Meat Substitutes Market Size, Application, Analysis, Regional Outlook, Competitive Strategies, and Forecasts, 2018 - 2023
ID : RND_043437 Format : PDF July, 2019 Publisher : Netscribes Pages : 116
The global meat substitutes market is projected to expand at a CAGR of 7.4% during the forecast period (2018-2023) and is expected to be worth USD 6.1 billion by 2023. Rising health issues (which includes obesity and diabetes) owing to the excess consumption of meat products, and increasing awareness of environmental impact caused by rearing of animals (for meat consumption) are major factors driving the consumers to shift towards meat substitutes. The emerging trend in the meat substitutes market includes diversification of raw materials used in the making of alternative meat products, primarily shifting from soy and wheat, to recognizable, clean-label ingredients, and high quality protein, which appeals to non-vegans and non-vegetarians.
Segmentation based on product type
The different product types offered in the meat substitutes market include tofu and tofu-based products, tempeh, seitan, textured vegetable protein (TVP) and quorn. The tofu and tofu-based food contributed the largest market share of 43% in 2018, due to its ease of availability, and high nutritional value. Seitan is projected to show the highest CAGR of 8.3% during 2018-2023, as it is steadily gaining popularity in the form of vegan comfort food', and is also being used in junk food like burger, pizza, fake fried chicken, and kebabs. Due to its versatile nature, it is abundantly available in restaurants in Europe and the US.
Segmentation based on source type
The different types of sources from which the meat substitute products are derived include soy, wheat and mycoprotein. The soy segment contributed the largest market share of 48% in 2018, owing to the awareness of its high protein content and various health benefits associated with it. Wheat is expected to expand at a CAGR of 7.7% during 2018-2023, as wheat gluten is a key ingredient for the preparation of seitan and it also provides high content of minerals, vitamin B, and zinc, which is essential for a meat substitute product. The mycoprotein segment is expected to expand at the CAGR of 7.8% during 2018-2023, as mycoprotein is associated with numerous health benefits such as stable blood pressure, improved digestive system, and lower cholesterol.
The meat substitutes market in Europe is expected to expand at the highest CAGR of 9.3% during the 2018-2023 period, as this market is driven by the rise in health-conscious consumers due to the growing incidences of diseases and conditions such as diabetes, high-blood pressure, and constipation coupled with the trend of flexitarian lifestyle that has been fueling the market for meat substitutes. The North American meat substitutes market is expected to expand at a CAGR of 5.9% during the forecast period, which is driven by the presence of innovative startups like Meatless B.V, Beyond Meat, and Next Level Burgers that offer a wide range of alternatives to meat, and satiate the taste buds of not only vegan consumers, but to non-vegetarians as well. In 2018, the Asia-Pacific region which contributed USD 0.8 Bn in the total meat substitutes market, is driven by industrial growth and improvements in the food industry, providing new opportunities for the meat substitutes market in this region. In Europe, the contribution of new product launches from the meat substitutes category increased from 9% in 2013 to 11% in 2018 (Jan-Sep). This trend was also seen across the globe with new product launches increasing from 6% to 14%.
Monde Nissin Corporation
Next Level Burgers
Chapter 1: Executive summary
1.1. Market scope and segmentation
1.2. Key questions answered in the study
1.3. Executive summary
Chapter 2: Introduction
2.1. Market definitions
2.2. Revenue based on product type - (2018) (USD Bn)
2.3. Revenue based on source type - (2018) (USD Bn)
2.4. Global market trends
2.5. Global market drivers
2.6. Global market challenges
2.7. Value chain of meat substitute products
2.8. Distribution channel analysis
Chapter 3: Global Meat Substitutes Market Overview
3.1. Market overview
3.1.a. Global historical market revenue - (2015-2017) (USD Bn)
3.1.b. Global forecasted market revenue - (2018-2023) (USD Bn)
3.1.c. Geography-wise market revenue - (2018, 2023) (USD Bn)
3.2. Global trends
Chapter 4: Global Meat Substitutes Market - Based on Product Type
4.1. Tofu and tofu-based
4.1.a. Revenue - (2015-2023) (USD Bn)
4.2. Textured vegetable Protein (TVP)
4.2.a. Revenue - (2015-2023) (USD Bn)
4.3.a. Revenue - (2015-2023) (USD Bn)
4.4.a. Revenue - (2015-2023) (USD Bn)
4.5.a. Revenue - (2015-2023) (USD Bn)
Chapter 5: Global Meat Substitutes Market - Based on Source Type
5.1.a. Revenue - (2015-2023) (USD Bn)
5.2.a. Revenue - (2015-2023) (USD Bn)
5.3.a. Revenue - (2015-2023) (USD Bn)
Chapter 6: Global Meat Substitutes Market - Based on Regions
6.1. North America
6.1.b. Revenue - (2015-2023) (USD Bn)
6.1.c. Key Highlights
6.2.b. Revenue - (2015-2023) (USD Bn)
6.2.c. Key Highlights
6.3.b. Revenue - (2015-2023) (USD Bn)
6.3.c. Key Highlights
6.4. Rest of the world
6.4.b. Revenue - (2015-2023) (USD Bn)
6.4.c. Key Highlights
Chapter 7: Competitive Landscape
7.1. Amy's Kitchen
7.1.a. Company snapshot
7.1.d. Growth strategy
Note: Similar information areas will be covered for the remaining competitors
7.3. Monde Nissin Corporation
Chapter 8: Meat Substitutes Start-ups
8.1. Beyond Meat
8.2. Impossible Foods
8.4. Next Level Burgers
Chapter 9: Conclusion
Chapter 10: Appendix
10.1. List of tables
10.2. Research methodology
10.3. About Research on Global Markets
A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.
Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.
Now let’s take a closer look at the research methods here.
Secondary Research Model:
Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.
Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.
However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.
The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.
Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.
The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.
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