Meat Substitutes Market

Segmented growth of Meat Substitutes Market

Rising obesity levels due to increasing consumption of meat products have led to growing health concerns among consumers, which is projected to contribute to the growth of the meat substitutes market significantly

Growing awareness about increasing obesity levels due to high meat consumption has led to a surge in demand for meat substitutes. In developed regions such as Europe, consumers prefer meat substitutes due to their increasing understanding of non-communicable diseases associated with high meat consumption, which has led to a rising acceptance of meat substitutes in the European region. According to the US Cancer Institute, high consumption of red meat increases the chances of contracting non-communicable diseases, such as cancer, type 2 diabetes, strokes, and Alzheimer’s. Furthermore, according to the University of Adelaide, the fat content in meat contributes to the obesity level, due to which growing meat consumption has a potential to increase the weight and fat levels in the body. The awareness among consumers in developed countries of regions such as North America and Europe remains high, which has encouraged them to adopt dietary changes toward more healthy food products, thereby contributing to the demand for meat substitutes.

The tofu & tofu ingredients segment, on the basis of type, is projected to account for the largest market share in the meat substitutes market during the forecast period.

Tofu is a soy derivative product, which is made by curdling soya milk. In 2017, the tofu & tofu ingredients segment accounted for the largest market share, on the basis of type, due to the rising consumption of tofu in the Asia Pacific countries such as China and Australia, as it is a rich source of minerals and vitamins. There is a wide variety of tofu products available in markets, such as tofu burgers, patties, and sausages. It is available in various flavors, such as smoked tofu, Italian herb tofu, Mexican jalapeno tofu, baked tofu, Thai sesame tofu, tomato tofu, and lemon tofu. The availability of different types and flavors of tofu in the market is attracting more consumers, thus driving the market growth.

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The frozen segment is projected to account for the largest market share during the forecast period.

The frozen segment is projected to account for the largest market share, on the basis of category, in the meat substitute market due to the rise in demand for convenience foods and development of emerging economies such as China, India, and Brazil. Additionally, frozen meat substitutes retain the nutritional characteristics of the food products, as well as the flavor and texture, which is projected to drive its demand. Some companies that offer frozen meat substitutes are MorningStar Farms (US), Gardein (Canada), Worthington Foods (US), and Quorn (UK).

The wheat segment is projected to be the fastest-growing segment in the meat substitute market during the forecast period.

Wheat-based meat substitutes such as seitan consist of protein components, gliadin, and glutenin, and are also a good source of essential amino acids, vitamin C, thiamin, riboflavin, and niacin. It is the fastest-growing segment, on the basis of source, in the meat substitute market due to its rich essential amino acids and vitamin content. Furthermore, it is highly cost-effective and finds applications in a wide range of food products such as burgers patties, nuggets, and vegetarian sausages. Additionally, it can be flavored with soy sauce, ginger, paprika, fennel, and garlic, thereby increasing its scope of application.

Related Reports:

Meat Substitutes Market by Type (Tofu & Tofu Ingredients, Tempeh, Textured Vegetable Protein (TVP), Seitan, and Quorn), Source (Soy, Wheat, and Mycoprotein), Category (Frozen, Refrigerated, and Shelf-Stable), and Region - Global Forecast to 2023

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Report Code
FB 2515
RI Published ON
2/6/2018
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