The global meat alternatives market is anticipated to see robust growth in the coming years, according to a report by Transparency Market Research (TMR). The market’s vendor landscape features moderate rivalry among players. Established global vendors currently hold a greater market share, and the rest is fragmented among regional and small players. A large variety in the product portfolio acts as a barrier against the entry of new players in the global meat alternatives market.
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A key strategy adopted by industry vendors is the launch of new and innovative products, such as the introduction of novel flavors, textures, and non-GMA products. Region-based preferences and availability of raw materials play a key role in determining the vendors’ strategy. Emphasis on offering organic products is expected to be a key trend that vendors could focus on in order to leave their mark in the meat alternative market. For instance, California-based start-up, Impossible Foods, have introduced a product made from plants that taste like ground beef. Such trends are expected to provide ample opportunity for vendors to experiment in the global meat alternatives market.
Leading vendors in the global meat alternatives market are Kellogg Company, Nutrisoy Pty Ltd, Impossible Foods Inc., Beyond Meat Inc., and Pinnacle Foods.
TMR predicts that the global meat alternatives market will rise at a 6.1% CAGR over the forecast period of 2018 to 2026. Among the different categories, the frozen segment is expected to gain popularity over the forecast duration. The segment is predicted to generate revenues of more than US$ 45 bn by 2026-end.
Geographically, North America market for meat alternatives is projected to remain lucrative over the forecast period. The Asia Pacific is anticipated to take a lead in the global market in the coming years.
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Individuals in high-income groups around the world, due to their unhealthy food and lifestyle practices, are more prone to chronic diseases like cancer, diabetes, and other critical health problems. Increased incidence of such health disorders will lead to a rise in health awareness. In turn, market growth is expected to gain traction over time. Furthermore, rapid growth in the foodservice industry and attractive marketing and promotional strategies of vegetarian companies have had a positive impact on market growth.
When vegetable and plants are consumed, reduction of cholesterol, PCOS treatment, and menopausal complications have been shown to be outstanding. Roughly 13% of the millennium are vegetarians and 4% are vegans that avoid dairy products and thus the demand for the most suitable alternative such as soy and poultry protein is increased. A surge in awareness regarding healthier alternatives is expected to boost the global meat alternatives greatly.