET, BY PRODUCT TYPE, 2018 & 2027 (IN %)

FIGURE 2.     GLOBAL MEAT SUBSTITUTE MARKET, BY TOFU BASED, 2019-2027 (IN $ MILLION)

FIGURE 3.     GLOBAL MEAT SUBSTITUTE MARKET, BY TEMPEH BASED, 2019-2027 (IN $ MILLION)

FIGURE 4.     GLOBAL MEAT SUBSTITUTE MARKET, BY TVP BASED, 2019-2027 (IN $ MILLION)

FIGURE 5.     GLOBAL MEAT SUBSTITUTE MARKET, BY SEITAN BASED, 2019-2027 (IN $ MILLION)

FIGURE 6.     GLOBAL MEAT SUBSTITUTE MARKET, BY QUORN BASED, 2019-2027 (IN $ MILLION)

FIGURE 7.     GLOBAL MEAT SUBSTITUTE MARKET, BY OTHER PRODUCTS, 2019-2027 (IN $ MILLION)

FIGURE 8.     GLOBAL MEAT SUBSTITUTE MARKET, BY FROZEN, 2019-2027 (IN $ MILLION)

FIGURE 9.     GLOBAL MEAT SUBSTITUTE MARKET, BY REFRIGERATED, 2019-2027 (IN $ MILLION)

FIGURE 10.  GLOBAL MEAT SUBSTITUTE MARKET, BY SHELF-STABLE, 2019-2027 (IN $ MILLION)

FIGURE 11.  GLOBAL MEAT SUBSTITUTE MARKET, BY SOY-BASED, 2019-2027 (IN $ MILLION)

FIGURE 12.  GLOBAL MEAT SUBSTITUTE MARKET, BY WHEAT BASED, 2019-2027 (IN $ MILLION)

FIGURE 13.  GLOBAL MEAT SUBSTITUTE MARKET, BY MYCOPROTEIN, 2019-2027 (IN $ MILLION)

FIGURE 14.  GLOBAL MEAT SUBSTITUTE MARKET, BY OTHER SOURCES, 2019-2027 (IN $ MILLION)

FIGURE 15.  PORTER’S FIVE FORCE ANALYSIS

FIGURE 16.  GLOBAL MEAT SUBSTITUTE MARKET, REGIONAL OUTLOOK, 2018 & 2027 (IN %)

FIGURE 17.  UNITED STATES MEAT SUBSTITUTE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 18.  CANADA MEAT SUBSTITUTE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 19.  UNITED KINGDOM MEAT SUBSTITUTE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 20.  GERMANY MEAT SUBSTITUTE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 21.  FRANCE MEAT SUBSTITUTE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 22.  SPAIN MEAT SUBSTITUTE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 23.  ITALY MEAT SUBSTITUTE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 24.  RUSSIA MEAT SUBSTITUTE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 25.  REST OF EUROPE MEAT SUBSTITUTE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 26.  CHINA MEAT SUBSTITUTE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 27.  JAPAN MEAT SUBSTITUTE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 28.  INDIA MEAT SUBSTITUTE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 29.  SOUTH KOREA MEAT SUBSTITUTE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 30.  AUSTRALIA MEAT SUBSTITUTE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 31.  REST OF ASIA PACIFIC MEAT SUBSTITUTE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 32.  LATIN AMERICA MEAT SUBSTITUTE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 33.  MIDDLE EAST & AFRICA MEAT SUBSTITUTE MARKET, 2019-2027 (IN $ MILLION)

  1. MARKET BY PRODUCT TYPE
    • TOFU BASED
    • TEMPEH BASED
    • TVP BASED
    • SEITAN BASED
    • QUORN BASED
    • OTHER PRODUCTS
  2. MARKET BY CATEGORY
    • FROZEN
    • REFRIGERATED
    • SHELF STABLE
  3. MARKET BY SOURCE
    • SOY-BASED
    • WHEAT BASED
    • MYCOPROTEIN
    • OTHER SOURCES
  4. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • UNITED STATES
      • CANADA
    • EUROPE
      • UNITED KINGDOM
      • GERMANY
      • FRANCE
      • SPAIN
      • ITALY
      • RUSSIA
      • REST OF EUROPE
    • ASIA PACIFIC
      • CHINA
      • JAPAN
      • INDIA
      • SOUTH KOREA
      • AUSTRALIA
      • REST OF ASIA PACIFIC
    • REST OF WORLD
      • LATIN AMERICA
      • MIDDLE EAST & AFRICA

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