Global Meat Substitutes Market 2017-2021
About Meat Substitutes
Meat substitutes, also called meat analog, mock meat, faux meat, or meat alternatives, are the healthy replacement to meat. They resemble chemical characteristics and aesthetic qualities such as flavor, taste, appearance, and the basic texture of meat. Factors such as increasing health consciousness of people across the globe, change in dietary plans, outbreak of animal diseases, and increased need for an alternative to meat due to harmful effects of over-consumption of meat are responsible for the demand for meat substitutes.
Technavio’s analysts forecast the global meat substitutes market to grow at a CAGR of 6.65% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global meat substitutes market for 2017-2021. To calculate the market size, the report considers the revenue generated through the sales of meat substitutes sold to individual customers through various retail outlets and food service channels.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Meat Substitutes Market 2017-2021
Technavio recognizes the following companies as the key players in the global meat substitutes market: Amy’s Kitchen, Archer Daniels Midland, Beyond Meat, and Blue Chip Group.
Other Prominent Vendors in the market are: Field Roast, Gardein, MorningStar Farms, Kraft Heinz, Lightlife Foods, Cauldron Foods, Sweet Earth Foods, Tofurky, and Quorn.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is immense potential for meat substitutes in APAC. The meat substitutes market in APAC is growing at the fastest rate. This growth is attributed primarily to the heightened awareness of the health hazards of meat.”
According to the report, one driver in the market is rising health consciousness among consumers. Meat substitutes are increasingly becoming popular due to the numerous health benefits that are associated with them. This is aiding the growth of the market by increasing the sales. Meat substitute is derived from different plant-based sources, soy being one of them. There has been an increase in awareness about the health benefits of soy among individuals, as soy-based meat substitutes have relatively less calories.
Further, the report states that one challenge in the market is relatively high price of meat substitutes. Plant-based food is good for one's health, but not so much financially. There have been reports of consumer switching to meat substitutes due to the soaring prices of meat. Meat substitutes cost the same as meat, even expensive than meat sometimes. Meat substitutes like veggie beef burgers, veggie bacon, veggie hotdogs, and veggie chicken wings are retailed at much higher prices than actual meat products.
Amy’s Kitchen, Archer Daniels Midland, Beyond Meat, Blue Chip Group, Field Roast, Gardein, MorningStar Farms, Kraft Heinz, Lightlife Foods, Cauldron Foods, Sweet Earth Foods, Tofurky, and Quorn.